Renowned economist and Forbes Media Chairman, Steve Forbes, recently joined Sandra Smith on Fox Business to discuss the state of the U.S. economy. Forbes, author of “Inflation: What It Is, Why It Is Bad, and How to Fix It,” offered sharp insights into the current economic landscape, particularly focusing on the impacts of what he calls “modern socialism” on the economy.

The Regulatory Onslaught

Forbes wasted no time in addressing the elephant in the room: inflation. He highlighted the stark contrast between the low inflation rates during the previous administration and the surge in prices under the Biden administration. 

Forbes emphasized the tangible effects of inflation on everyday consumers, pointing out how the cost of essentials like hamburgers at fast-food chains has noticeably risen, significantly impacting households’ disposable income.

While discussing inflation, Forbes shifted the conversation to the regulatory environment, which he views as a significant contributor to economic woes. He criticized the current administration for its barrage of new regulations, citing examples such as the potential ban on internal combustion engines. 

Forbes argued that excessive regulation stifles business growth and innovation, ultimately harming consumers.

Deregulation and Economic Prosperity

One of Forbes’ key arguments centered on the importance of deregulation in fostering economic prosperity. He highlighted the correlation between stable monetary policies, lower taxes, and deregulation with economic growth. 

Forbes lamented the current administration’s departure from these principles, attributing much of the economic challenges to what he perceives as a move towards “modern socialism.”

Throughout the discussion, Forbes and Smith underscored the adverse effects of inflation and regulatory burdens on American consumers. 

From skyrocketing food prices to escalating living costs, they painted a bleak picture of the economic realities facing many households. Forbes particularly criticized policies like raising the minimum wage, arguing that they exacerbate the cost of living without addressing underlying economic issues.

Looking Ahead

As the conversation wrapped up, Forbes expressed concerns about the trajectory of the economy, especially in light of impending policy decisions. He warned against the pitfalls of “modern socialism,” advocating instead for a return to policies that promote economic freedom and prosperity.

People in the comments share their perspectives on this: “I went to Wendy’s this week. I ordered two single hamburgers and an order of fries with no drink. It was $17. Maybe I’m just getting old.”

Another commenter jokingly added: “‘Its a great economy if ur not buying a house, buying a car, eating out, or buying groceries.’ So if you dont have any living expenses. Its amazing! But if you have to pay to eat, live, and sleep with a house over ur head”

One commenter concluded: “Financial democracy, educational democracy, economic democracy, emotional democracy, etc are more than a hundred years old. Postmodernism also sounds appealing but can go terribly wrong. Yes, we definitely need talent, skillset, professional training, and proper education more than ever before.”

Troubled Economy

In this discussion, Steve Forbes shed light on the economic pressures facing Americans today. From inflation woes to regulatory hurdles, Forbes offered a critical analysis of the factors contributing to what he sees as a troubled economy. 

What are your thoughts? Do you agree with the assessment that modern socialism is contributing to economic challenges, including inflation and rising living costs? Why or why not?

In what ways do you think policymakers should balance economic growth with considerations of inflation and cost-of-living pressures for average citizens?

How might changes in minimum wage laws, as seen in California, influence broader economic trends and individual financial well-being?

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