The sweet music of a strong economic era could very well be coming to an end, with Americans from coast to coast anticipating a slowing, if not complete cessation, of the nation’s economic renaissance.
Media and talk personalities are sounding the alarm bells, as Joe Biden and his globally-focused team of economists are set to take the reigns of power next week.
On a recent episode of The Rich Dad Radio Show, host Robert Kiyosaki opened with a warning. Joe Biden has announced he will nominate Janet Yellen as his Secretary of the Treasury. From 2014-2018, she was the chair of the Federal Reserve. A student of economic history, Kiyosaki is both amused and alarmed at the news.
“We’ve just gone centralized, we’ve gone communist,” Kiyosaki said, during his episode titled Your Taxes in 2021. “She was head of the Fed, and the centralized bank called the Fed is supposed to be separate from the Treasury. If you understand that, they should not be together.”
In a November 30th article on FoxBusiness.com, Grover Norquist opined that economic hardship is quickly headed to the kitchen table of American families.
“Personal income taxes will increase, your 401k will drop in value as the Biden administration and Yellen increase the corporate tax on the corporate stocks in your 401k, and your cost of gasoline and energy will increase,” Norquist, the President of Americans for Tax Reform predicted.
Norquist noted that the liberal Yellen will “gladly carry out Biden’s tax-hike plans,” starting with the elimination of the Trump tax cuts, which put more money in the pockets of the American middle class.
“Such a repeal would impose a $2,000 annual tax hike on a median-income family of four and a $1,300 tax hike on a median income single parent with one child,” Norquist said.
Kiyosaki, for his part, has mostly sidestepped the expected siege of Americans’ rights to free speech, religious liberty and the right to bear arms. His radio program’s focus has always been “the good news and bad news about money.” During the episode, tax advisor Tom Wheelwright summed up his expectations of the next few years.
“The Democrats have this magic money theory, I’m sorry, modern money theory, that’s the Fed,” Wheelwright said. “They think they can just print money and everything’s going to be fine, and then you tax people and enact your social policies. Taxes have become social policy more than they’ve become even raising revenue, under that theory.”
After experiencing the past few years of record-low unemployment and unprecedented levels of economic prosperity for virtually all socioeconomic groups, Americans are now preparing for a reversal, expecting a tsunami of new taxes and regulations aimed at the hard-working middle class. They remember keenly the economic malaise the last time Biden’s party controlled the White House.
Bill O’Reilly thinks this will have a drastic and personal effect on American voters, as they see their economic gains of recent years wiped out by a looming leftward shift in economic policy.
“The economy is the first thing they’re going to try to do,” O’Reilly told Glenn Beck on his radio show last week. “The first thing that Biden and his crew want to do is raise taxes. Now that’s not going to help the economy, everyone knows that.”
Longer-term, O’Reilly thinks the result of the approaching economic policies will most likely be a slowing down by businesses, along with economic contraction.
“I don’t hope for that,” O’Reilly added. “But if that happens, in 2022 there’s going to be an enormous backlash against the Democrats. “There are 32 Senate seats up in ‘22, and the Republicans could well take both houses if there is an economic contraction.”
For his part, Kiyosaki has long-believed that as the United States economy falters, there will be opportunity and safety in precious metals, such as gold and silver, as well as in cryptocurrencies like Bitcoin. His criticism of money printing has spanned decades and administrations of both parties.
While America braces for its economic fate, all ears are on these and other voices, as they try to predict the country’s financial future.
In their assessment, the music is about to end.
Rick Schultz is a former Sports Director for WFUV Radio at Fordham University. He has coached and mentored hundreds of Sports Broadcasting students at the Connecticut School of Broadcasting, Marist College and privately. His media career experiences include working for the Hudson Valley Renegades, Army Sports at West Point, The Norwich Navigators, 1340/1390 ESPN Radio in Poughkeepsie, NY, Time Warner Cable TV, Scorephone NY, Metro Networks, NBC Sports, ABC Sports, Cumulus Media, Pamal Broadcasting and WATR. He has also authored a number of books including “A Renegade Championship Summer” and “Untold Tales From The Bush Leagues”. To get in touch, find him on Twitter @RickSchultzNY.
