America’s Economy Is Heading Down the Same Road as Italy’s | Mises Wire

It is as if the law of demand and supply does not exist. For sure It does not look like it exists in Washington State, where the breakeven for making more on unemployment benefits is now at $30 an hour, or about $62,000 per year.

You do not need a Nobel prize to see what drives countries to ruin. Argentina was the richest country in the World in 1900, it squandered it all away with subsidies, public spending and taxation. Italy was the fourth country in the World for aggregate GDP in the Sixties and again in the Eighties, but the second time private wealth was built on the back of public deficits (sounds familiar?). Today, social mobility in Italy is so low that the richest families at the top of the economic ladder in 2021 are the same ones that were there as at the times of Lorenzo de Medici some 600 years ago.

In the US instead, we have now disgusting and anti-American individuals serving in Congress, of which the so-called Squad is really just the tip of the Iceberg. But the Republican party is almost all lost too. Some Republicans might be slightly less hypocritical than Pelosi, who is the Paladin of the little man but makes $5M trades in call options on Apple. But both parties are complicit in this mess. Where were the Republicans when Trump was running $500B deficits in an expanding economy?

Do people think we haven t seen our share of Alexandria Ocasio Cortez, Bernie Sanders, Elizabeth Warren, Jay Pritzker in Southern Europe? None of these people are bringing in any new or revolutionary or even better, progressive , ideas. Their ideas are always the same, and have already been tried in multiple countries around the World across centuries, always leading to crushing failure and suffering.

via mises.org