Kerby Anderson

On a recent episode of his program, Bill Maher was trying to understand why New York elected Zohran Mamdani. In response, an economist on substack wrote “An Open Letter to Bill Maher.”

Bill Maher understood “why people are angry about the economy, especially in New York.” He then asked for someone to “Explain this economy.” He correctly identified the problem: the gap between the “haves” and “have nots.” On the one hand, he acknowledged that the stock market is at all-time high. On the other hand, ordinary people can’t afford basic necessities.

In the open letter, the economist explains that “the state of the economy stems from a massive, bipartisan failure to confront America’s monetary policy. Both Republicans and Democrats have been negligent in challenging the status quo at the Federal Reserve.”

He then shows a graph of the increasing money supply followed by this graph of the widening inequality gap. The top 10 percent (and especially the top 1 percent) get richer while the rest of Americans don’t feel anything.

The economist correctly blames both political parties and the Federal Reserve. We have $38 trillion in national debt and have a Federal Reserve that “feels compelled to intervene and bail out the entire economy.”

But I would add another important factor: broken money. That’s the title of the book by Lyn Alden (Broken Money) and a chapter in the book by Larry Lepard (The Big Print). As they often say: fix the money, fix the world. Yes, we have a reckless monetary policy in this country, but we also need sound money.

These economic challenges won’t be solved with a “business as usual” approach, nor will they be solved by electing socialists to political office. We need to focus on the money printing that rewards the elites and hurts everyone else.