Former Treasury Secretary Larry Summers says the economy is “overheating.”
This is unadulterated B.S.
An economy cannot “overheat.” You can’t have “too much” growth. What is the standard of “too much growth”? What’s the numerical cutoff, and why? More importantly: WHO gets to decide the standard of too much? Only an all-knowing dictator could determine such a thing. And while there are plenty of dictators in our midst (everywhere we look), there is no such thing as an all-knowing person. Not even with a Harvard degree!
The only way to “overheat” an economy is to set it on fire. This is what the government does, whenever it steps outside its proper, limited role of upholding property rights and enforcing voluntary contracts. For generations, the federal government, and many state governments, have been setting the American economy on fire. They leave it to the private sector to put the fires out, while crediting themselves for doing so and blaming the private sector for starting the fire in the first place.
The government is preparing to set the American economy on fire again, with Biden’s disastrous economic bill. Among other things, it expands the IRS budget by 700 percent, it raises taxes, it permits snooping into our online financial accounts, it takes already inflationary government spending into the stratosphere, and it may well be the end of the American economy as we know it.
When you survey the ashes of the greatest economy ever known to mankind, and when you hear that the private sector destroyed it, remember: the government did it. And the people in the private sector who refused to fight back — and even voted for this destruction — did it to themselves. It’s the economic equivalent of murder-suicide. The Biden regime and its cohorts in Congress are merely finishing the job.
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