President Joe Biden announced his reelection campaign on Tuesday, commemorating the four-year anniversary of his 2020 campaign when he claimed “we’re in a fight for the soul of the nation.” The nation’s soul notwithstanding, the United States is approximately 6 weeks away from defaulting on its debts, and the U.S. dollar in jeopardy of losing its status as the world’s reserve currency.
Since 1944, the U.S. dollar has been the primary reserve currency held by central banks and monetary authorities around the world. The reserve currency supports international transactions, stabilizes international investments and ensures the global economy. The reserve enables foreign countries with difference currencies to minimize the risk of international transactions.
In January, the U.S. government approached its legal borrowing limit of $31.381 trillion, and the Treasury Department began implementing what it called “extraordinary measures” to avoid late payments. While Washington can’t agree on terms for raising its own debt ceiling, the X date for exceeding the credit line will collapse sometime in June.
Now 80, Sloppy Joe, as he was called by his opponent during the last presidential election season, is now the oldest sitting president in U.S. history. Perhaps thats why, in his re-election speech, he claimed the national debt increased by nearly $8 trillion under his predecessor, but forgot to mention that it increased by $8.1 during the Obama Administration. Two years in, Biden’s up by $4.8 trillion. More than both his predecessors at the halfway mark.
By his own admission, he calls concerns about his age, speeches and gaffes “totally legitimate,” but argues that “American democracy isn’t a reality show.” No?
Biden signed off on Tuesday with an existential question. “The question we’re facing right now is whether in the years ahead we’ll have more freedom or less?”
Freedom, coincidentally, was the same question Dominion Voting Systems asked a jury to consider last week before Fox Corp quickly shelled out $787.5 million to settle the complaint. While Fox’s Tucker Carlson Tonight was cheerleading the nation into believing Dominion had rigged its voting machines in the 2020 election, fate as it happens came to call on Monday with a pink slip.
Moreover, the unprecedented 34 felony counts of falsifying business records levied against the former president and republican candidate by a Manhattan DA in March is just one of 4 active government-run investigations into Trump. The DOJ is inquiring about classified documents at Mar-a-Lago; New York State has a civil lawsuit over financial disclosures; Georgia may claim he tried to overturn their peach cart of polling data; and NYC is preoccupied with his sexual escapades. Opening arguments commenced on Tuesday over an encounter in a department store dressing room nearly 30 years ago.
Congress is even investigating the Biden family’s domestic and international business dealings to determine whether their activities compromise U.S. national security and President Biden’s ability to lead with impartiality.
While Trump took 46.8% of the popular vote in 2020, Biden claimed 51.3% and 306 electoral votes for the win. But that was then; when unprecedented numbers of young people came out to vote. Nearly 70% of the nation believes Biden is now too old for a second term, 50% of all democrats, and there is no way he’ll ever be re-elected without consulting the emerging majority of voters — the Millennials and Gen Z.
Tucker Carlson’s ouster from Fox comes just one month following Abby Grossberg’s discrimination lawsuit filed in New York federal court on March 20. "Ms. Grossberg was isolated, overworked, undervalued, denied opportunities for promotion, and generally treated significantly worse than her male counterparts, even when those men were less qualified than her," the complaint read. Grossberg also claims Fox coached her testimony in the Dominion case.
Fox still faces a $2.7 billion lawsuit from Smartmatic USA, another voting technology company, over Carlson’s coverage of debunked election-rigging claims. And if Dominion and Grossberg and Smartmatic aren’t game, set and match to lady justice, being caught on tape disavowing Trump was the proverbial grand slam. On January 6, 2021 Carlson was secretly caught on tape saying, “I hate him passionately” of Trump while vociferously defending the U.S. attack on Capitol Hill. A tipping point for his 3 million viewers to reconsider the fundamental difference between Fox News, and the well oiled machine that is Fox Entertainment.
While Fox was thanking Carlson for his service to the network, a federal appeals court was clearing the way for Pence to testify before the Jan 6 committee on Thursday, “And the story that I’ve been telling the American people all across the country, the story that I wrote in the pages of my memoir, that’ll be the story I tell in that setting."
Moreover, Tech billionaire and Republican megadonor Peter Thiel told associates the next day that he won’t donate to any political candidates in 2024. Displeased by the party’s politicizing cultural issues like abortion, he believes the nation should be spurring U.S. innovation and competing with China. “I don't pretend to agree with every plank in our party's platform, but fake culture wars only distract us from our economic decline,” Thiel says. "I am proud to be gay, but most of all I am proud to be an American."
That’s a loose term nowadays that appears to be up for debate in a tug-o-war with the past. Forget that Biden has spent nearly $77 billion in Ukraine, the simple fact that he parked U.S. nuclear submarines in South Korea on Wednesday effectively seals his legacy as the U.S. president to reignite the Cold War.
According to FiveThirtyEight, Biden has an approval rating of 42.3 percent this week, and the economy continues to be the most important issue concerning all Americans.
Keeping America afloat for now is Speaker Kevin McCarthy who this week effectively raised the debt ceiling in the house by $1.5 trillion to an unprecedented American first of $33 trillion dollars in the red, buying the nation another year before handing the baton of their extraordinary measures and bookkeeping to an increasingly younger generation.
Limit, Save, Grow Act
At 100 days as Speaker and a tumultuous journey to capture the gavel, McCarthy suggested raising the debt ceiling by $1.5 trillion through March 31, 2024.
Highlights of the 320-pages of cuts include; blocking Biden’s student loan forgiveness ($460B), repealing green energy tax credits ($570B), expanding work requirements for Medicaid ($120B), repealing new IRS funding ($120B), rescinding any and all remaining Covid-19 funding ($30B), and finally emboldening Congress with more power than ever before to halt regulations from the executive branch. The bill claims $4.3 trillion in policy savings, $545 billion in interest savings, and resets discretionary spending from FY 2022 to FY 2024. It claims even to grow the economy by 1% annually for the next decade.
While the “Limit, Save, Grow Act” has no chance of passing the U.S. Senate as is, America continues to walk a proverbial 6-week plank toward economic catastrophe. Monthly payments to military families and seniors will cease. The housing market will stall and contract. Monthly mortgages, credit cards and gas prices will soar. And higher interest rates, unemployment and recession will guarantee that Americans have less freedom to shop for fiscally responsible candidates, and the world increasingly more freedom to shop for a new reserve currency.