Last week President Biden read the teleprompter for a few minutes touting his $3.5 trillion infrastructure bill. Even though the smart money knows this is a flat-out socialist scheme, the President says it is not and loudly proclaimed: “I’m a capitalist!”
Well, we know Hunter Biden is a crony capitalist but dad? Here’s the truth: he is what his handlers tell him to be.
In the speech, Mr. Biden embraced deception the way my Corgi consumes dinner, ferociously. Let’s run it down.
The overarching Biden point is that the U.S. tax code is crooked and rich white guys benefit most. Okay, so why doesn’t the President call for a “flat tax” where all corporate and private loopholes are banished and taxation is based on a percentage of gross income and profits?
The more you earn, the more you pay with reasonable caps so companies and private citizens are not “punished for success.”
I’ll tell you why Joe Biden doesn’t do that. First, his home state of Delaware is the Shangri-La of corporate tax loopholes and Biden protects that. And secondly, a flat tax is fair to working Americans so the progressives would lose their grievance card.
Now back to the speech.
The President began his deception by saying this: “Here’s the simple truth. For a long time, this economy has worked great for those at the very top, while ordinary, hardworking Americans … have been basically cut out of the deal.”
But that statement is misleading in the extreme.
Six years ago, the median household income in the USA was $56,516 according to Census.gov. Now it’s close to $68,000. That’s a colossal jump, especially because inflation was not a factor in the Trump economy.
Minority workers also benefited under President Trump. In 2019, the smallest gap in history between white-black unemployment rates proved that.
But Joe Biden is unfazed by facts and data. He sees his job as telling Americans they are getting screwed by greedy white men. “The fact is our economy faced challenges long before this pandemic struck. Working people were struggling to make it long before the pandemic arrived.
Struggling? The fact is Americans have one of the highest living standards in the world coupled with the most opportunity anywhere on the planet. That’s because of capitalism. We produce far more than any European nation per capita. No one is even close.
Not enough for Joe Biden. He wants the federal government in charge of distributing wealth, not the private sector. His giveaways in the so-called “infrastructure bill” are endless with the goal of creating citizen dependency on Washington.
In response to Biden’s massive spending proposal, even some liberal economists are worried about the deleterious effects of higher taxes on those who drive the economy. Writing in The New York Times, Harvard economics professor N. Gregory Mankiw says this: “Compassion is a virtue, but so is respect for those who are talented, hardworking and successful.
“The entire $3.5 trillion package is too big and too risky. The wiser course is to take more incremental steps rather than try to remake the economy in one fell swoop.”
But President Biden and the word “wise” are not compatible. The progressives want a European-style socialist system immediately and old Joe has bought in.
There is no deception in that analysis. It is absolutely true. No joke.