So, Joe Biden addressed the nation last night. He spent just over an hour, which meant he must have spent the day in bed, talking to about 200 Representatives and Senators, hand-picked by the Democrat leadership. The rest of the 1,600 people that normally attend these affairs had to watch from home, and got to enjoy popcorn and a stiff drink.
Those in attendance had to feign attention. But it didn’t stop Republican Texas Senator, Ted Cruz from falling asleep. I can’t blame him!
Overall, the speech was everything AOC and Bernie Sanders wanted it to be. Everything was blamed on COVID, and Donald Trump, and it was reasoned that because of those two factors, it’s the reason we should be expanding government. This is like saying everybody should get out of the stock market because the temperature here in the desert on Saturday is going to hit triple digits.
There was a myriad of “free” projects for everyone to enjoy. Hopefully, the vast majority of Americans realize that there really is no such thing as a free lunch. And the over $11 trillion that this boondoggle is going to cost is in no way going to be paid for out of tax increases on the wealthy (making more than $400,000 if single, and the same amount if married filing jointly), and corporations. How do I know that? Because in 2018, the entire economy of the United States generated $20 trillion. Somehow, I don’t think that corporations and the uber-wealthy are going to enjoy getting up and generating wealth knowing that Uncle Joe is going to take over 50% of the entirety of our economy!
Oh, there was plenty of free stuff for everybody in the lower and middle class. Free community college, free childcare, free pre-school, all sorts of expansions in the tax code for lower income folks. And racial equity is going to be a big thing. Put it this way. If you’re a white male, you’re toast. Don’t think, if this thing gets pushed through Congress that you’re going to be able to get a job, get a raise (unless you’re making less than $15 an hour, which Biden wants as the “new minimum age”, and hope to God, regardless what color your skin is, that you don’t die.
Now, I say that because of the 100% increase in the Capital Gains Tax that’s coming your way. What’s that have to do with dying? Well, if someone dies and leaves you the estate, you probably are going to have an income boost of over $400,000. Even if you don’t, they probably had stock, which when you have to sell it to liquidate the estate, is going to cost you twice as much because of the increase in the Capital Gains Tax. Fun stuff, huh?
There are so many moving parts to Biden’s wish list, that there is no way in the world he can avoid raising taxes on middle class, and even lower class America. And that will be a HUGE campaign promise broken… check that… ANOTHER huge campaign promise broken!
Overall, I think Biden said it best. “We have to do MORE than Build Back Better. We have to Build Back Better.”
Time for another nap, Joe!
Carry on world…you’re dismissed!