The new USA Government has gone overboard in printing money and the consequences are dire as per the following examples:-
The government injected trillions of dollars into the economy, and what happened? The cost of almost every durable good, the things you need to live with, went way up. The price of lumber jumped more than 250%. Crude oil jumped 188%. Sugar, 50%. Copper and tin went up by more than 80% each, and so on. It became a lot more expensive to live here. That’s fine if you’re Joe Biden or Sandy Cortez. Not fine if you’re you.
The principle involved is the old SOCIALIST classic - if any expenditure is necessary just print the money - there is nothing wrong in doing that aand nothing wrong in spending money the Government does not have. So what happens next?
The result would be a huge increase in corporate taxes - but corporates pass on increases in costs to consumers and in the end that cause inflationary pressures in the economy. The way the Biden administration is spending money inflation in the USA will soon reach 20% and that will wipe out the hated middle class and increase unemployment putting further pressure on the unemployment and food stamps budget of the Biden Administration. No problem - all we do is print more money,
Basic Socialist and Communist economy policies have produced enhanced poverty for the people on all people - bar he few in Government posts and for crooked politicians. Welcome to the Biden administration - it would not last, but incredible damage will be done to the USA and also Democracies throughout the world.