All according to plan
Posted on 03/12/2024 4:48:38 AM PDT by bert
Kudlow calls out Biden's economic agenda
Congratulations to President Joe Biden, who continues to believe that he can tax the country into prosperity. I say "congrats, Joe" because the entire history of tax hikes shows the revenue increases never pan out.
The economy is depressed. Investment falters and, if that weren't enough, you would be emulating western Europe which has been taxing itself into recession for many decades including now.
If it's not exactly big government socialism, it sure comes close, doesn't it? Proud of you, Mr. President! You never miss a progressive beat. By the way, I don't want to ignore the spending increases in the president's budget, I just felt like starting with the tax hikes.
Now, Mr. Biden flagged this in his bellicose, highly partisan, and over-caffeinated State of the Union speech last week, but in today's new Biden budget, it's all true blue. Raise the corporate tax from 21 to 28%. Let foreign governments also tax our corporations.
Also bring back the phony so-called book-value tax hike, which ignores statutory credits, deductions or expensing. Raise the top income tax rate. Raise any number of investment income taxes. Go for the unconstitutional wealth tax on unrealized capital gains.
Jack up the Medicare tax and lots of other tax hike goodies, that come to roughly $6 trillion over the next 10 years. So, when you raise corporate taxes, you're hurting middle-class working folks the most. They will bear about 70% of the tax hike burden. Taxing other investments, or small businesses, who pay the top tax rate, or letting foreigners smash our first-in-class technology companies.
All this drains the animal spirits from the economy, curtails after-tax returns to work investment and risk-taking and blunts the supply side of the economy, which means higher taxes.
Plus, the massive Biden regulatory state creates fiscal inflation pressures. The budget deficit will get worse – not better – under all these tax hikes and let it be known that revenues are not the problem in recent years, because they've been running steady at over 17% of GDP.
The problem is with spending, which is running well over 24% of GDP, much higher than the average of the past half-century, and where Mr. Biden has already increased spending and borrowing by roughly $6 trillion, but in his new budget, he's got roughly $3 trillion in new spending proposals – that's brand new spending proposals.
Childcare, education, training, earned income tax credits, Obamacare health subsidies, paid family and medical leave, mortgage credits for housing subsidies and plenty of other stuff that we don't know about yet.
Oops, almost forgot: student loan cancellation, which the Supremes have ruled unconstitutional – but, Mr. President, congrats for ignoring that law as well!
No matter what you've been telling us, deficits are going to run $2 trillion per year as far as the eye can see, if not more and you've got a very good chance of achieving $50 trillion in publicly held federal debt over the next 10 years. That would come to about 120% of GDP in peace-time, with less than 4% unemployment.
Turn Maynard Keynes on his head. I'm proud of you, Mr. President. You're breaking all known rules of all known economic schools, except the progressive socialist school, but really, taking a look at your economic polls in particular, and your overall performance polls in general, that progressive model you're clinging to doesn't seem to be working all that well for you.
So, it's time for a change, sir and I happen to know somebody down in south Florida, who's chomping at the bit, ready to take another big bite out of the apple to finally straighten America out.
He and they know, its deliberate
Economy depressed and so are the people.
As quickly as possible after the stolen election, I paid off my car loan, and I’ve been mortgage free since Obola, so I’ve just been working, and socking away as much money as possible, while spending as little as possible on the “Biden Economy.” Hopefully all good Conservatives have been boycotting this economy as much as possible.
The economy is not depressed, but its running on out of control deficit spending.
Don’t forget what a confederate dollar was worth after the Civil War
I tend to think more of the German currency where a loaf of bread cost 3 Reichsmarks in 1922 to 80 billion Reichsmarks in November 1923.
I feel like that is where we are going.
Toilet paper?
I’ve been debt free since I paid off my mortgage & am living on S.S. & what little I can save. I don’t do much, go anywhere,or spend any I don’t have to, but I manage. There’s not much of a fun factor in it, but then being in debt isn’t much fun either. There’s some things I need but will have to at least try to do without as they would be major expenses. I can’t do much work anymore so that’s not really a way out. The one thing I don’t need right now is some president & his administration trying trying to spend the country out of the hole he got us in.
I'm about half way there. I moved to a rural location and have a very low mortgage that I could pay off if necessary. I've done all the "prepper stuff", and am now a little excited about going into a major austerity mode. My vehicle is an old Expedition, so I've got no car payment, and everything I need is within a 5-minute driving distance (with most things at the end of the street I live on).
Sometimes I think that these are the type of times I was made for, with the exception that I sure do like getting a hot shower in the mornings, and I think there's a chance we may be doing without electricity before all this is over.
I feel bad for those who must drive to work every day and have kids to raise.
I have been financially prepping for the last 10 years in case we ended up in the situation we are currently in.
My family thought I was crazy for over prepping.
We are debt free also.
Ditto. We have a stocked freezer and a generator if power goes out. Suggest folks stockpile ammo before Senile Joe bans it.
But, but the Dems keep telling me how great the economy is
https://x.com/OccupyDemocrats/status/1767221754060063005?s=20
democrats are depressing
I buy up ammo when Republican presidents are in office.
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