Joe Biden’s ability to talk like a socialist is directly related to his inability to govern like one.
So why have U.S. equities performed well since the arrival of Biden? One obvious answer is that Biden, like all politicians, has a flock to feed. No doubt there are many in the Democratic base whosocialists. Biden feeds their socialism with rhetoric that perhaps brings to mind Marx and Engels, but thankfully it’s just rhetoric. It has to be firstly because Biden’s financial supporters clearly aren’t socialists.
But wait, the pessimists will say. Sen. Manchin will cave. So will Sen. Sinema. When they do, trillions will be spent. Socialism! No doubt the spending of trillions would be awful, and it would be an economic somnolent. Government spending is a tax. Plain and simple. It’s the process whereby individuals like Manchin and Sinema allocate precious resources in political fashion. It would weaken the economy. Of that, let’s be clear.
If so, their compromise will extract trillions from the real economy at the expense of better, more dynamic growth if they were to hold firm on limiting spending. It’s a long, or short way of saying that if Manchin and Sinema give in to Biden’s presumed socialism, they’ll be setting the stage for Democrats to lose control of the House and Senate in the 2022 elections. Republicans would take over. Socialism averted.
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