Presumptive Democratic nominee Joe Biden has pledged to bring about progressive change for the nation, but his economic plan has just been revealed to be exceptionally costly and likely economically destructive.
The Biden campaign recently put forward an economic plan that would increase federal spending by more than $7 trillion above current expenditures over the next 10 years, only about half of which would be covered by tax increases.
In comparison, that is over three times more than the amount of additional federal spending proposed by failed Democratic nominee Hillary Clinton in 2016, Breitbart reported. To her credit over Biden, though, at least she expressed her intentions to raise taxes enough to cover the roughly $2.2 trillion in extra spending she wanted over 10 years, as Breitbart noted.
According to the Wall Street Journal, “racial inequality,” “systemic racism,” and other social justice buzzwords are woven throughout each and every aspect of the former vice president’s economic plan.
Biden’s vision, developed in coordination with Sen. Bernie Sanders (I-VT) and other far-left progressives, would raise taxes by about $4 trillion in an attempt to pay for the grandiose expansion of the federal government, leaving more than $3 trillion of the plan as unfunded liabilities and increased deficit spending.
Those expected tax revenues would come from not only rolling back the 2017 tax cuts passed by Congress and signed into law by President Donald Trump but also by way of further increases on certain rates.
“Supreme economic masochism”
In an op-ed written for Fox Business, Stephen Moore, an outside adviser for President Trump on economic matters, called Biden’s proposed tax plan an act of “supreme economic masochism” that would turn back the nation’s economic progress by 40-plus years.
According to Moore, Biden’s plan would “chase jobs and investment out of the United States” while it also “erases 40 years of pro-growth progress in reducing tax rates,” particularly by reversing Trump’s tax reform that resulted in “the lowest unemployment rate and highest income gains in 30 years, a surge in wealth and stock values, and attracted nearly $1 trillion of foreign capital to the United States.”
Moore noted that small businesses would be “clobbered” by Biden’s plan and the stock market — in which roughly half the nation is invested by way of stock shares and retirement investments like 401Ks — would take a “big hit,” perhaps even on par with the devastating crash that led to the Great Depression.
War on energy production
In addition to raising taxes substantially, placing the nation deeper in a financial hole with increased deficit spending, and injecting social justice demands into everything, Biden’s plan also amounts to a declaration of war against domestic energy production, Moore wrote, noting that the oil and gas industries have been arguably the biggest drivers in America’s economic progress over the past decade. He continued:
In short, the Biden tax plan, in sum, is an act of supreme economic masochism. No hostile foreign enemy could do more to harm our nation than Joe Biden and his new best friend Bernie Sanders, who helped write what he calls the ‘most progressive tax plan since FDR.'”
Moore closed out his piece by highlighting some of the tax increases in Biden’s plan and wrote, “The communists in Beijing who want to make China the new world economic superpower must be dancing a jig.”
He also added a warning American voters need to hear, saying, “It is a reminder that great empires are always destroyed from within not from without.”