Biden’s poor economy is not Putin’s fault, it is the fault of Biden and the Progressives’ radical, socialist, fascist policies: their modern monetary theory, welfare state expansion, excessive government spending, war on fossil fuels, massive regulations, business tax, and money printing. It is caused by the Progressive’s war on free market capitalism and their attempt to turn our market economy into a state-run economy. The Progressive’s war on the five pillars of macroeconomics, i.e., broad based low-rate flat tax, spending restraints, sound money, minimal regulations, and free trade, is sending our whole economy into turmoil.
Lyin’ Biden claimed that he inherited a bad economy when in fact, thanks to Trump, our GDP increased by 4.5% in Q4 2020 and by 6.3% in Q1 2021. The economy was already in a post pandemic recovery making the March 2021 $1.9T stimulus unnecessary. Under Trump our economy was growing over 4% with inflation at 1.4%, proving his policies of low taxes and deregulation worked. And then came Joe. In his first year in office, Biden imposed 69 regulations, more than any other president in history. In comparison, Obama imposed 52 and Trump 22. In 2021 alone, the Biden administration levied $201B in regulatory costs, three times more than Obama and 40 times more than Trump in his first year. Regulations now cost the American people over $2T annually, or 1% of annual GDP. Hilariously, the fascist media call Trump the dictator. Anybody have a mirror?
Lyin’ Biden claimed that Trump’s tax cuts caused deficit spending and income inequality. But according to the IRS tax treasury data, thanks to Trump’s tax cuts, the U.S. treasury brought in a record $2.1 trillion in federal tax revenue in 2021. In the second quarter, tax revenues came in at 20% of GDP, again breaking all-time tax revenue records while income inequality shrunk to an all-time low. Trump’s tax cuts are responsible for the only good economic news we have today. Despite record benefits to America and its citizens, Schumer, New York’s freak senator, wants to steal and spend more of your money and is gutting the last remnants of Trump’s tax cuts. The projecting Progressives plan to raise your taxes another $739B and have resorted to their age-old lie of claiming it’s the Republicans who want to raise taxes and cut Social Security and Medicare. Where is the Ministry of Truth when you need it?
Lyin’ Biden claimed that he created job growth, but he hasn’t created any new jobs. His Job growth boast is also full of shit. Twenty-two million people returning to work after the progressives unlawfully locked down our economy is not job creation. There are an historic 11.5 million unfilled jobs and 5.6 million more jobs than workers, or two job openings for every unemployed worker. During Trump’s pre-pandemic boom, in February 2020, there were 64 million people in the workforce. On May 6, 2022, another 428,000 people returned to work and Biden’s civilian labor force is still 1.2 million below Trump’s pre-pandemic peak. If Trump’s 2017-2019 job creation trend was still in place today, the labor force would have 6 million more workers than it currently has. Biden’s has not created jobs; pre-pandemic jobs, created by Trump and subsequently shutdown by Progressives, have simply been refilled.
Trump’s economic growth would have been even faster with his inflation rate at 1.4% except, in 2018, Powell did the fascist machine’s bidding by needlessly raising interest rates four times to intentionally slow growth and dampen Trump’s economic success. Conversely, Powell propped up the Bidden economy by refusing to raise interest rates until inflation was out of control at 8.6%. In 2022, even though the economy was already in post-pandemic recovery, Powell and the Fed printed $2 trillion to support Biden and his Progressives’ spending bills resulting in massive inflation. The Federal Reserve has gone political and has joined the fascist, progressive regime. Foolishly, Biden is again calling for a wealth tax, a punitive tax on companies which will lead to reduced economic growth and supply side inflation.
Biden constantly repeats the delusion that our economy has never been better and is growing at historic levels, but the Washington Post, Bureau of Labor Statistics, Fannie Mae, FDIC, and Mark Thiessen all disagree. According to the Atlanta Fed, Biden’s GDP in Q1 2022 decreased at an annual rate of 1.6% and fell another .9% in Q2 2022, clearly indicating we are now in a recession, assuming you are still using the original definition of ‘recession.’ Disposable income shrunk by 3.3%. Instead of May’s retail sales increasing by .2%, they are down .3%, and instead of a 3% increase in manufacturing, it, too, is down 1.2%. If Biden does not screw anything else up, like passing the BBB bill, the Fed’s economic growth projections for his next three years are under 2%, just like Obama’s growth rates of 1.7% for 2022-2023 and 1.9% for 2024. Their new heralded economic transition.
Consumer and business confidence has never been lower going back to the 1960s. The stock market had its worst trading session dating back to the 1930s. The credit markets and junk triple C bonds are starting to widen indicating stress at the lower income levels, and household, consumer, business, and builder expectations are plunging. Despite what Biden says, just like during Obama’s administration, all the data indicates stagflation and recession are imminent. Regardless of the White House’s alternate Orwellian reality, changing the definition of ‘recession’ will not nullify the fact that we are indeed in a recession.
Another lie Joe keeps promulgating is that he reduced the deficit by $2 trillion when in fact our deficit has grown by $2.78 trillion under his watch, the second largest deficit in American history. If there was a slight intermittent deficit reduction, it would have been because most of the emergency spending packages have expired, Trump’s tax cuts increased federal revenues, and inflation boosted business revenues.
Biden also constantly repeats the lie that the U.S. economy has the best and lowest inflation in the world. However, a recent study from the San Francisco Fed found that U.S. core CPI was three times higher than all the OECD countries, specifically 6% versus 2%. This includes 37 nations in Europe, North America, and Asia, and all the G7 countries. Putin did not cause this; it was Biden’s energy restrictions, tighter regulations, and cramming more money into Trump’s V- shaped recovery that created higher demand and less supply which drove inflation. Powell then financed Biden’s policies by buying bonds and increasing the money supply. They won’t, but if they restored Trump’s energy policies, they might mitigate the recession’s intensity. Trump handed them a V-shaped recovery which they quickly and purposely destroyed.
Inflation is the highest it has been in 41 years and weekly average gas prices are at all-time highs. According to the Bureau of Labor Statistics, the June consumer price index (CPI) rose from 8.6% to 9.1% and the producers price index (PPI) from May rose 1% to 11.3% year to year. When PPI increases faster than CPI, this usually indicates higher inflation and layoffs ahead. Since Biden took office, inflation grew from 1.4% to 9.1%, 13% overall, and most economists believe real inflation is 19%. July’s CPI index dropped slightly to 8.5% but is still at a 41 year high, yet Lyin’ Biden Immediately and falsely claimed we had zero inflation.
Biden’s policies have shorted us 1.5M barrels of oil a day, gas and heating oil prices have doubled, and the Progressives tell us to prepare for rolling blackouts. Good luck charging that $70K Econoline electric vehicle they are forcing you to purchase with your declining income. Hope you don’t have an emergency or need to travel far. Instead of waiting two hours between charges, you’ll be waiting two days.
Biden’s anti-American policies have disrupted and annihilated our supply chains, providing him with another inflation excuse. He is using this self-inflicted inflation to again screw the American worker and honor his $1.5B China bribe by lifting their tariffs. This excuse, however, does not hold water because Trump’s 2018-2019 China tariffs caused zero inflation. (In TC’s Build Back Better paper, he predicted the lifting of China’s tariffs.)
To further the trainwreck, Biden and the Progressives are reviving the Build Back Better Bill. They claim they are reducing spending as they add $840B in spending and $739B in new taxes. The fascists are levying this tax on hard working Americans at a time when we have out of control inflation, the economy is heading into a Biden recession, and businesses are still struggling after COVID.
This insanity will be the final blow to small businesses, destroying 70% of our economy, producing massive unemployment, and decreasing tax revenues. They may finally achieve their goal of destroying our economy to usher in their Marxist redistribution society. Biden and the globalist are again putting the whip to the backs of American workers to teach them a lesson for voting for Trump. Progressives only pretend to care about people to gain power.
They want to bring back child tax credits and other welfare programs to buy more votes, subsidize the out-of-control inflation that their spending policies have caused, and make more people dependent on the Progressive party for their existence. Their tax and spend philosophy will shore up their aristocracy for a few years before inflation is completely out of control, the economy collapses, and they are able to gain full control of the country. Higher taxes, massive welfare programs, the Green New Deal, a carbon-free power grid, slowing job markets, and negative wage growth will lead to permanent 1% GDP, recession, and stagflation. Welcome to Obama’s Cuba.
Billions of dollars are still gushing from the American Rescue Act causing inflation to continue rising. The money is going to places like horse tracks in Arizona, planting trees in New York, prisoners, and, best of all, every Japanese citizen gets $1,400. The Washington Post reports that at least $163B was stolen from the unemployment COVID Relief Fund and believes it’s closer to $400B. Still, the Progressives want more of your money; record high tax revenues just aren’t enough for them. Just in case you have any money left, they are planning another $840B in spending and $739B in new tax hikes.
Passed by reconciliation, the $739B Build Back Better Bill, Orwellianly renamed the “Inflation Reduction Act”, targets small businesses and the middle and lower class. According to the Joint Committee on Taxation (JTC), in 2023, the bill will increase taxes by $17B on earners making less than 200K, and by 2031, those earning below $400K will bear 66% of the burden. The Committee to Unleash Prosperity claims it will eliminate 900,000 jobs, reduce GDP by 1.2%, and cost families another $1,200 annually. This is in addition to the monthly $717, $8,604 annually, that Americans are presently paying caused by Biden’s other spending.
We the people are also taxed through inflation when the aristocrats print money to pay for corrupt laws which empower and enrich them. According to the CBO, the bill will do nothing to reduce inflation, will add $30B to the deficit in the first five years, and 90% of the imagined .3% deficit reduction is backloaded to 2031. This bill is clearly a midterm election political payout to their progressive donors. When combined with the recently passed $230B CHIPS bill, it will add another $1T in inflationary tax and spending. The Progressives have now taxed and spent over $3.8T since taking office 17 months ago.
Included is Janet Yellen’s 15% corporate minimum tax, a globalist corporate power grab in which only the U.S. is participating. This will disincentivize capital gains carried interest investment, new job creation, supply side manufacturing, businesses from relocating back to the U.S., and makes U.S. companies less competitive overseas. Manufacturers are impacted the most, having their annual revenue reduced by 50%, or $50 billion annually. Retailers, holding companies, information sectors, and other industries will average a 10% annual revenue reduction. Most of these increases will get passed onto consumers. Schumer’s “Inflation Reduction Act” is a war on seniors and does exactly what he accused the Republicans of doing. It not only passes higher costs to seniors, but it taxes them disproportionately and cuts $280 billion out of Medicare. It taxes and places price controls on pharmaceuticals, reducing lifesaving innovations, and puts an excise tax on gas, increasing retirees’ energy costs.
The bill includes $369B for energy and climate and $300B in green loan guarantees. It gives $60B for environmental justice initiatives, whatever the hell that means. It gives $9B to the rich for EV tax credits, $3 billion for climate justice, $2.6B for coastal habitats, and $1.5B to plant trees. It includes $64B for Obama’s ACA which will cost $280 billion over 10 years. It contains $21B in new energy taxes, including a 16.4 cent tax on each barrel of crude oil, increases lease rates by 500%, and drilling fees by 33%. Even though Europe has declared natural gas a clean energy that has significantly reduced greenhouse gases, this bill taxes natural gas $6.5B annually which will significantly increase home heating costs. To implement their Marxist socialist agenda, they deny natural and economic science and lie to the American people.
It increases the IRS budget by a factor of 6, from $12.5B to $80B, adding 87,000 auditing agents, doubling their number. Both the JTC and Senate Finance committee have found that 90% of the audits performed and unreported income collected by the IRS will come from people making less than $200,000 per year; less than 10% will come from people making $500,000 or more, despite Joe’s lie that nobody with income below $400K will be affected. Their purpose is to target small businesses and people making less than $200,000 a year. 97% of IRS bureaucrats contribute to the Democratic party and, like Lois Lerner, these agents will target their political opponents. Recently 70K IRS agents donated more than $600,000 to the Democrat party and 157K agents will more than double those contributions to over $1.2M.
Even though reconciliation rules are limited to legislation regarding budgetary concerns, the progressives have unlawfully buried their fascist, statutory legislation within the bill to overturn the court’s West Virginia vs EPA decision. Without direction or legislative language, it illegally gives the EPA $45M in statutory authority, $18 million to regulate the generation and use of electricity’s greenhouse gas emissions. This not only gives the EPA control of how electricity is produced but also controls how it is used by individuals. It includes $5 million to enforce ESG reporting to make sure companies and individuals are compliant with ESG regulations. If not challenged, this illegal reconciliation statutory authority power grab will give EPA bureaucrats legislative power to rewrite environmental laws that regulate industries, homes, and individuals. It will unleash EPA woke bureaucrat regulators on Americans which will force our energy costs to skyrocket.
Using the UN climate model, climatologist Bjorn Lomborg found that the $400B Green New Deal spending in the “Inflation Reduction Act” will only decrease global temperatures between .00028-.000009. In return, small business passthroughs and corporations get a $53B and $222B tax hike, respectively, senior retirement and government pensioners’ 401Ks and IRAs get a $74B tax hike, and everyone gets a $250B prescription drug increase due to price controls. Just like government student loans increased tuition, Ford and other auto manufactures increased auto prices between $6,500-$8000 thanks to the greenie tax credits. Meanwhile, the EPA will receive a $27B slush fund that rewards progressive donors who filter donations through endless bogus Solyndra-type companies that empower and enrich the fascist progressive machine.