NO, THANKS: Bidenomics Is a Big Turkey, and Not Only at Thanksgiving

Thanksgiving is meant to be devoted to thankfulness for family and the many other blessings in each of our lives. But, as most American families sit down to a Thanksgiving meal on Thursday, they will also be met with a specter looming over their financial life—namely, Bidenomics.

Rising consumer prices, falling real incomes, a slowing economy, and housing costs that are through the roof are all just some of the economic maladies visited on American families this year by way of the economic policies of the Biden administration.

Bidenomics is, tragically, nothing new. It is the doubling down of an age-old approach to economic policy, the idea that the government is better at using your money than you are. Through reckless federal deficits and money printing, the Biden administration has sown the seeds of economic malaise.

The American Farm Bureau Federation annually publishes the price of a “Classic Thanksgiving Dinner” that attempts to capture the experience of a typical American family.

The federation’s reported price, pre-Biden, for a Thanksgiving meal for 10 in 2020 was $46.90, but now, for 2023, it is $61.17—an increase of more than 30.4%.

This price increase puts an astonishing burden on American households. However, that is only one of many price jumps during the Bidenomics era. Across all categories of food at home, prices are up more than 20% from when President Joe Biden took office, while energy prices are up well over 35%.

This rampant level of inflation hasn’t, however, been a random or unforeseeable occurrence. It’s the direct and predictable result of massive upticks in federal spending. Whenever the government spends, it does so by forcefully taking funding out of the hands of hardworking Americans.

When a business or household borrows, it does so because the lender has faith that the borrower will be able to earn enough money to pay back the loan in the future. When a government borrows, however, that isn’t the case.

Governments are not capable of earning money through merit alone. Nationalizing industries or raising taxes are clearly coercive. Printing more money is another form of theft, forcefully pouring water into the wine of every American’s life savings.

Since these methods are coercive, government borrowing is as well. When a government borrows money, it agrees to use its unique power to pay back the loan with someone else’s money.

For decades, the Left has propagated the lie that government deficit spending was a magical free lunch because the government didn’t hike taxes to pay for massive spending increases. As inflation has shown, in the end, there is no free lunch, just the government eating your lunch at the money market buffet table.

As the federal debt has ballooned by 44% from $23.44 trillion to $33.75 trillion during the COVID-19 pandemic, so too has the inflation tax imposed on every American.

With Biden and so many other politicians committed to deficits at such an absurd level, there is only one further policy outcome: hyperinflation or sky-high interest rates that crowd out economic growth.

In early 2022, the Federal Reserve switched course, having let prices jump more than 12% in less than two  years, and decided to start increasing interest rates by constricting the money supply. While this has slowed inflation, it by no means has stopped it—or the harm it has done to household finances.

Despite the Federal Reserve’s actions, prices are now up more than 20% since the pandemic started and mortgage rates have spiked from around 3% to 7.5%, pushing that pillar of the American dream, homeownership, even further out of reach for tens of millions of Americans.

This goes to show that if the federal government drives up its deficits and spending, there will be nowhere for families to hide. The following chart shows that as the Federal Reserve stopped printing money to cover federal deficits, it traded an inflation crisis for an interest-rate crisis.

That has dramatically pushed up the first year’s interest cost on a typical mortgage from around $8,500 when President Donald Trump left office to well over $24,000 now.

We can do better than trading high inflation for high interest rates as the economy is slowly strangled to death. This all speaks to the immortal wisdom of President Ronald Reagan, who said, “The nine most terrifying words in the English language are: ‘I’m from the government, and I’m here to help.’”

As the nation comes together this Thanksgiving to be with loved ones and count their blessings, let us recommit to the principles that led us to such prosperity.

May lawmakers reduce the crushing size and scope of the government to allow Americans to keep the fruits of their labors and get back to building a brighter future for generations to come.

Have an opinion about this article? To sound off, please email, and we’ll consider publishing your edited remarks in our regular “We Hear You” feature. Remember to include the URL or headline of the article plus your name and town and/or state.

The post NO, THANKS: Bidenomics Is a Big Turkey, and Not Only at Thanksgiving appeared first on The Daily Signal.

via The Daily Signal

Enjoy this article? Read the full version at the authors website:

Thanksgiving is Just One of Five Pilgrim Achievements

The Thanksgiving holiday, which commemorates one part of the Pilgrim story, remains the favorite holiday for many Americans. And for good reasons beyond enjoying a feast. With our country passing through troubled times, it is worth revisiting the Pilgrim’s five significant achievements, which created the seminal story of America, and reveal remarkable insight into who we are and the qualities of character we need to overcome our present challenges.

First, of the many groups of settlers who came to America, only the Pilgrims were singularly motivated by a spiritual quest for religious freedom — one that had its origin with the Protestant Reformation a century before. They repeatedly spoke of their voyage to the New World in terms of a flight from tyranny to freedom, comparing themselves to God’s chosen people — the Israelites — who overcame slavery and abuse in Egypt to get to the Promised Land. Similar to the Israelite’s exodus, the Pilgrims had left what they saw as oppressive and morally corrupt authorities in Great Britain and Europe to create a new life in America. Thus, both American Christians and Jews find profound meaning in the Pilgrim’s Thanksgiving story.

Thanksgiving could be thought of as the holiday that made the other American holidays possible. Without the Pilgrims having courage; absolute faith in their cause and calling; and a willingness to sacrifice and risk everything, they never would have embarked on the 94-foot Mayflower — a ship of questionable seaworthiness. Were it not for their faith and determination to find freedom of conscience and live according to their Biblical beliefs there may never have been a July 4th Independence Day or other subsequent American holidays we take for granted and celebrate each year.

After a harrowing passage across the Atlantic — one that included wild pitching and broadside batterings by gale-force winds and ferocious seas that caused the splitting of the ship’s main beam — the Mayflower was blown off course from the intended destination of the established Virginia Colony territory to wilds of Cape Cod. The Pilgrims knew not where they were nor how to proceed, so they beseeched the Almighty for favor in a making landfall in a suitable place with fresh water and fertile soil to establish a new and independent settlement.

Now in sight of land after a frightening voyage, facing hunger from spoiled and depleted provisions, and anxious about settling outside the purview of Virginia Company charter territory, the secular Mayflower passengers were restless and insolent. And this is when the Pilgrims made their second major achievement that would shape the future of America.

Pilgrim leaders John Carver, William Bradford, and William Brewster, recognized that Mayflower passengers, diverse as they were, needed to maintain unity to survive in a potentially inhospitable environment. So, they drafted a governing agreement that would be acceptable to both their Christian brethren and the secular crew members and merchant adventurers — who made up about half the 102 people aboard the Mayflower. That governing document, known as the Mayflower Compact, provided for peace, security, and equality for everyone in their anticipated settlement. With every man aboard signing the Mayflower Compact the Pilgrims established the foundation for democratic self-government based on the will of people for the first time. The Mayflower Compact laid the cornerstone of the U.S. Constitution, which would be drafted and adopted some 170 years later.

The fact that all the Pilgrims survived the squalid and cramped ship quarters during the dangerous crossing of a vast ocean, is no doubt partially attributable to the good fortune that the Mayflower had previously been enlisted as a wine transport cargo ship. Unlike most merchant ships, she had a “sweet smell,” from all her decks and bilges being “disinfected” with wine sloshing and soaking from broken barrels of Bordeaux and high-alcohol port in the many prior crossings of the sometimes-stormy English Channel.

That all changed once the Mayflower’s passengers settled in “New Plymouth,” Massachusetts in December of 1620. The first winter was devastating, with illness afflicting most and over half the Pilgrims dying, including four entire families. But it could have been worse.

The fate of the Pilgrim colonists would surely have been more difficult had they not settled where they did, adjacent to friendly natives of the Pokanoket Indian village that were part of the Wampanoag tribe. And had they not befriended two who providentially could speak broken English — Squanto and Samoset — perhaps none would have survived. Squanto and his fellow native tribesmen would teach the Pilgrims survival skills, showing them how to hunt, fish, and plant various crops, such as corn, squash, and varieties of beans — which were unknown to the Englishmen.

The Pilgrims’ third major achievement was the Pilgrim-Wampanoag Peace Treaty that was signed on April 1, 1621, by Massasoit and leaders of the Plymouth colony. And a remarkable accomplishment it was, for it lasted more than 50 years — longer than subsequent peace treaties made by other colonizing groups with native Indian tribes. The fact that there were bloody conflicts between other colonists and tribes, such as in the Pequot War fought in Connecticut in 1636-1637, makes the Pilgrims stand out for they succeeded in maintaining the longest-lasting and most equitable peace between natives and immigrants in the history of what would become the United States.

Despite learning from the native Indians how to plant, cultivate ,and harvest new crops in their first year, the Pilgrims complied with their sponsoring Virginia Company charter that called for settlement farmland to be owned and worked communally and for harvests to be equally shared. This socialist common property approach created disincentives to work. William Bradford recorded in his memoirs that while “slackers showed up late for work… everybody was happy to claim their equal share… and production only shrank.”

Although no one is certain of the exact date of the first Thanksgiving, we know it was a Pilgrim initiative, celebrated in November 1621 to give thanks to God for their survival — having lost so many during that first winter in Plymouth, and for the first harvest — meager though it was. When Massasoit was invited to join the Pilgrims, it was assumed that he wouldn’t bring more guests than the 50-odd Mayflower survivor hosts. Massasoit arrived with twice that number, well-stocked with food, fowl, and game of all kinds — including five deer. There was more than enough for everyone, and it turns out that the first Thanksgiving celebration would last three days, punctuated by Indian song, games, and dance, Pilgrim prayers and even a military parade by Myles Standish.

The Pilgrims fourth major achievement was the rejection of socialism and the adoption of private enterprise. After the meager Thanksgiving harvest, the second season of collective farming and distribution proved equally disappointing. Governor Bradford had seen enough, recording that the system “was found to breed much confusion and discontent and retard much employment that would have been to their benefit and comfort.” So, before the 1623 season he scrapped socialist farming and replaced it with private ownership of land for each of the families. As a result of becoming responsible for their own welfare and gaining freedom to choose what to grow for consumption or trade, the Pilgrims’ productivity surged.

The fifth factor that distinguished the Pilgrims was their model relational behavior. While tolerance enabled them to keep relative harmony within their diverse community, they also looked outwardly to serve and help others. In March of 1623, it came to be known that Massasoit was on the brink of death from an unknown illness. Senior Pilgrim elder Edward Winslow immediately set out on a forty-mile journey to administer medicinal broth, natural herbs, and prayers to Massasoit. Astonishingly, upon making a full recovery within days, he remarked, “Now I see the English are my friends and love me; and whilst I live, I will never forget this kindness they have showed me.”

In summary, the Pilgrims’ five achievements and the qualities of character that made them exemplary are as relevant today as ever. A contemporary Thanksgiving makeover might include: rekindling a quest for adventure; developing the faith to hold on to a vision of a promised land no matter what; mustering the courage to go against the crowd and defend the truth; gaining the resolve to endure hardship; revitalizing respect for and tolerance of people of different beliefs; rejuvenating a joyful willingness to sacrifice for others; and renewing the predisposition to extend love, assistance and gratitude at every appropriate opportunity.

Scott Powell is senior fellow at Discovery Institute. This article is a vignette out of his latest acclaimed book, Rediscovering America, which has been a #1 new release in history for eight straight weeks at Amazon. Reach him at

Image: Robert Walter Weir

via American Thinker

Enjoy this article? Read the full version at the authors website: