Mr. Biden’s $2.3-T infrastructure plan is rife with “waste, fraud, abuse” and “corruption,” plus the inflation we are seeing is a “Biden Tax” on lower-income families, according to House Minority Leader Kevin McCarthy (R-CA).
“When the president talks about not raising taxes on people under $400,000, that’s a lie,” Mr. McCarthy said Sunday. “Every day you watch the inflation that he is creating. This is the Biden Tax.”
Mr. Biden’s chief pay-for proposal to date is raising the tax on corporations from 21% to 28% and higher-income Americans, but it will ultimately trickle down.
The infrastructure package in itself is a lie, there is no need to spend these trillions of dollars” when less only 6% will go to infrastructure.
“The real challenge is in these great big bills there’s just waste, fraud, abuse, but more importantly corruption,” Mr. McCarthy said.
Take for instance the EV market. Mr. Biden’s plan will be serving the Top 3% of Americans with programs like the push for electric vehicles, which are not affordable for most.
Less than 3% of America have an electric car, but they want the government to subsidize it. And what they will do is raise the utility costs, a tax on all Americans.
Mr. Biden’s plan tickets $174-B to “win the market,” although Republican critics have noted China has a stranglehold on the rare earth materials used to make the batteries for electric cars.
The Biden package is designed to be a New Deal infrastructure-like US makeover, inspired by progressive Democrats’ Green New Deal.
The Senate Republican counter proposal hones in on roads, bridges, airports, and seaports for a true infrastructure plan, spending a fraction of the Biden proposal at $600-B.
Mr. Biden plans to meet with 6 GOP Senators led by Sen. Shelley Moore Capito (R-W.Va) to discuss ways to get his package passed through the 50-50 split Senate. Outside of using budget reconciliation that can pass spending-related bills on a party-line vote, Mr. Biden needs 10 Republicans to sign on for his Green American makeover.
“Our current Administration needs to take a page out of the last Administration’s book to learn how to prudently direct the spending of money by Congress. All of these headlined stimulus packages are just that – full of pork-barreled spending. This you can observe for yourself in the actual percentage of money spent for unemployment and infrastructure stimuli.
“What concerns me most is that the current Administration can not understand that we can read too. Unfortunately, most Americans do not read the substance of these proposed bills and social media obviously doesn’t care either. They just take the approach that any spending is good, not the substance of the spending itself, as we economist do!
“Well, perhaps 2022 can send a message to Washington for I, for one, care about my children and their children’s future. Excessive inflation which we are about to experience is not the solution for with deficit spending it is coming and in a way we have never seen it before!
“Hopefully we will wake up to that fact come 2022 elections by electing representatives that will care about our coming generations future. I do not want to be one of the few who said: I told you so,” says LTN contributing economist Bruce WD Barren.
Have a healthy week, Keep the Faith!