LOS ANGELES.–President Joe Biden, 81, plans to divert public attention away from his failures to worn-out Democrat themes of taxing the wealthy to reduce federal budget deficits in 2024 at $1.6 trillion. Instead of wasting more taxpayer cash on the unending Ukraine War now approaching $200 billion, Biden plans to waste more taxpayer cash on an unending proxy war in Ukraine against the Russian Federation. Pandering to his base of have-nots, Biden wants to shift the tax burden on the rich to pay for his extravagant expenditure on perpetual war. Claiming he’d reduce taxes on the middle class, Biden actually hits everyone with the silent but devastating tax of inflation, doubling prices for gas and groceries, robbing American taxpayers of their salaries and savings. Biden proposes tonight at the State of the Uunion that billionaires bail out his reckless spending plans.
Biden’s extravagant government spending has exploded the federal budget deficit and national debt now over $34 trillion, costing the Treasury billions in bigger interest payments due to Biden’s inflationary economy. Reducing inflation hasn’t worked for Biden, largely because he keeps damaging fossil fuel markets, pushing the Green New Deal at the expense of conventional forms of energy. Biden’s proxy war against the Kremlin in Ukraine initiated a Russian oil embargo that caused oil shortages and skyrocketing prices in the U.S. and around the globe. Biden’s plan calls for more electric car sales that create more unwanted pollution with excessive tire wear and brake components, all because EVs weight too much. Biden’s future plan for generating more electric power is to convert U.S. coal and natural gas power plants to Small Modular Nuclear reactors [SMRs] that all leak radiation.
Taxing the rich and transitioning the U.S. to nuclear power are Biden’s failed energy strategies, continuing to create scarcity and high prices with fossil fuels. Environmental extremists like former Vice President Al Gore hasn’t thought through his reckless attacks on the fossil fuel industry, all because he plans to rake in cash on the new SMR nuclear power industry. Gore doesn’t have technical knowledge or common sense to know that jet planes aren’t going to run on recycled French fry oil anytime soon. He knows that electric cars present their own pollution problems, just not carbon tailpipe emissions. But the more the U.S. and other countries rely on electric vehicles, the more they drain the electrical grid, forcing coal and natural gas fired power plants to generate more carbon emissions. Biden expects the new nuclear power industry to save the planet, a complete fantasy.
Biden wants corporations to be capped to $1 million to duct for employee pay, a proposal that would generate $270 billion over 10 years. But companies that hire and pay employees need their tax deductions to stay intact or potentially drive more out of business. Biden claims to have added 15 million jobs since the pandemic ended but it has more to do with the rebound effect from Covid lockdowns in 2020, the year that Trump lost the election. Democrat don’t want to think about how the pandemic damaged Trump’s presidency, created widespread fear in voters that the death toll was escalating out of control. Biden takes all the credit from the post-Covid bounce with employment but that could come crashing down with unwarranted tax cuts. Federal Reserve Board Chairman Jerome Powell said that inflation must be tackled with a reduction in government spending.
Biden wants to tax billionaires a minimum tax of 25% on income, something bound to create widespread job losses. Proposing to hike corporate taxes from 21% to 28%, Biden thinks he’ll raise more revenue for the Treasury but will actually hurt government income in the long-run. Biden thinks if he imposes a minimum corporate tax he’ll be generating more government income, when, in fact, he could drive the country into recession, maybe depression. When Powell talks about fiscal restraint, he wants the Biden administration to make cuts to unnecessary expenditure like the costly Ukraine War. Biden claims wants to help the poor but actually has a plan to send more people into unemployment, poverty and homelessness. Biden has no sense of how the mighty U.S. economy works, where entrepreneurs and business get tax breaks so they can expand their businesses and add to payrolls.
Biden thinks his economic proposals would reduce the debt by $3 trillion over 10 years but his plans would actually drive more companies out of business. Biden’s reliance on socialism to fund the U.S. government would end up plunging the economy into recession, possibly depression. Robbing Peter to pay Paul is no answer for solving the government’s fiscal problems. Wasting more taxpayer cash on foreign wars is the surest way to bankrupt the country. Continuing his Russian oil embargo fuels more inflation but making oil more scarce on world markets. When you look at Biden’s real economic plans, he has none other than taxing the rich and corporation to pay for government entitlement programs now going to illegal aliens, especially when it comes to the Medicaid, medical care to the poor. Biden’s plans all amount to future unemployment and growing federal debt.
About the Author
John M. Curtis writes politically neutral commentary analyzing spin in national and global news. He’s editor of OnlineColumnist.com and author of Dodging The Bullet and Operation Charisma.
