The Joe Biden economic proposals most strongly resemble:
A. A teenager with a new credit card
B. A drunken sailor
C. Someone implementing the Cloward-Piven strategy
D. Someone with no knowledge of economics creating the policy
E. All of the above
Take your pick.
Yesterday Breitbart posted an article that included a statement by Biden administration’s White House Council of Economic Advisers Heather Boushey.
The article reports:
On Friday’s “PBS NewsHour,” incoming member of the Biden administration’s White House Council of Economic Advisers Heather Boushey stated that deficit spending can cover Biden’s coronavirus relief package, so how to pay for Biden’s economic agenda is “not tonight’s problem, but it’s certainly something that we’re going to be talking about in the weeks and months to come.” And there are many different options.
Host Judy Woodruff asked, “And, finally, in a nutshell, what is it going to take in the way of higher taxes, higher revenues, in order to pay for some of these things that you’ve been describing? What income level is going to be hit and what kind of tax?”
Boushey responded, “Well, that is certainly a very important question. So, for right now, we can afford to spend this package through deficit financing. But you’re right. Moving forward, we’re going to have to think about the fiscal situation. During the campaign, the president-elect outlined a whole series of tax increases focused primarily on those at the very top.
I would like to remind everyone that the luxury tax put on by the first Bush administration was only supposed to impact those at the very top. Because of the extra burden it put on those at the very top, those people employed in the industries supplying goods to those at the very top were laid off and the layoffs echoed throughout all levels. For whatever reason, it is always the middle class that shoulders the burden of any tax hike. Hold on to your wallet.
One final thought (from goodreads.com):
“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship. The average age of the world’s greatest civilizations has been 200 years. These nations have progressed through this sequence: From bondage to spiritual faith; From spiritual faith to great courage; From courage to liberty; From liberty to abundance; From abundance to selfishness; From selfishness to apathy; From apathy to dependence; From dependence back into bondage.”
Alexander Fraser Tytler lived from October 15, 1747 to January 5, 1813. His observations were well ahead of their time.