Biden economic policy: raise taxes, increase inflation, go further into debt

United States Inflation Biden Stagflation

winteryknight.com

I decided to do a round-up of articles from a variety of conservative news sources showing the effects of Biden economic policy. I hope everyone is making plans to deal with the coming catastrophe. It is a mistake to elect people who are focused on global warming, same-sex marriage, and gr00ming children for the benefit of their pedo constituents.  We really need to vote them out in 2022.

First, Daily Wire reports on a study that shows the likely effects of Biden’s Increase Inflation Act:

The Democrat-supported “Inflation Reduction Act of 2022” could lead to a slight increase in inflation over the next two years if it’s passed and signed into law, according to a Penn Wharton study released Friday.

[…]The Democrat spending package… would be the largest legislative climate investment the U.S. has ever made at $369 billion. The bill would also raise taxes on billion-dollar businesses and extend Affordable Care Act subsidies.

The bill has the support of Democrat senator Joe Manchin, who has suddenly become supportive of global warming alarmism and raising taxes.

The American Spectator has more about the tax increases:

The act would raise an estimated $739 billion through tax increases and heightened IRS scrutiny to then invest $306 billion in “deficit reduction” and $369 billion in “energy security and climate change” to “reduce carbon emissions by roughly 40 percent by 2030.” If ever there were a proposal that failed out the gate, this is one.

The Biden administration seeded this inflation with massive spending premised on COVID-19 relief that was filled with political pork.

They created the inflation crisis with C0VID stimulus spending, so that they could pass a bill to get what they really wanted: global warming regulations and taxes. That will just raise the price of electricity and gas even more.

More:

…those inflationary policies that even funded social justice art projects take food off the American table. Fertilizer prices have tripled in less than two years, drought threatens both global and local food supplies, and disruptions in supply chains threaten scarcity for much more than baby formula. Ground beef increased 36 percent in price in one year…

All this at a time when more and more Americans are living from paycheck to paycheck.

The Daily Caller reports:

The number of Americans living paycheck-to-paycheck was up 5.5% in June from a year prior as fully 61% of Americans now devote nearly all of their salaries to expenses with little or nothing left over at the end of the month, according to LendingClub’s report. Americans’ purchasing power has declined in recent months as inflation has outpaced wage increases, making it more difficult to afford normal budgets, the report concluded.

What are the long-run consequences of more federal spending? A ballooning national debt.

The Federalist explains:

This budget bill, even if enacted and implemented as Democrats claim, would reduce the cumulative deficits over the next three decades to “only” $114.1 trillion. In other words, it would allegedly reduce our collective deficit by a currently estimated 0.3 percent.

[…]The $114 trillion figure comes from a new report by the Congressional Budget Office (CBO) regarding the nation’s long-term budget outlook.

[…]CBO estimates deficits will go from 3.9 percent of GDP in the fiscal year ending Sept. 30 to 11.1 percent of GDP by 2052. Multiplying CBO’s estimated annual deficits as a percentage of the economy by their estimates of GDP in each year provides the $114 trillion figure for our cumulative deficits from now through 2052.

Most ominously, CBO believes that net interest costs will rise sharply, from 1.6 percent of GDP in the current fiscal year to 6.2 percent by 2052. Like a snowball rolling down the proverbial hill, or someone who keeps paying the minimum on his credit card, the debt we have accumulated will require more and more resources to fund every year. Moreover, this near quadrupling of federal interest costs as a percentage of our economy means paying down government debt will squeeze out private investment—making our economy permanently less productive and poorer.

That last part is the most alarming, especially to people with wives and children.

We have elections in November. It won’t be enough for you to vote against the Democrats. You should be sending everyone you know evidence of what is coming, so they can vote against Democrats, too. We are getting a taste of global warming socialism now. We can’t afford more of this.

https://winteryknight.com/2022/08/04/biden-economic-policy-raise-taxes-increase-inflation-go-further-into-debt/

2 comments on “Biden economic policy: raise taxes, increase inflation, go further into debt

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