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For Rep. Chip Roy, it’s a frustrating conversation that happens all too often with fellow lawmakers on his side of the aisle.
“‘Chip, we have a razor-thin majority. We just have to win the White House; we just have to win the Senate,’” the Texas Republican recalled in a speech Tuesday.
When he hears colleagues concerned about the narrow 217-212 House Republican majority, he notes the Democrats’ narrow Senate majority—51 senators in the Democratic caucus compared with 49 Republicans.
“Well, when do they ever look across there and say Chuck Schumer has a razor-thin majority?” Roy said of the Senate Democratic leader from New York. “When do they ever look and say, ‘You’re actually in charge of the House of Representatives, which James Madison told you in [Federalist Paper 58] actually has the power of the purse. Do something with it. Stop making excuses.’”
That prompted applause from the audience at The Heritage Foundation at an event, “Defunding the Left.” (Heritage founded The Daily Signal in 2014.)
Roy had earlier quoted Madison—father of the Constitution and later the fourth president of the United States—who wrote in Federalist 58:
The House of Representatives can not only refuse, but they alone can propose the supplies requisite for the support of government. … This power over the purse may, in fact, be regarded as the most complete and effectual weapon with which any Constitution can arm the immediate representatives of the people, for obtaining a redress of every grievance, and for carrying into effect every just and salutary measure.
Though the GOP mostly prevented nondefense spending hikes, and kept the political focus on border security, he said irresponsible spending is a bipartisan problem that “infests the entire swamp” in both parties.
“The fundamental problem is not just the weakening of the dollar and the strength of our financial system. It’s actually the radical Left funding the tyranny, funding the government that’s at war with your way of life.”
He noted the Republican-controlled House approved $62 billion in funding for the Department of Homeland Security amid rising crime and fentanyl deaths in the U.S. resulting from the border crisis.
The House majority also went along with $200 million to fund a new FBI headquarters and overall about $40 billion for the Justice Department, despite concerns about politicized lawfare. He noted $824 billion went to the Defense Department with no demands to scrap its focus on diversity, equity, and inclusion policies that are hurting armed forces recruitment.
The House majority allowed $80 billion for the Department of Education; $9 billion for the Environmental Protection Agency; and $117 billion for the Department of Health and Human Services, while requiring no accountability for mishandling of the COVID-19 pandemic by departmental subordinate agencies, such as National Institutes of Health and the Centers for Disease Control and Prevention.
While his GOP colleagues often talk about the need to win the next election, Roy said, conservative control of both houses of Congress and the White House are not guaranteed to reverse the trend.
“Literally, on Day One, they are going to say, ‘Chip, we can’t do all you want to do because we don’t have 60 in the Senate. You’ve got to be reasonable.’” Roy predicted. “I promise you that’s coming. So, we have to win majorities. But we have to plan now for driving a steamroller over the weak-kneed individuals in Congress that will use 60 [as a premise] not to fight for you.”
In the Senate, 60 votes are required to end filibusters.
Roy noted there were some positive accomplishments, however. Since winning the majority, House Republicans have for the most part “kept the ball on our side of the field,” he said.
Nondefense spending was largely held flat, while increased defense spending in 2023 was initially paid for by taking money out of the Internal Revenue Service and unspent COVID-19 funding.
That occurred after then-House Speaker Kevin McCarthy, R-Calif., put caps in place, even though the caps were discarded in January. Further, Roy noted that House Republicans didn’t let Democrats redirect the border debate to one of amnesty for illegal immigrants.
“Amnesty was off the table. All we talked about this last year was border security. We didn’t achieve it, but we didn’t allow the Democrats to start moving the ball down the field and have a debate about amnesty,” Roy said. “It matters where you set the goal post and how you set your mission.”
The Texas lawmaker criticized the recent $95 billion foreign aid package that passed without the support of most Republicans. He said that too often, members of Congress “default to fear” on defense spending.
“I want the strongest military that we can possibly produce. I want it to be sparingly used,” Roy said, adding:
I don’t want to use it often, but if we do, I want it to destroy everything in its path. But we just default to fear, and we use the national security-defense complex to run over everything else.
“People literally come into [House Republicans’] meetings and say, ‘We just can’t risk defense.’ Well, if that’s what you do, you’re never going to change the town,” he continued, “because they are always going to use defense as the leverage to say, ‘We’re not going to cut [the Justice Department]; we’re not going to cut education; we’re not going to make reforms.”
The post Texas Lawmaker Reminds GOP of Madison’s Words About Power of the Purse appeared first on The Daily Signal.
Iranian President Raisi visited Sri Lanka to launch a hydropower project, and a Russian company has taken over China's white-elephant airport.
The post Iran and Russia Move into Sri Lanka After China’s Belt and Road Disaster appeared first on Breitbart.
China’s state-owned oil company CNPC, the China National Petroleum Corporation, has signed a $400 million deal with the military junta that controls Niger, providing a much-needed infusion of cash after the coup damaged relations with Niger’s previous big oil customers, the United States and France.
The post China Buys into Niger Junta to Secure Oil Supply appeared first on Breitbart.
Biden talks up the economy’s strong growth but doesn’t address the fact that the inflation rate he’s given us surpasses the GDP growth rate. He also doesn’t mention that much of this growth was funded directly by government stimulus and other financial aid given to the public.
The White House claims the economy is roaring, and mainstream media suggests only Republicans doubt it. However, consumer sentiment is declining, albeit with a slight recent uptick, which both the White House and mainstream media quickly seized upon as a positive trend. Inflation also rose this month, but the White House contends it’s down compared to 2022 levels. It appears the White House chooses to cite macro or micro data depending on what makes them look better.
The average gas price increased by 7% this month compared to last month. However, it remains lower than the $4.90 it hit in 2022. So, I suppose the White House can chalk up another win.
The reality is, both the average American and business owner perceive the economy as dismal and lack confidence in the future. Despite high inflation, the specter of recession still looms large, suggesting stagflation may become a reality in the near future. We could easily find ourselves grappling with growing unemployment alongside escalating prices. Technically, we’ve been in a recession for some time now, but Janet Yellen’s assertion that a recession isn’t defined by two consecutive quarters of negative growth was surprising to me and most university economics professors, as it contradicts the textbook definition of a recession.
Regarding stagflation, it’s defined by rising prices and growing unemployment. In the strictest sense, the White House is correct that we haven’t reached that point yet. More jobs are being created each month. However, if you’re looking for a job, the difficulty in finding one is obvious. This is largely due to the fact that 70% of the new jobs being created are part-time, while about 20% are government jobs. Depending on one’s definition of “jobs,” an argument could be made that significant numbers of new full-time private sector jobs are not being created.
The truth is, the economy has been on shaky ground throughout Biden’s entire administration. The only thing preventing a complete collapse is government stimulus and government job expansion, both of which add to the deficit and debt, merely postponing the inevitable. And that inevitable end is fast approaching.
Several US municipalities have implemented excessively high minimum wages, reaching up to $20 an hour. As a result, retailers, fast food chains, and ride-hailing apps like Lyft and Uber are exiting these markets. Grocery stores are transitioning to self-checkout systems, while fast-food establishments are introducing order kiosks. Moreover, many CVS and Walgreens drugstores have significantly reduced their floor staff, in some instances to just one employee.
Under Bidenomics, we’ve witnessed a 46% increase in gas prices, with mortgage rates inching closer to 7%. Meanwhile, the demand for new mortgages is dwindling.
Real wages, adjusted for inflation, have dropped by an average of $371. The White House’s deception on this matter lies in presenting a chart of inflation that peaked in June 2022 and has since been declining, while wages have been on the rise. At first glance, it may seem that the worst of inflation is behind us and wages now surpass inflation. However, it’s crucial to remember that prices have not decreased.
The rate at which wages are increasing, at 5%, now exceeds the rate of price increases, at 3.2%. However, over the past four years, we’ve seen cumulative inflation of nearly 20%. So, whereas you once earned a dollar, you now earn $1.05, while goods that previously cost $1.00 now cost $1.20. As a result, your real wages, adjusted for inflation, have decreased.
In short, the money you earn buys you less stuff.
Due to a decline in inflation-adjusted income, US savings rates have dropped to 3.6% from the pre-pandemic level of 6%. Credit card delinquencies and car loan defaults have reached record highs. Many Americans report borrowing money each month just to cover their cost of living.
Bidenomics is a disaster, and the White House is still considering cutting interest rates, which would cause inflation to skyrocket.
The post Credit Card Defaults, Inflation, Part-Time Jobs: The Economy Is a Disaster appeared first on The Gateway Pundit.
FIRST ON THE DAILY SIGNAL—President Joe Biden’s efforts to deflect blame for the border crisis and high cost of living aren’t working with swing voters, according to new polling from Echelon Insights.
An even higher percentage view his administration as a failure.
The survey of 2,401 registered voters in six battleground states—shared exclusively with The Daily Signal—reveals key insights about swing voters, a segment of the U.S. population who aren’t strongly aligned with either political party.
Asked to rate the Biden administration, 65% of swing voters described it as a failure. A majority of Hispanic men, young voters (18-35), and married women also give the Biden administration a failing grade.
The poll finds 59% of swing voters blame Biden’s policies for the crisis at the southern border, compared with 23% who say it’s due to factors outside of his control, while 18% are unsure or don’t view it as a problem.
On the issue of inflation and the high cost of living, 51% of swing voters blame Biden’s policies. According to the survey, 37% think the problem is outside of Biden’s control, while 13% are unsure or don’t view it as a problem.
Of the issues surveyed, violent crime is the only one that a majority of swing voters don’t blame on Biden’s policies. In that specific case, 38% attribute a rise in crime to Biden, compared with 39% who think it’s not his doing.
These issues are regularly cited as Americans’ top concerns. They are also contributing to a gloomy outlook on America’s future and have resulted in Biden’s dismal disapproval rating.
Echelon Insights conducted the survey for The Heritage Foundation in Arizona, Georgia, Michigan, Nevada, Pennsylvania, and Wisconsin.
When asked about the 2024 presidential election, swing voters give former President Donald Trump higher marks on America’s biggest issues: addressing immigration and border security, ensuring a strong U.S. economy, maintaining world peace, bringing down the high cost of living, keeping their families safe, supporting the middle class, instilling confidence in America, and protecting rights and freedoms.
Biden outperformed Trump on just two issues: health care costs and student loan debt.
Trump’s dominance on a wide range of policy issues translates into a strong showing in five of the six states where the survey was conducted. Trump leads in Arizona, Georgia, Michigan, Nevada, and Pennsylvania. Biden had the edge in Wisconsin.
A whopping 73% of swing voters in those six states disapprove of Biden’s job performance, compared with 40% for Trump. In each of the individual states, Trump holds the advantage.
When asked to rate a conservative governing agenda compared against a liberal agenda, swing voters in all six states favored a plan that grows the economy, reduces the cost of living, cuts government spending, secures the border, and implements tougher penalties for violent criminals.
The conservative agenda performed best in Michigan, followed closely by Georgia.
Swing voters cited the high cost of living as a major concern, worrying about the economic future of their kids, ability to save for retirement, and the cost of health care.
With a national debt of more than $34 trillion and government spending exploding on Biden’s watch, these voters are more receptive to spending cuts than other ideas such as combating corporate greed and junk fees or increasing taxes on wealthy Americans.
On the issue of border security, swing voters are more likely than the overall population to worry about social services being stretched thin. They also cite drug trafficking and rising crime as problems connected to the massive influx of illegal aliens.
Some of the Trump administration’s priorities—instituting the Remain in Mexico policy, completing the U.S.-Mexico border wall, and closing the southern border to asylum seekers—rate positively among swing voters.
The survey also asked swing voters about education and the role of parents. By a significant margin, 63% to 30%, they think parents are in the best position to address controversial issues, such as sexuality, with their children.
Echelon Insights conducted the survey March 12-19 among approximately 400 voters in each of the six states. It has a margin of error of +/-2.3 percentage points overall.
The post Swing Voters Deliver Harsh Verdict: Biden Administration Is a Failure appeared first on The Daily Signal.
The American people and the U.S. government operate under two completely different sets of rules, with the government borrowing money that it "never pays" back.
The post Exclusive–Joe Penland Sr.: U.S. Government ‘Borrows Money and Never Pays It Back’ appeared first on Breitbart.
Delinquency rates among American credit card holders are at an all-time high, according to a Federal Reserve Bank of Philadelphia report.
The post Nolte: Bidenomics Drives Credit Card Delinquencies to Record High appeared first on Breitbart.
Back on May 30, 2023, after then-Speaker Kevin McCarthy cut a deal with President Joe Biden to suspend any limit on the federal debt through all of 2024, Senate Majority Leader Chuck Schumer praised the deal as an act of “responsible” government.
“Again, nobody got everything they wanted,” said Schumer, “but this bill is the responsible and prudent and necessary way forward.”
At the close of business on the day Schumer made this statement, the federal debt was $31,463,988,658,765.75.
At the close of business on April 8 of this year, the debt was $34,608,412,560,642.47.
In just over 10 months since Biden and McCarthy made their deal, the debt has increased by more than $3 trillion ($3,144,423,901,876.72).
To put this in perspective, the total federal debt did not top $3 trillion for the first time until fiscal year 1990—214 years after the nation was founded in 1776.
Schumer and his colleagues in the current Congress borrowed more money in less than one year than their pre-1990 predecessors did in more than two centuries.
What is the fiscally “responsible” Schumer talking about now? He is bragging about how he is spending federal money on pet projects in New York state.
In the seven days from April 2 through April 8, Schumer’s Senate office posted eight press releases announcing projects that would funnel $79,174,581 in federal funding to New York.
His communications staff was especially busy on April 2.
The first press release they put out that day said that Schumer and Sen. Kirsten Gillibrand, D-N.Y., had “secured $3,822,000 for critical local projects.”
“This nearly $4 million in federal funding makes vital investments in the Capital Region’s top-notch educational institutions, helping give students the equipment and hands-on training they need,” Schumer said.
The second press release they put out that day said Schumer and Gillibrand “secured $3,000,000 for the Syracuse University and CenterState CEO in the Fiscal Year 2024 appropriations bills to upgrade facilities at the Syracuse University’s South Side Innovation Center and prepare local small business to succeed in the semiconductor industry through CenterState CEO.”
The third press release they put out that day said Schumer and Gillibrand “personally secured $1,000,000 for Binghamton University to purchase state-of-the-art advanced packaging equipment for its Nanofabrication Laboratory (NLAB) in Fiscal Year 2024 appropriations bills as a Congressionally Directed Spending request to bolster workforce training for advanced chip manufacturing in cleanroom environments.”
A fourth press release they put out that day said Schumer and Gillibrand “secured $1,200,000 in the Fiscal Year 2024 appropriations package for DAY ONE Early Learning Community, a preschool in Poughkeepsie that serves low-income children and families.”
A fifth press release published that same day said Schumer and Gillibrand “announced $5,633,581 through the Environmental Protection Agency’s (EPA) Great Lakes Environmental Justice Grant Program to develop and implement the Western New York Environmental Justice Grant Program for underserved communities in Lake Erie and Niagara River’s watershed.”
Two days later, on April 4, Schumer “announced $1,559,000 from Fiscal Year 2024 appropriations bills to support vital semiconductor and healthcare workforce training programs and higher education infrastructure upgrades in Rochester.”
Four days after that, on April 8, Schumer declared that he was “proud to deliver a whopping $39 million to help rehabilitate the South Grand Island Bridges and bolster resilient infrastructure needed to maintain these vital corridors for Western NY.”
That same day, he also announced that a “whopping nearly $24 million from our Bipartisan Infrastructure & Jobs Law to bolster flooding mitigation on Cortlandt’s Route 6 will drive our communities towards a safer and more resilient future.”
Who is going to pay for these projects in Schumer’s home state?
Federal taxpayers in New York, of course, will carry some of the burden—but so, too, will taxpaying workers in Indiana, Kentucky, Tennessee, Kansas, Oklahoma, Idaho, Alaska, and every other state in the union.
Because the federal government is continuing to run a massive deficit—it was $828.135 billion through the first five months of this fiscal year—not only will current taxpayers fund such projects but so, too, will future generations who will be required to pay the interest on the money the federal government borrows to fund them.
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The Daily Signal publishes a variety of perspectives. Nothing written here is to be construed as representing the views of The Heritage Foundation.
The post Chuck Schumer’s $79 Million Week appeared first on The Daily Signal.
“The rights of man come not from the generosity of the state but from the hand of God.” – JFK
Capitalism and free markets are the primary drivers of wealth creation while also protecting personal freedoms. Socialism and government intervention tend to erode personal freedoms and produce only temporary prosperity, addressing specific issues for certain groups while impoverishing others and overlooking the underlying causes of problems.
Biden’s American Rescue Plan was a good example of how ineffective socialism is at solving economic problems. By sending a $1,500 check to every poor person, he claimed, incorrectly, to have done more to reduce poverty than any other president.
Firstly, the American Rescue Plan drove up the US debt and pushed inflation to levels not seen in decades. Additionally, the $1,500 did not reduce poverty. The poverty threshold for a family of 3 is $25,820 per year. So, unless these families fell short by exactly $1,500, he did not bring them above the threshold that year. And unless he planned to send checks to all 37.9 million Americans living below the poverty line every year, forever, he has not eliminated poverty.
The only way for these people to rise out of poverty is to get a better job with a higher salary. So, the solution is free markets, not socialism.
The US ranks among the most capitalist countries in the world. In a capitalist society, the means of production are controlled by private businesses and private citizens, not the government. The economy runs according to the market, not central planning. Prices, wages, quantities, and types of production are determined by the market, with information transmitted from buyers to sellers millions of times per day.
In a capitalist society, a fast-food restaurant has the right to make a fish and peanut butter milkshake, but by refusing to buy that product, citizens signal that they do not want it, and the producer will either stop selling it or go out of business.
On average, the more government intervention there is in the economy, the lower the standard of living will be. As a hypothetical example, if the peanut butter and fish milkshake company had a government subsidy, it could remain in business, even though no one wants that product. The money the government spends supporting the unwanted fish and peanut butter milkshake company could have been spent on border security, which is one of the only purviews of government in capitalism.
In a true capitalist society, the government only has three responsibilities: maintaining courts and public security for protecting personal property rights, building infrastructure, and protecting the border. The further the government deviates from these limited mandates, the more money is wasted.
This report will compare four countries: the US, which has an economic freedom score calculated by Freedom House of 8.22, and the more socialist countries, Germany with an economic freedom score of 7.85, China with a score of 6.2, and Venezuela with a score of 3.34.
Standard of living can be quantified in the Quality of Life Index, which ranks countries based on the level of wealth, comfort, necessities, and material goods available to citizens. It also examines physical and mental health and wellness. Germany, with a score of 91.26, ranks slightly higher than the US at 89.11, but this is probably because of obesity and obesity-related illnesses, which decrease the health indicator in the US. But on some level, obesity is a positive sign of wealth. China, at 82.80, and Venezuela, at 71.66, rank worse off, with a lower standard of living.
While socialist countries offer free or heavily subsidized higher education, the United States boasts a diverse array of prestigious universities and colleges, many of which are privately funded. This competitive landscape fosters innovation and excellence in education, attracting students from around the world. The US has 3,100 universities, with 53 ranked in the top 100 globally. China has 2,495 universities, with 6 ranked in the top 100; Germany has 461 universities, with only 1 ranked in the top 100; and Venezuela has 73 universities, with 0 ranked in the top 100.
In terms of the average number of years of education citizens have, in Germany and the US, most adults have had 14 years of education, while in China, the average is 8 years, and in Venezuela, it’s 6.6 years.
For infrastructure, China is always touted as the leader in transportation because they have high-speed rail. However, the US has a much broader transportation infrastructure than any country in the world. The US has 148,553 kilometers of railroad, China has 10,767 kilometers (with a population four times the size of the US), Germany has 33,401 kilometers, and Venezuela has 682 kilometers.
Socialist countries usually have a government-owned national flagship airline, such as Air China or Conviasa in Venezuela. In the US, the airlines are private, and the US has more flights, with more Americans flying each year than citizens in any other country. Furthermore, Americans can afford to buy cars. Cars per capita in the US are 860 out of 1000, in Germany it’s 627 out of 1000, in China it’s 223 out of 1000, and in Venezuela it’s 149 out of 1000.
The US does not have a government sovereign wealth fund. Our outbound investment is private, and yet, the US is the largest source of outbound investment on the planet.
In socialist countries, citizens depend on the government to create jobs. The US, with a relatively free market for jobs, has a low unemployment rate of 3.6%, while in socialist China it is 5.1%, and in Venezuela, it is 7.5%. However, in China, youth unemployment had reached 21.3% last year before Beijing stopped reporting and then changed the definition of youth unemployment to make the number smaller. This is another example of the benefits of a free-market society. We have private institutions, NGOs, and associations that collect and publish data, so there is greater transparency.
The salaries between the US and socialist countries are vastly different. The average American earns about $75,269 per year, while the average German only earns $48,845. In China, it’s $12,598, and in Venezuela, it’s $3,910.
And the final kicker in a socialist country is income tax. In both China and Germany, the top income tax rate is 45%. In the US, it is 37%, and in Venezuela, it is 34%. So, Americans earn dramatically more than people in socialist countries and get to keep a larger percentage of their salary compared to most socialist countries.
Apart from failing to deliver in terms of economic well-being, socialism also falls short of its claim to offer greater freedom. Economic freedom, as already discussed, is higher in the U.S. In general, personal freedoms are also higher. According to the Human Freedom Index, which evaluates countries across the following criteria: Rule of law, Security and safety, Movement, Religion, Association, assembly, and civil society, Expression and information, public health, and a number of other factors, Germany ranked higher than the US at 18th. But this was largely because of the lack of social welfare in the US and because of the higher crime rate. The US ranked as the 23rd most free country in the world, China 152, and Venezuela 163.
As a result of capitalism, Americans earn more, keep more of their salary, and have greater freedom than in socialist countries. Let’s vote to keep it that way.
The post Capitalism, Not Socialism, Makes Us Richer and Freer appeared first on The Gateway Pundit.
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President Joe Biden, Senate Majority Leader Charles “Chuck” Schumer, D-N.Y., and House Speaker Nancy Pelosi, D-Calif., look on as Vice President Kamala Harris delivers remarks on the American Rescue Plan Friday, March 12, 2021, in the Rose Garden of the White House. (Official White House Photo by Adam Schultz)
President Joe Biden will announce Monday that student debt held by ten million Americans will transfer to taxpayers, White House officials told reporters Monday.
The post White House Pledges Taxpayers Will Bail Out 10 Million Students’ Loan Debts appeared first on Breitbart.
President Joe Biden is underperforming among young voters who are concerned about their economic plight, recent polling shows.
The post Joe Biden Faces Significant Problem on Economy with Young Voters appeared first on Breitbart.
Joe Biden unveiled his 2025 budget proposal earlier today. In general, presidents’ budgets are hardly worth discussing. They project revenue and spending over the next ten years, and if you go back and look at them a few years later, they usually bear no relation to reality. And, in this instance, there is zero chance that Congress will pass anything resembling Biden’s budget, which can best be seen as a campaign document.
But, for what it is worth, this is what the Wall Street Journal had to say about it:
President Biden proposed Monday a $7.3 trillion budget for the next fiscal year that would raise taxes on wealthy people and large corporations, trim the deficit and lower the costs of prescription drugs, child care and housing.
Other than spending $7.3 trillion and raising taxes, it wouldn’t do any of those things. For purposes of comparison, federal spending in 2000, the last year of the Clinton administration, was $1.79 trillion. So Biden wants to spend almost exactly four times that much.
The fiscal 2025 budget would cut the deficit by $3 trillion over the next decade, and it would raise taxes by a net total of $4.9 trillion, or more than 7% above what the U.S. would collect without any policy changes.
Those hypothetical deficit cuts depend on economic forecasts in the out-years that won’t come true. The only meaningful fact is that Biden wants to raise taxes by nearly $5 trillion.
Biden’s purported budget is largely an exercise in fantasy:
The budget leaves some blank spaces. It lists principles for shoring up Social Security, without specifying a plan. It calls for paying for extensions of tax cuts for most households after 2025 but doesn’t detail how that would be paid for. And it calls for restoring the expanded child tax credit, but only temporarily, lumping that into the broader 2025 tax debate.
Biden’s budget proposes absurd taxes on corporations and “the rich”:
The budget repeats many past Biden tax-increase proposals, including higher tax rates on corporations and high-income individuals along with minimum taxes on the wealthiest Americans’ unrealized capital gains.
Which is insane. If the government taxes unrealized gains on unsold securities when the market goes up, will it write checks to investors when the market is down? Logically, it would have to, but of course that is not part of Biden’s proposal.
Biden rolled out several new tax increases last week, such as raising his new corporate alternative-minimum-tax rate to 21% from 15% and denying deductions when corporations pay any workers, not just top executives, more than $1 million.
The net effect of Biden’s proposals would be to give the United States one of the heaviest tax burdens in our history, equaled only once since World War II.
Is that because people are dying to give the federal government more money to waste? No, it is because many people are too naive to understand that, as has been said a million times, corporations don’t pay taxes, they collect them. Those taxes are actually paid mostly by customers (i.e., all of us) and secondarily by employees (i.e., most of us). But Biden’s budget is not about economics or, for that matter, mathematics, as the numbers will never add up. Rather, it is about politics:
Biden’s advisers are betting that a focus on lowering costs for families will help push the president to re-election.
Needless to say, Biden’s budget, if actually enacted, would raise costs for families, not lower them. Fortunately, there is zero chance of that happening.
Vaunce News 