Less than one-third of President Biden’s so-called “infrastructure” bill is directed at infrastructure as commonly understood. The rest is allocated either to pay off friends of the administration or to remake the economy and build a larger say for government in your life. You will pay. We all will.
Democrats propose to add seven percent tax to the 21% corporate tax rate—a 33% increase that would impose the highest statutory tax rate in the developed world increasing the drag on the economy when we are trying to rebuild after the pandemic.
Last time this happened, Presidential candidate Ross Perot correctly predicted the “giant sucking sound” you heard would be businesses leaving the country, taking their jobs with them. Biden wants to tax those that leave.
Democrats know customers, employees, and shareholders will ultimately pay the tax through higher prices, lower pay and benefits, and reduced returns.
Democrats propose a leftist wishlist:
• $10 billion for a Civilian Climate Corps.
• $20 billion to ‘advance’ unspecified racial equity and environmental justice.
• $175 billion on manufacturing subsidies and consumer tax credits for electric vehicles—more than the $115 billion total to be spent on repairing bridges, highways, and roads. They ignore pollution created charging vehicles with electricity generated with fossil fuels.
• $213 billion to retrofit 2 million houses and buildings and $40 billion for public housing.
• $100 billion to upgrade and build new public schools, and go green with school lunches by eliminating paper plates and other disposable materials.
• Billions to eliminate gender inequities claimed to be found in STEM research and development.
• $100 billion to expand broadband Internet that instead pushes for government control of it.
• $25 billion for government childcare programs unrelated to infrastructure.
• Just $621 billion goes to “transportation infrastructure and resilience.” It’s amazing the sense of accomplishment politicians feel when they don’t care whether their policies work or not.
There is another view: Maybe Democrat policies are designed to impoverish the United States, upset private enterprise, gut the middle class, stall the economy, encourage dependencies, and reduce American capabilities around the world.
By that measure, their policies just might work.