Biden Forcing Hard-Left Economic Agenda Risks Social Chaos

This article first appeared in The Washington Times

The Democrats appear intent on risking social chaos to accomplish their socialist goals.

By 2022, GDP could recover to pre-pandemic levels but about 10 million more Americans will be unemployed, underemployed or stuck with part-time work than before COVID-19. They have no real prospect for establishing the basics for a decent life — confidence that they can pay for a roof over their heads and groceries.

person laying on concrete floor beside asphalt road

Nearly one-fifth of tenants are delinquent on their rents. Bankers and bond holders are raising risk assessments on construction loans and the mortgages supporting rental properties, because when eviction moratoriums expire, many folks will be on the street, rents will plunge and landlords will default.

According to Hunger in America, 50 million — including 17 million children — risk hunger, and it’s hard to see SNAP and food banks addressing all that.

Want to see the future — read “A Tale of Two Cities.” The French Revolution was instigated by hunger. Fear as much as outrage fueled the riots, looting, burning and attacks on police enabled by Black Lives Matters and Proud Boys last summer in Seattle and other cities and on Capitol Hill on Jan. 6.

If Mr. Biden has a sense of urgency and commitment to cooperating with Republicans to act quickly, I am at a loss to find it in his actions. His first weeks in office were dedicated to a series of executive orders and policy announcements on economic relief, health care, racial equity, immigration and climate change and energy policy with a radical left bent and damaging to economic recovery.

For example, shutting down expansion of the Keystone XL pipeline and new drilling on federal lands will put thousands of workers in construction, manufacturing and engineering out of work. It does little to reduce fossil fuel use but makes America more dependent on less secure oil from Latin America, Africa and the Middle East.

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Peter Morici is an economist and professor at the Smith School of Business, University of Maryland, and widely published columnist. He is the five time winner of the MarketWatch best forecaster ...

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