thependulumswings

If it’s not one war, it’s another.

Last week there was the war on women as Republicans unmercifully (the Washington Post called it the most grueling questioning/testimony ever) grilled Ketanji Brown Jackson for SCOTUS.

Every week for the last five the war on Ukraine marches on.  Joe Biden had a plan to stop it though.   He said Putin should be removed from power.  But then the White House said he didn’t mean it.  And, yesterday he said that he didn’t say it at all.

Someone once said, “even the best-laid plans go to hell when exposed to reality.”

This brings us to the newest war, and to reality.  Yesterday, President Biden made a renewed push to galvanize congressional Democrats to overhaul the nation’s tax code and dramatically raise rates on corporations and ultra-wealthy Americans.

The president laid out the tax hikes as part of his $5.8 trillion budget blueprint for federal spending in fiscal 2023.   Under his proposal, taxes would rise by $2.5 trillion, marking the largest increase in history in dollar terms. What can we give away for “free” that we haven’t already?  The deficit would be $1.15 trillion with a “t.”

Remember, it was but two weeks ago when both Biden and Madame Speaker Pelosi told us, idiots, that government spending wasn’t adding to our inflation problems, rather it actually helped curb inflation.

In fact, the mere notion made the President sick.  “I’m sick of this stuff,” Biden said at a Democratic retreat in Philadelphia, gesturing with his hands to suggest he’d had it up to his neck. “The American people think the reason for inflation is the government spending more money. Simply not true.”

We are reducing the Trump deficits and returning our fiscal house to order,” Biden said at the White House on Monday. He said the budget “makes prudent investment and economic growth, a more equitable economy while making sure corporations and the very wealthy pay their fair share.”

There you go.  It’s all in one sentence.  It’s straight from the left playbook.  Blame Trump, toss in “equitable,” and close with “fair share.”

Everybody supports “fair share.”  It’s fair after all, how could you be against it?  It might matter who decides what is fair, that’s how.  What it really means is that someone’s coming for someone else’s wallet.

The taxes outlined on Monday include a minimum 20% tax on the incomes of U.S. households worth $100 million or more even if the government made you dip into unrealized capital gains.  That’s current worth, not earned in the fiscal year.  You could call that Robin Hood.

That would raise taxes (aka government revenue-a terrible phrase if ever there was one) by about $360 billion over the next ten years. When you stack that up against increased spending it reminds us of the proverbial shooting a bb at a destroyer.

Biden also proposed raising the corporate tax rate to 28% from 21% as part of his budget request.  He’s banking on you not understanding a simple truism. If you raise corporate tax rates, corporations raise their prices to you.   And, that leads to higher inflation no matter how high Nancy Pelosi raises her painted-on eyebrows when spewing her revised version of Economics 101.

Under his envisioned budget, the nation’s deficit would shrink by more than $1 trillion over the next decade.  Or, stated differently the nation’s debt would increase from over $30 trillion to over $40 trillion.  Ouch.

And, no one in their right mind would think that anyone’s vision, and especially his, for the next decade could be clairvoyant.

Hopefully, the war on stupidity starts soon.