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Fast on the heels of signing a bloated $1.9 trillion spending package, President Joe Biden has introduced yet another gigantic spending plan. While the administration’s messaging focuses on broadly popular themes such as “jobs” and “infrastructure,” the details of the plan show that it would be a destructive power grab for Washington.
Article by David Ditch from Daily Signal.
Here are just some of the problems with the new spending proposal:
1. Dishonest advertising: Less than 5% of spending goes to roads and bridges.
The plan relies on the word “infrastructure” to seem moderate and uncontroversial. Yet, of the $2.25 trillion in total spending, between $90 billion and $100 billion (or less than 5%) would go toward traditional road infrastructure projects.
This is revealing, since roads and bridges are what most people think about when they hear “infrastructure.”
Such a bait-and-switch promotional tactic is recycled from the $1.9 trillion COVID-19 package, which contained less than 10% health spending. Instead, that package was more concerned with bailouts for left-leaning groups such as labor unions and big state governments.
2. $2.75 trillion tax hike would stunt post-pandemic economic recovery.
The Biden plan would dramatically increase taxes on businesses, primarily by boosting the corporate income tax from 21% to 28%. This would be the biggest tax hike since Lyndon Johnson.
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When combined with current state-level business taxes, America would immediately be at a competitive disadvantage in the global economy with the highest tax rates on job creators among our major global competitors.
Amazingly, even despite the massive tax increases, it would take 15 years of higher taxes to pay for just eight years of spending under the plan.
Imposing this burden when the economy is in the process of recovering from the COVID-19 recession would be wildly counterproductive. Private sector investment is the main factor behind economic growth, and the tax hike would discourage investment from businesses large and small alike.
In addition, the benefits of lower corporate tax rates mostly go to workers in the form of higher compensation. This was proven yet again with the success of the 2017 tax reform, which reduced corporate taxes and was followed by strong wage gains.
Republicans aren’t the only ones who oppose this. Sen. Joe Manchin, D-W.Va., voiced opposition to a 28% tax rate on Monday. While his preference is for a mix of business and individual tax hikes, he recognizes that a 28% federal business tax would be too much for the economy to bear.
3. Big spending won’t deliver promised job creation.
While the Biden administration is claiming that the plan would create millions of jobs, infrastructure spending has a poor track record of increasing employment. Federally funded projects are slowed by red tape and often serve to divert skilled workers from private sector construction work.
When coupled with a tax increase on businesses to pay for additional spending, the net effect would be destroying jobs rather than creating them.
In addition, the economy is in the process of reopening in most of the country and unemployment is falling rapidly, meaning there is no rationale for “stimulus” projects.
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Finally, not all spending is equally valuable, and there would be little return on investment from provisions that are based more on politics rather than practicality, or from simple maintenance of existing infrastructure assets.
4. Federal takeover of local responsibilities.
Much of the infrastructure spending in the Biden plan would go toward purely local projects. This includes $100 billion for school construction, $100 billion for water lines, $20 billion for pedestrian safety, and more.
Each of these issues might be legitimate public concerns in some local communities. However, this does not justify federal intervention, and that intervention comes with many costs.
First, it places more power and control in Washington despite long-standing federal dysfunction. This is unhealthy for our democracy, making federal elections even more bitter and winner-takes-all than they currently are.
Second, it subsidizes local governments that may have shirked their core duties at the expense of areas that are governed responsibly. This would also incentivize local governments to slack on infrastructure and wait for future federal bailouts.
Third, the plan would mean these local projects are subject to reams of cost-increasing federal regulations.
Fourth, it would crowd out private sector solutions for these needs.
This federal takeover would benefit federal politicians and bureaucrats at the expense of the public good.
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5. Undercuts businesses by micromanaging economic development.
In addition to cutting in on local governments, the plan would also trample over areas that are (or ought to be) led by the private sector.
By spending hundreds of billions on normally private initiatives like research and development, broadband access, the electrical grid, and housing development, the plan would socialize these activities on a massive scale.
Further, slow progress in many of these areas is more the result of burdensome regulations that stifle private investment rather than a lack of taxpayer-funded handouts. The Biden administration consistently views bigger government as the solution to problems, a mindset that often blinds it to non-spending alternatives.
6. $700 billion in corporate welfare and tax credits.
While the stated top-line goal of the spending plan is “jobs,” an alternate way of describing it would be “some jobs are more equal than others.”
The broad corporate tax hike would necessarily shrink the private sector relative to what it would otherwise be. In a classic “take with one hand, give with the other” maneuver, the spending plan would shower hundreds of billions of dollars on favored sectors, including “green” energy, politically selected manufacturing, and thinly disguised slush funds.
Rather than learning from Obama administration failures like the Solyndra scandal, the Biden administration seems determined to repeat the same mistakes on a larger scale.
7. Over $400 billion in welfare and health spending.
While there is an active debate regarding what infrastructure is appropriate for the federal government to fund, no reasonable definition of infrastructure includes expanding Medicaid benefits for long-term care or starting new social benefit programs.
At a cost of $400 billion, the proposed Medicaid expansion is more than large enough to deserve separate evaluation rather than getting hidden behind construction projects. The same goes for provisions relating to child care, veterans’ hospitals, and public housing.
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Congress has an unhealthy habit of producing legislation that is too large for anyone to read and fully understand prior to votes. Biden, who spent decades in the Senate, should know better than to encourage this tendency by requesting such a wide-ranging and unfocused spending package.
8. Wasteful $165 billion handout for transit and Amtrak.
The plan would spend nearly 50% more on trains and buses than on roads.
This is despite the fact that transit agencies received far more money from COVID-19 legislation than they lost during the pandemic, despite transit and Amtrak already being heavily subsidized, despite telework changing the way we commute and travel, and despite transit and Amtrak being dwarfed by roads when it comes to what Americans use every day.
More importantly, the latest attempt to coax people onto Amtrak and mass transit ignores fundamental facts about geography and density. America has one especially dense metro area (New York City) and one region where city-to-city rail is financially sustainable (the Boston to Washington Acela line).
No amount of taxpayer dollars will make trains and subways practical nationwide the way they sometimes are in denser parts of the world. Amtrak’s plan to expand service focuses on areas with low demand, which will require heavy annual subsidies to operate.
Meanwhile, current subsidies have already led to jaw-dropping compensation for urban transit workers, who are a political constituency for the left. Increasing the subsidies would increase the already excessive payouts.
9. $174 billion in subsidies for electric vehicles.
Last but not least, the request for enormous subsidies for electric vehicle purchases and charging stations represents yet another way the plan plays favorites.
Electric vehicle ownership is concentrated among the wealthy. Increasing the use of electric cars would have a negligible effect on total carbon emissions or cause a measurable change to global climate.
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The bottom line: Central planning and federal micromanaging doesn’t work.
Biden’s latest spending proposal demonstrates that he has an unshakable faith in the federal government to manage the economy and tinker with how Americans live their lives. This is exactly the wrong direction for a nation as large and as diverse as ours.
Congress should take a hard pass on the plan.
Will America-First News Outlets Make it to 2023?
Things are looking grim for conservative and populist news sites.
There’s something happening behind the scenes at several popular conservative news outlets. 2021 was bad, but 2022 is proving to be disastrous for news sites that aren’t “playing ball” with the corporate media narrative. It’s being said that advertisers are cracking down, forcing some of the biggest ad networks like Google and Yahoo to pull their inventory from conservative outlets. This has had two major effects. First, it has cooled most conservative outlets from discussing “taboo” topics like Pandemic Panic Theater, voter fraud, or The Great Reset. Second, it has isolated those ad networks that aren’t playing ball.
Certain topics are anathema for most ad networks. Speaking out against vaccines or vaccine mandates is a certain path to being demonetized. Highlighting voter fraud in the 2020 and future elections is another instant advertising death penalty. Throw in truthful stories about climate change hysteria, Critical Race Theory, and the border crisis and it’s easy to understand how difficult it is for America-First news outlets to spread the facts, share conservative opinions, and still pay the bills.
Without naming names, I have been told of several news outlets who have been forced to either consolidate with larger organizations or who have backed down on covering certain topics out of fear of being “canceled” by the ad networks. I get it. This is a business for many of us and it’s not very profitable. Those of us who do this for a living are often barely squeaking by, so loss of additional revenue can often mean being forced to make cuts. That means not being able to cover the topics properly. Its a Catch-22: Tell the truth and lose the money necessary to keep telling the truth, or avoid the truth and make enough money to survive. Those who have chosen survival simply aren’t able to spread the truth properly.
We will never avoid the truth. The Lord will provide if it is His will. Our job is simply to share the facts, spread the Gospel, and educate as many Americans as possible while exposing the forces of evil.
To those who have the means, we ask that you please donate. We have options available now, but there is no telling when those options will cancel us. We just launched a new GiveSendGo page. We also have our GivingFuel page. There have been many who have been canceled by PayPal, but for now it’s still an option. Your generosity is what keeps these sites running and allows us to get the truth to the masses. We’ve had great success in growing but we know we can do more with your assistance.
Thank you, and God Bless!