Joe Biden wants to spend $6 trillion next year. That’s what he’s calling for in his budget. He was in Cleveland on Thursday to “sell” the plan. He’s got a lot of selling to do, because the budget is going to run a $1.8 trillion deficit next year alone. And that’s if he doesn’t spend another dime helping out more union buddies.
Let’s put this another way.
Biden says that he’s going to expand the middle class, and raise up the lower class, not “trickle down”, which is a dig at Ronald Reagan, who heralded in a huge economy back in the 1980’s, after the misery of Gerald Ford and Jimmy “I Can’t Get It Right” Carter. But he’s got a problem. He has already promised that he’s not going to raise taxes on the middle class, as he puts it, “anyone making over $400,000 a year” (later revised to mean the HOUSEHOLD income couldn’t exceed $400,000 for the year). That means, as Biden stated Thursday, it’s going to come from the so-called 1%’ers. Those with incomes in the top 1% in this country.
Well, I did some math. Now, I’ll tell you, math was never my best subject in school. So, I enlisted a computer and a few CPA’s to help me out. Here’s what I learned. If you figure the US population is 330,000,000 (it’s close), then the top 1% would be those 3,300,000 that make the most money. They average making $2.8 million a year each. That means that the total of the top 1% in this country will bring in some $9.24 trillion over the next year. And Biden wants to spend $6 trillion of that.
What that would mean is, that he’s going to take about two-thirds of every dollar that the one percenters make. That begs a question.
How long do you think those guys making that type of money are going to put up with giving two out of every three dollars they earn to the government before they decide that they are going to shelter their money somewhere? My hunch is, maybe a day?
The fact is that Biden wants to redistribute wealth. Now, if I were to look at this like a greedy pig, which is what most Democrats in this lower 99% of the income bracket are, I would and should be happy! I’m going to be getting an “unfair” share of these rich cats’ money. That means that Jack Dorsey, and Mark Zuckerberg, and Tim Cook, and Sundar Pinchai, and Jeff Bezos are going to be writing me checks. Big checks. I should be thrilled. But I’m not.
Here’s the reason I’m thinking that Biden is blowing it big time. If you take away these guys’ ability to make the big dollars, you are also taking away their incentive to expand. You are taking away their incentive to create jobs for people farther down the food chain, or the pay scale. And if they lose their incentive, they know they’ve got enough money they can just sit on their tookus and watch Oprah, or golf, or bowl, or fly around the world. They don’t have to continue to work. None of these 3.3 million people do. And what happens then? The SECOND 1% end up having to pay the big bucks, and then the THIRD. It’s the problem with every single liberal’s plan. Taxing the rich sounds like a good idea until you realize that if you take all of their money, and maybe make them move to Honduras, or France, or someplace else, then you’re going to find no one there with great ideas to take their place. Eventually that huge tax bill has to be paid by someone else. And guess what? You and I are that someone else.
That’s why the $6 trillion Biden plan is nothing but a pipe dream created in some dispensary somewhere. Joe’s been taking too many free samples from John Boehner I think. It’s a simple mathematical equation that cannot be denied. And it’s the very essence why liberalism has never worked anywhere it’s been tried. You always run out of other people’s money eventually. Then you face a revolution.
My hunch is, when Biden thinks about selling this plan to America, he’s going to sound more like Willy Loman than Jeff Bezos!
Carry on world…you’re dismissed!