Dr. Ben Carson is more than just a brilliant pediatric neurosurgeon, he’s also a very good economist in his own right, and he sees big-time danger ahead for our country and, more importantly, for our children (and their kids, too).
In an interview with Fox News host Tammy Bruce on Friday, the former Housing and Urban Development secretary for President Donald Trump decried President Joe Biden’s unprecedented $6 trillion budget proposal, noting that it, along with prior spending bills and others that are planned, are wrecking the economy in a way that will take a generation or more for our country to recover.
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If ever.
Carson’s comments came just hours after Biden’s late-Friday afternoon budget proposal drop, ahead of the Memorial Day weekend so that, of course, it wouldn’t receive nearly the attention it would have gotten earlier this week.
The Daily Mail notes:
This year’s projected deficit would set a new record of $3.7 trillion that would drop to $1.8 trillion next year – still almost double pre-pandemic levels. The national debt will soon breach $30 trillion after more than $5 trillion in already approved COVID-19 relief.
Biden proposes steep tax hikes on businesses and the wealthy to fund the huge new social programs in his budget, but the government must borrow roughly 50 cents of every dollar it spends this year and next. Government spending to tackle the COVID crisis – as well as Biden’s newly-unveiled budget – have sparked fears that inflation could rocket and push up the cost of living for many Americans.
“The sad part to me, having spent my entire professional career as a pediatric neurosurgeon and being concerned about the welfare of children is seeing what we are doing to their future,” Carson said. “These things can be done without consequences and it was Thomas Jefferson who said it is immoral to steal from future generations.”
“It’s exactly what we are doing, creating mounds of amazing debt that somebody is going to have to deal with,” he continued. “Not only that, but currently, you look at the impact of flooding the system with money, but not having the equivalent abundance of services and goods — that automatically creates inflation, as Milton Friedman eloquently talked about.”
He’s right, of course. With the nation still struggling to get people back to work, there has been a dearth of production and productivity. That includes dock workers and transport; container ships are anchored off some of our biggest West Coast ports for days at a time because there are no piers to dock at, the backlog is so massive.
So while Biden and Democrats are showering the country literally with manufactured cash, there isn’t as much to buy, so what is available instantly becomes more ‘in demand’ and as such, more expensive.
This isn’t speculation. As the Daily Mail reported, “On Friday, a key measure of underlying inflation blew past the Fed’s 2 percent target and posted its largest annual gain since 1992.
“In the 12 months through April, the personal consumption expenditures price index vaulted 3.1 percent, the most since July 1992, after rising 1.9 percent in March,” the paper added.
Carson is sending exactly the right warning message.
“It’s almost as if we have read all the books and we have said, yes, we too want to have the same problems that Argentina had and that Venezuelan had, and all the countries who did the same thing had somehow we are going to be different,” he said.
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“I don’t think we’re going to be different. We are smart enough, and I think the average American person knows we are creating a monstrous problem for ourselves.”
The fact is, with the world’s largest economy producing nearly $22 trillion annually, it is a disgrace that our politicians have put us nearly $29 trillion in debt.
That can only be by design.
