BATTY BIDENOMICS BSMake No Mistake, The “Force” is Not With Him
By E. P. Unum
Hat Tip: Rip McIntosh
The “Force” is not with Joe Biden, and probably never was. Of course, I am not talking about the “Force” of Star Wars Fame, but the U.S. work force. Yesterday we received word from the U.S. Bureau of Labor Statistics that our economy added 266,000 jobs in April, and 40,000+ of those were federal employees. Normally, that would be a cause for some celebration, but not when we had been told by the Biden Administration that we expected to add about 1.0 million jobs in April (978,000 to be exact).
The month prior, March, the economy added 770,000 jobs, short by 130,000 of the forecasted 900,000, but the media failed to mention this performance failure. So, it’s been two huge plan misses to date. But, not to fear. President Biden walked up to the microphones yesterday and announced proudly that all of this doesn’t really matter…his Great American Rescue Plan is working! I wish I had some confidence. I wish I could believe him. But he has lied so many times in the past 50 years that I cannot bring myself to do so. More importantly, I have absolutely no faith in the people with whom he has surrounded himself. Hired based on optics rather than expertise, they lie repeatedly, are not well grounded in business or economics, and lack leadership skills. Few, if any, have ever run businesses of their own or worried about making payroll. Biden emphatically stated a week ago that “the nation’s GDP grew by 6.4% in the first quarter because we were investing; that without the $4.0 trillion he wants to spend in bills he advanced we would fall way behind” This is just utter nonsense…a gross lie…and he should know better. A nation grows by virtue of expanding production of goods and services that people need, want and desire…and for which they are willing to pay. Since when is our government the catapult for such activity? Industry does this. People do this. GDP stands for Gross Domestic Product, the sum of all goods and services we produce as a nation here in the U.S. But, the sad news is what Biden and his minions believe. He even said so in his scaled-down State of the Union Speech. “It’s time everyone believed that we the people is the government” he said. He let the cat out of the bag. It’s one thing to miss the mark of adding jobs to the economy by 20,000 or 30,000. That might be understandable. But missing by almost a factor of four is grounds for getting someone axed, although that is unlikely to happen.
Imagine, if you will, heading into your boss’ office carrying a report saying your division earned $266,000 in profit for the month but your own budget called for profits to be $978,000…an unfavorable profit variance of $(712,000). Kind of wrecks the company’s cash flow doesn’t it?
Imagine further proudly announcing to your boss that “ he should not be concerned because your plan isworking!”. I think the reaction from your boss might be for you to start thinking about where you might be working next month. But only in the hallowed halls of government can people get away with such incompetence.
Finally, it is important to remember that as of this writing, there are still 14.0 million Americans out of work and 7.4 million jobs available, and we could only add 220,000 private sector jobs in a “recovery” month! Not a good picture! Folks, the Great American Rescue Plan ain’t working. The reasons are many, but the most profound of these is the fact that the Plan, if indeed there is a plan, is built on mud. Biden’s Plan, let’s call it Bidenomics, essentially calls for growing government on the backs of business through massive increase in taxes.
What Bidenomics fails to consider is that businesses will pass increased taxes along to the people who will, once again, be squeezed. Moreover, businesses will seek alternative legal ways to avoid paying taxes such as moving operations offshore, and we will find ourselves in the midst of capital flight offshore to countries offering tax incentives. To “pay” for all his spending plans and democratic give-aways, Biden has proposed a long list of burdens on business: ● Raising corporate tax rates by one-third from 21% to 28% placing us at the top of the list of countries with the highest tax rates…not an incentive for growth; ● The Bidenomics plan would provide that every American firm pay the full U.S. tax rate on overseas earnings should its management repatriate funds held abroad to say, expand domestic U.S. operations and its workforce. Another dingbat idea probably conceptualized by a Marxist. ● Bidenomics calls for a two-thirds tax hike on any capital gains made in the course of business or from investing, raising the rate from 23.8% to just a hair under 40%. What could go wrong? ● The President would disallow the common practice of real estate developers to trade properties without tax consequences and impose a capital gains tax on any such activities….even though cash does not exchange hands. Talk about disincentives, this one is baffling. ● And this one takes the cake….Biden calls for those who invest in start-ups and other forms of entrepreneurial activities…primarily hedge funds and private equity investors…to pay tax on their gains at the higher rate levied on ordinary income rather than “carried interest” at the lower capital gains rate. Entrepreneurship is the cornerstone of our success as a nation. The word comes from the French meaning “risk taking”. Care to venture a guess on what will happen to risk taking with this kind of tax disincentive?
Then again, this is the very foundation of socialism…the state controls everything especially the factors of production. There is little incentive to excel or take risks in socialism. That is why socialism has never succeeded. But yet, that appears to be where we are headed. It is absurd and dangerous. Another sinkhole of Bidenomics is the $300 per week federal supplement to unemployment benefits which Biden’s “Covid Relief” package extended until September 6, 2021. A University of Chicago study found that 42% of those on unemployment are making more from the government than they did at the jobs they lost!
When President Biden was asked by a reporter (a liberal reporter by the way) “whether enhanced unemployment benefits had any effect on diminishing a return to work in some categories?” he responded “No, nothing measurable.” Astounding! How many people do you think would jump at the opportunity to work a 40-hour week when they can get the same income from sitting at home watching sports on TV? The absence of common sense is puzzling. Then there is the economic concept of inflation raising its ugly head. Now, stripped of all the fancy econometric modelling and jargon, the basic definition of inflation is “too many dollars chasing too few goods”. And, thanks to all the “stimulus payments and unnecessary spending” in the Biden Plan, the U.S. future inflation gauge is on a three-decade high as consumers…you and I…are already seeing higher prices in everything from baby products to gasoline at the pump to cars. It is what happens when you pump trillions into the economy on programs that have little chance at improving production. It is also what happens when you ignore the principles of capitalism in favor of socialism. Janet Yellen, Joe Biden’s choice to head up the Federal Reserve said it very tactfully a week ago when she said “it may be that interest rates will have to rise somewhat to make sure that our economy doesn’t overheat.” Interesting comment. Got any idea what an increase of one or two percent in interest rates means to a nation with a National Debt of $30 trillion? It ain’t chump change, I can tell you that. If Biden and his acolytes really wanted to juice the economy and increase employment, he could start by getting teachers back to work…like NOW. He could and should forcefully encourage the nation’s schools to reopen five days a week immediately. Such a posture would have a giant two-fold beneficial effect. First, it would get teachers back to work and, in so doing, permit parents to get back to work as well. Not to mention the positive benefit it will have on our children. Make no mistake, we have, in my opinion, sacrificed a generation of Americans to fear of a virus whose threat to life is two tenths of one percent, and infinitesimal in terms of the health, emotional growth and education of ourchildren. If we continue down the path of Bidenomics, we will never get back to a 50 year low of 3.5% unemployment which we enjoyed under President Trump in February 2020. If we continue down the path of spending like drunken sailors on leave in Bangkok, we are, in my opinion, heading for some really tough times ahead. It occurs to me that we may not be a democracy any longer. Indeed, we may be living under a new form of government. Here it is: INEPTOCRACY – OUR NEW PRESENT FORM OF GOVERNMENTIneptocracy (in-ep-toc’-ra-cy) – a system of government where the least capable to lead are elected by the least capable of producing, and where the members of society least likely to sustain themselves or succeed, are rewarded with goods and services paid for by the confiscated wealth of a diminishing number of producers. Yep… that’s where we are now! I have so many other things I want to share with all of you. They are, in no particular order as follows: 1. Equity versus Excellence…the Commonwealth of Virgina’s State Department of Education began a move to kill advanced math classes before the 11th grade in the name of equity. Starting in 2025-2026 the new Pathways Initiative will replace Algebra I, Algebra II and Plain Geometry with “Essential Concepts” courses where all children get taught at the same pace. Do you get it? Promote fairness by not adding opportunity, jut removing it. The legendary football coach Vince Lombardi once said “if we chase perfection, we just might catch excellence.” I guess that no longer applies anymore, or so the experts designing curriculums for our children tell us. What could possibly go wrong? 2. New York City just abolished Columbus Day and replaced it with Indigenous People Day and Italian Heritage Day. I am Italian American and proud of my heritage. No one asked me how I felt about this change; in fact, no one especially the Mayor asked anyone at all. They just did it. I will have a few things to share about this. The Mayor ain’t gonna like any of them but I will soon be writing about it. 3. If everyone is getting the Covid Vaccinations (thank you President Trump), why is it still necessary to wear masks? I haven’t heard one solid scientific explanation from the CDC, NIH, AMA, President Biden or Dr. Anthony Fauci as to why we need to continue to wear masks? I will have a few things to say about this as well. If you have a breathing disorder, like people I know, did you ever try flying commercial on a three hour flight wearing a mask every minute? How about abiding by the rules of only taking a sip of your soda or water then pulling your mask over your mouth and nose with each sip. Ridiculous just doesn’t adequately explain this nonsense. As you ponder the thoughts raised in this essay, please consider theseQuotations about lying because as sure as night follows day, the American people are being fed so many lies and falsehoods from the Great Wuhan Virus to how we are charting a course for the future. And, at the tip of the spear leading these lies and mis-directions is President Biden who is being influenced by the Great Deceiver himself, Barack Hussein Obama and his handlers Valerie Jarret and Susan Rice i.e. the Third Term of Barack Obama. ● “If you would know who controls you, see who you may not criticize.” Tacitus● “Lies are the greatest murder. They kill the truth.” Socrates● “No man has a good enough memory to become a successful liar.” Abraham Lincoln● “Breaking someone’s trust is like crumpling up a perfect piece of paper. You can smooth it over but it will never be the same again.”● “A real man will be honest no matter how painful the truth is. A coward hides behind lies and deceit.”● “Tell a lie once and all your truths become questionable.”● “If I catch you lying about a small thing, how can I trust you to tell the truth about the big things.”Thomas Jefferson As Bugs Bunny used to say…”th, th, th, that’s all folks”