At the beginning of the first term of a newly elected POTUS, the first 100 days set the tone for what that administration wants to accomplish.
Joe Biden’s election has been certified by Vice President Mike Pence, so his first 100 days will begin on January 20. The new administration's economic agenda has priorities that could differ from yours.
But that's not all.
As the New Republic points out, a newly elected 50-50 Senate “dramatically changes the power realities awaiting Joe Biden on January 20.” Because the new Vice President Kamala Harris will represent the Senate “tie-breaker” vote. Meanwhile, Mitch McConnell will become the minority leader. That means McConnell wouldn’t be able to obstruct proposed legislation as he has been able to do in the past.
So those first 100 days that set the tone for the administration, what might they look like? According to historian Donald Critchlow, this, among other things:
Raising taxes; the Green New Deal; expansion of ObamaCare as the first step toward nationalized healthcare; a massive stimulus bill; immigration reform with border security in name only; and appeasement with China.
Critchlow added ominously, “The first 100 Days of the Biden administration might very well go down in the history books as the ‘100 Days of No Return.’”
Then there is the potential for an even more alarming shift in the balance of power, according to Newsmax:
Capitol Hill observers generally agree that one of the first pursuits of a Democrat-controlled Senate would be admission of statehood for both the District of Columbia and Puerto Rico — a move that would guarantee both two senators and a Democrat Senate majority for years to come.
Imagine not a one-vote advantage, but the permanent addition of 4 left-wing votes to the Senate. The repercussions could last decades.
You might expect an impending agenda of more taxes, more lockdowns, and more stimulus to bring the stock market back to earth. Well, so far they haven't.
According to Wolf Richter, the stock market actually rose while the chaos was taking place at the Capitol on Wednesday. He wrote:
Stocks today surged, with the S&P 500 closing the day up 0.6%, though it was below its level before the chaos at the Capitol unfolded. The Dow closed up 1.4%. The Russell 2000 soared nearly 4%.
The stock market seems completely disconnected from reality. Remember the lessons of 2008? 2001? Inflated stock prices always crash down to economic reality.
So what's finally going to pop the stock market bubble? Take your pick:
- Higher taxes under the Biden administration would put more financial pressure on already weary retirement savers
- Obamacare doesn’t appear to have done much good, and expanding it means raising every American's taxes
- Increasing economic stimulus might help those who haven’t saved or planned for their future, at least temporarily - but the previous round of funny money went to pay off special interests (at taxpayer expense)
- More stimulus also means more public U.S. debt, which already more than doubled from $12 trillion to almost $27 trillion since the 2008 recession (a house of cards just waiting to topple)
Today, millions are unemployed, face rising inflation, and are trapped in locked down cities. Yet Biden’s first 100 days could easily include a nationwide 100-day lockdown, kicking America while we're already down.
Bottom line: The economic reality for millions of ordinary people is terrible right now. Biden’s administration doesn't have a coherent plan for making it better. There's only so much zero interest rates and monetary inflation can do to revive an economy on life support.
Whether or not the patient recovers, that same economic strategy will devour our savings and crush our dreams of a stable future.
You can’t control what’s happening in DC, but there’s still hope
It’s a good idea to stop worrying about what is happening in the White House, because you can't control it. It’s also a good idea to think about what you can control. And what you can do, right now, to secure your future.
Get your savings and retirement in order today, before the things you can't control destroys what you’re trying to accomplish.
Consider adding protection to your retirement through diversification into a variety of asset classes, especially those disconnected from devalued currency and insane valuations. Precious metals such as gold and silver can diversify a comprehensive retirement savings plan, tend to go up when the stock market crashes, and retain their value even when the lights go out (and have for over 4,000 years).
Peter Reagan is a financial market strategist at Birch Gold Group. As the Precious Metal IRA Specialists, Birch Gold helps Americans protect their retirement savings with physical gold and silver. Discover more by clicking here now.
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