In 1974, President Gerald Ford, confronting rapid inflation, coined a slogan: Whip Inflation Now (WIN).
His plan was premised on a mixture of encouraging personal savings, as well as promoting haphazard public measures. Ford had buttons and yard signs printed up to hype his campaign.
His ridiculous response to a serious problem evoked laughter and well deserved ridicule.
The same must be said for President Joe Biden's program to solve supply side bottlenecks by asking companies to work 24/7. Laziness and short hours are not the cause of supply side shortages. Hard work and longer hours offer no solution.
Supply side bottlenecks are caused by:
- Rising fuel prices. And Biden is exacerbating them by restricting fracking, preaching against fossil fuels, limiting oil drilling, and fighting to close down coal plants. He's making the problem worse.
- Decades of under investment in energy plants and equipment. Biden is compounding the problem by proposing huge increases in capital gains taxes and increases in corporate taxation.
- A massive shortage of labor caused by Biden’s social welfare and unemployment compensation policies that make it more advantageous to stay home than to work.
- Disruptions in the workplace now worsened by Biden’s absurd dictat to lay off workers for failing to get vaccinated against a disease to which, some estimates say, at least 70% of the population already has antibodies against.
- Disincentives to invest, work, and earn worsened by hikes in individual tax rates proposed by Biden.
- Global sanctions against fossil fuels that block production of needed products for the supply chain.
- The threat of virtually mandatory unionization in Biden’s PRO Act and in his infrastructure package that impedes new investment.
The most productive thing Biden can do to solve supply chain issues is to reverse his policies or resign.
Dick Morris is a former presidential adviser and political strategist. He is a regular contributor to Newsmax TV. Read Dick Morris' Reports — More Here.
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