Democrats spend and tax in their states and cities and just do not learn from the “big mistake,” or shining examples like Republican-run Florida, according President’s Trump economist Stephen Moore.
“I’m just so horrified at what New York is done, raising their income tax rate to 15%,I think it is a huge mistake. New York now has the highest tax rate in the United States.” And NY is broke!
“In some ways, New York is now one of the highest tax places in the world,” Mr. Moore added. “And that is just not a way to make a state or city competitive, especially when we are coming out of COVID, there is no logic to it.”
Democrats need look no further than the state of Florida, which has no state income taxes, compared to 15% in New York”, adding Mr. Biden’s “idea of raising the corporate tax is ill-advised.“
Americans are starting to understand that massive tax and spend is not a formula that has never worked.
Mr. Moore continued. “I hope Biden backs off of all this spending and taxing, because it’s a story that will not have a happy ending.
“Short term, for the rest of the year, I’m bullish, but, John, if we pass all these spending bills we’re going to have a real problem with the increase in debt to pay for all that spending.”
The recent rise of the stock market is related to the reopening of business and the massive distribution of vaccines to Americans, Mr. Moore said.
“I call this the Operation Warp Speed rally, and it really is the vaccine that’s been so widely distributed,” Mr. Moore said. “Almost 4 out of 5 senior citizens now have been vaccinated in this country, which is amazing performance.
“And you compare that, by the way, with what is happening in Europe. Some of those countries are shutting down again in Europe, because they have done such a poor job with vaccine distribution.
“The United States [has] done a very effective job, both under Trump and Biden. That’s been the main factor behind this huge rally, is the opening up of our businesses, getting Americans back to work.“
LTN economist Bruce WD Barren warns, that the unemployment benefits uptick has and is still working to keep people from getting back to work.
“One of the Key things we have to worry about is whether the workers will come back to work. We are paying people a lot of money and unemployment benefits and other welfare benefits to stay unemployed. I have a home in South Florida we see ‘help wanted’ signs all over the place. There are not enough workers coming back yet to fill all the jobs,” Mr Barren said in an interview Sunday.
Here at HeffX-LTN we agree to let the US economy return to its normal as the fear of the pandemic decreases and the effect of the vaccine continues to show positive results. New Tax dollars and consumer spending will result and nation will re-spend its way to prosperity.
There is enough consumer demand already in a rejuvenated economy to start through increased tax dollars the rebuilding of America’s infrastructure.
Economist Bruce WD Barren adds, “that this will lessen the need for spending on social welfare costs – in my opinion, already unnecessary and an overburden on our economy, especially if we force a change in our social welfare benefit programs by more prudent thought and a real immigration policy – not one of an open door!”
Have a healthy week, Keep the Faith!