President Joe Biden has proven to be a failure of epic proportions during the first 100 days. After campaigning as a moderate in some states and progressive in others, he and Vice President Kamala Harris caused more unforced errors than any previous administration.
At a time when the White House should have a laser focus on reviving the economy and getting everyone back to work, tax-and-spend liberals pushed through a $1.9 trillion stimulus package that does little for working families. The pork-laden measure delivers massive bailouts for mismanaged Democrat-run cities that responsible states will be forced to pay back, with interest.
Adding insult to injury, Biden’s early attacks on energy independence have gas prices skyrocketing, and his dangerous tax hikes could thrust the country into another recession. Those are reasons why Moody’s economist Mark Zandi recently went on the record stating the U.S. is in store for unmerciful inflation that appears to be “dead ahead.”
The Biden administration continues to push tax policies that former Pres. Donald J. Trump proved to be disastrous failures for working families. He’s pressing the thin Democrat majority in Congress to roll back portions of Mr. Trump’s signature Tax Cuts and Jobs Act that spurred economic growth, reduced unemployment to historic lows, and set a record for the lowest percentage of Americans living in poverty ever.
In place of these successes, Biden wants Democrats to increase the corporate tax rate, increase the capital gains tax, raise individual income taxes, and pretend this will not have a debilitating effect on the overall economy. He’s already got Treasury Secretary Janet Yellen perpetuating this proven falsehood.
“Our tax system cannot be tilted toward corporate interests and the wealthy, while those that are sustained predominately by wages bear an unequal burden,” Yellen said. “Biden will require corporations and the wealthiest Americans to pay their fair share.”
The problem with that tired propaganda is that everyday people already experienced the result of high business taxes. Large corporations moved facilities — and American jobs — to countries with more favorable rates. China, as the Biden family knows, offers U.S. companies a preferred tax rate when relocating there. Higher corporate taxes repeatedly results in fewer jobs, lower wages, and increased poverty. Mr. Trump soundly proved that the exact opposite policies deliver economic opportunities for hard-working families.
But what should have Americans even more troubled is the perfect storm Biden and his socialist Democrat comrades are orchestrating. Escalating gas prices will be passed along to consumers who pay the freight for higher transportation costs. The White House’s nixing of the Keystone XL pipeline is already being felt, and anti-oil policies are likely to send gasoline and heating fuel prices over $3 per gallon quickly.
But what should be equally concerning is that Biden mistakenly delisted the Houthis from the terrorist watch list. These insurgents were on the run during the Trump Administration after military arms and alliances were brokered between the U.S and Saudi Arabia. The Houthis reportedly resumed attacks on Saudi oil fields, and that will negatively impact global supply chains. Yes, Americans will again feel the sting of foreign oil wars because Biden reverted to failed Obama-era policies.
The Biden Administration has yet to make a sensible economic policy that could avert calamity. Unless moderate Democrats join Republicans in the Senate in the coming months, the Biden Recession will make the last one feel like a speed bump.