Barack Obama knew that Joe Biden as President would be a train wreck. It’s why he reportedly warned allies, “Don’t underestimate Joe’s ability to f*** things up.”
True to form, that’s what Biden has done. As the most recent dismal jobs report showed, he’s managed to screw up the economy by creating an insensible welfare state where workers earn more sitting on their duffs and collecting Joe’s stimulus checks. It will only get worse as Biden seeks to expand government largess beyond sustainability.
Biden’s tax and spending plan will increase corporate taxes to 28% from 21% costing a million jobs, according to the National Association of Manufacturers. It gets worse. He wants to double the capital gains tax to 43.4%, as well as hike death taxes and the top individual income tax rate.
The net effect is that the American economy —still struggling to revive from the pandemic precipice— will crater. Investments in small businesses and new tech companies will dry up with less money available. Consumers will pay higher prices as businesses pass along the new tax to them. Jobs will slowly vanish and wages will diminish when the tax shock forces companies to revamp and retract.
But Joe thinks it will all be worth it. His perverse dream of a welfare state will come true. In reality, it will be an economic nightmare.