Joe Biden has been claiming to be a centrist Democrat.
Polls show that while most people realize that President Donald Trump is better for our economy than Biden, many believe that Uncle Joe’s economic plan is relatively harmless and won’t jeopardize jobs, paychecks or retirement savings.
Think again. Let’s look at what’s actually in Biden’s economic plan that will open everyone’s eyes when they vote.
I’ve read the entire plan. There is nothing centrist in this economic plan. In many ways, it is the most radical plan put forth by a major presidential candidate of one party in our lifetime. Biden’s plan is more to the left of socialism than any previous liberal candidate, including Jimmy Carter, George McGovern, Barack Obama, and even Hillary Clinton.
Here are the most dangerous ideas in Biden’s economic plan, or what I call the Seven Deadly Sins of the Biden Economy.
First, the largest tax increase in U.S. history.
Biden would raise taxes by about $4 trillion over the next decade. The plan dramatically hits small businesses, with the top corporate income tax rate rising to 28 percent from the current 21 percent. For those earning more than $1 million a year, the capital gains tax (capital gains tax) will soar from 24% to 40%, Biden’s tax increase, if implemented, will threaten the stock market and reduce the retirement savings of every family in the United States.
- repeal the Right to Work Act
Biden’s plan forces millions of workers to join unions and pay dues, whether they want to or not.
Today, 27 states, including Arizona, Georgia, Michigan and Texas, enforce Right-to-Work laws that give workers the right to choose whether or not to join a union. “The National Right to Work Legal Defense Foundation warns that Biden’s plan would effectively repeal these state laws.” Without workers’ consent, union big bosses would take thousands of dollars right out of workers’ pockets.
III. Ending America’s Energy Independence
Under Trump, the U.S. has achieved energy independence for the first time in at least 50 years. Biden insists he won’t ban hydraulic fracturing, but his radical energy agenda calls for zero fossil fuels by 2035, meaning millions of high-paying jobs would be lost in states like Pennsylvania, Ohio and Texas. Saudi Arabia and Russia would love this plan, but it would certainly be bad for America.
Fourth, higher estate taxes.
The estate tax is one of the most unfair taxes because the public has already paid a lifetime of income, payroll, sales, gasoline and property taxes. Biden’s plan to impose a 45% tax on family farms, ranches, or family businesses could require these legacy businesses to be split up to pay the tax. This is “un-American”.
V. Rejoining the corrupt Paris climate agreement
Trump wisely withdrew the US from the Paris Agreement because almost no country is close to meeting its pollution targets. They want the U.S. to pay all their bills, which Biden seems willing to do. We have actually reduced our carbon emissions more than any other country. China and India are emitting several times more pollutants into the atmosphere than the United States.
VI – $400 billion blue state bailout plan
Biden wants states that have balanced their budgets, such as Arizona, Tennessee and Florida, to help bankrupt blue states such as California, Illinois, New Jersey and New York. It’s not fair. This policy only rewards bad behavior and government sequestration perpetrated by incompetent Democrat mayors and governors.
Seven, implement a minimum wage of $15 an hour.
It will destroy jobs for millions of young people and low-skilled workers. It will severely hurt poorer states with lower costs of living, such as Mississippi, Arkansas and South Carolina. When many businesses are already facing bankruptcy because of the epidemic, could you think of a worse time to impose higher costs on small businesses and restaurants?
Is it any wonder that socialist and Senator Bernie Sanders and radical left-wing Congressman Alexandria Ocasio-Cortez enthusiastically support Biden’s plan? Some economists, including me, worry that Biden’s policies could lead to a second Great Depression. That’s something to consider over the next two weeks.
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