What is it with the Biden administration’s fixation on job killing?
While the sky-high spending, well into the trillions (!) is bad enough, what’s really bad is taking into account all the jobs that are destined for death, courtesy of out of control spending.
According to a recently released study from the Texas Public Policy Foundation, Biden’s massive legislative agenda is poised to hurt the economy on multiple levels, from untenable debt to increased job killing.
For instance, the study reveals that an additional $4.5T in debt will result from the Biden administration’s “plan,” while also reducing the nation’s GEDP by $3.7T. In other words, the Democrats’ version of economic “growth” (backwards).
Worst of all, the study also reveals that upwards of 5.3 million jobs may be terminated as a result of spending and other elements of the bill.
Curiously, the states that are the most impacted just happen to be the states that said no to Biden in 2020, as well as states that have continued to carry on audits of the 2020 election after Biden presumably “won” those states.
For instance, Senator Krysten Sinema, a Democrat Senator from Arizona, opposes the Biden administration’s proposed spending plan, especially since the state will be tasked with absorbing $97B of the plan’s cost, losing 115,000 jobs in return.
Texas fares the worst of all, as the state is tasked with absorbing $394B in total costs and subsequently experiencing 467,000 lost jobs.
What makes the reckless spending even more dangerous is the fact that the federal government appears to have failed Economics 101 with regards to corporate taxation (and likely everything else), judging from Psaki’s absurd responses to reporters’ rather valid questions.
In other words, while also killing jobs, Biden admin policies are raising prices. Not a good combination.
Apparently, Psaki missed the memo that corporations merely pass on higher taxes to consumers, thereby hurting the very Americans she claims the Biden administration wants to “protect” from corporate America.
The same corporate America, of course, that has become decidedly woke and obnoxious in many cases, which is likely by deliberate design under Biden.
Nonetheless, Psaki “obviously” doesn’t get the clear relation between corporate taxes and who really ends up paying them: the corporation or the consumer (hint: It’s not the corporation).
“Obviously, the President’s commitment remains not raising taxes for anyone making less than $400,000 a year. There are some — and I’m not sure if this is the case in this report — who argue that, in the past, companies have passed on these costs to consumers. I’m not sure if that’s the argument being made in this report. We feel that that’s unfair and absurd, and the American people would not stand for that.” [Source: The Daily Wire]
“Obviously,” the federal government needs a lesson in basic economics. After all, if Psaki’s response actually passes muster, reporters may as well interview AOC about complex economic affairs as well.
Or, you know, Psaki could actually read the report that she claims she hasn’t seen, which is rather obviously available in Forbes. Needless to say, the report proposed an economic reality, which contrasts with Psaki’s fantasy.
“Any corporate tax increase will be paid by either shareholders/owners, employees in the form of lower wages, or customers in the form of higher prices.” [Source: The Daily Wire]
Truly, since when haven’t companies passed on increased costs to consumers?
The threat of increasing the federal minimum wage to untenable levels alone is enough to send companies straight towards even more automation (thereby killing more jobs), and throwing in a ton of taxes to pay for Democrats’ communist wish lists is not exactly the greatest way to go about achieving lower prices for Americans.
So, between killing millions of jobs and raising prices for all, the Biden administration sure has put together a winning strategy for America.
Assuming their strategy is “America Last,” of course …
Author: Ofelia Thornton