Article in The Times of Israel by Andy Blumenthal: It is incredible that our leaders, economic advisors, and near endless pundits didn’t see what was surely coming down the road in terms of an overheating economy, inflation, and a spiraling national debt now over $30 trillion and growing. Despite economic signals even visible to the layman, the Fed continued to promise to hold the interest rates near zero “for years” to come. The cheap money and free-wheeling government spending became an avalanche with almost no adult in the room willing to stand up and say, “Stop the money madness! Government handouts are not free!”

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THE BLOGS
Andy Blumenthal
It’s The Economy Stupid
(Credit Photo: Blink O'fanaya; adapted from https://www.flickr.com/photos/blinkofanaye/14913895723/)
So, here we are today, with the following scenario:
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S&P stock index down 22% in bear market territory
Inflation at a 40-year high
U.S. Gross Domestic Product (GDP) shrinking
Supply Chain problems in everything from computer chips to baby formula
and tampons
Consumers pulling back on spending
Premier companies announcing layoffs from Tesla to Coinbase
Fears of recession and stagflation spiking
After a whopping $5 trillion in Covid stimulus to the economy, it was only a
little more than a year ago that proposals for yet another $4 trillion economic
stimulus was being pushed by the administration to Congress.
Loaded with freebies and goodies for everyone from education to green energy
and broadband to building infrastructure, there seemed to be something for
virtually everyone. However, when Congress was done, it turned out that only a
$1.2 trillion infrastructure bill passed. But our leaders weren’t done;
immediately the pressure was on for still another $2 trillion package for Build
Back Better, which would actually be more like $5 trillion if the provisions were
made permanent. Thank G-d, Senator Joe Manchin had the wisdom and
gumption to stand his ground and put the brakes on it!
In retrospect, it is incredible that our leaders, economic advisors, and near
endless pundits didn’t see what was surely coming down the road in terms of an
overheating economy, inflation, and a spiraling national debt now over $30
trillion and growing. Despite economic signals even visible to the layman, the

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Fed continued to promise to hold the interest rates near zero “for years” to
come. The cheap money and free-wheeling government spending became an
avalanche with almost no adult in the room willing to stand up and say, “Stop
the money madness! Government handouts are not free!”
Aside from the recklessness with which our economy has been handled, let’s not
forget that there is a proxy war going on between the superpowers in Ukraine
for the last four months, including a frightening blockade on grain shipments
(i.e. food terrorism) to tens of millions of people. Further toward the east, China
is upping the ante vowing to “fight until the end” for sovereignty over Taiwan.
And in the middle, Iran is dismantling the IAEA nuclear monitoring cameras,
adding high-speed centrifuges, increasing uranium enrichment, and
threatening Israel and the West. Let’s just say all is not copacetic in the world,
while a congressional select committee continue to focus on what happened on
January 6, 2021 with the U.S. Capitol riots.
I don’t know about you, but there seems to be a gross national leadership
vacuum and the sucking (or should I say sucker) sound just keeps getting louder
and louder. A friend said to me recently about seeing the writing on the wall
with the mess we’re getting ourselves into:
People are not blind, deaf, and dumb to what’s going on with the childish
gamesmanship, politics of hate, and plenty of recklessness that is driving much
of the national debate and (in)action in the country. Unfortunately, Jew-hatred
and anti-Zionism is the warped focus of many progressive extremists in
Congress at this critical juncture. Just as a few examples:
Last year, progressives proposed “conditioning” aid to Israel
I may have been born at night, but I wasn’t born last night!”
“

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ABOUT THE AUTHOR
Andy Blumenthal is a dynamic, award-winning leader who writes frequently about Jewish life,
culture, and security. All opinions are his own.
Initially succeeded in removing $1 billion in defensive funding for Israel’s Iron
Dome missile shield
Demanded a stop to Israeli “war crimes“
Recently proposed labeling the West Bank, Gaza, and East Jerusalem
“occupied territory,” and reopening the U.S. consulate in East Jerusalem.
This to the detriment of serious national issues at home such as our floundering
economy and dangerous enemies threatening global security, stability, and the
future.