It’s hard to stand idly by and see your economy strangled. Ibram X. Kendi’s book “How to be an anti-racist” is all the rage now, but the Biden administration and its progressive supporters are offering a master class on “How to be an anti-capitalist” and suck the air out of the economy.
Start by paying people to do nothing – 1.8 million workers, according to a recent Morning Consult poll, turned down jobs due to generous unemployment benefits, including an additional $ 300 per week from the federal government in some States. Meanwhile, Burger King is offering a signing bonus of $ 1,500.
Anti-capitalists then shut down pipelines (with the exception of the Russians) and suspended drilling leases in parts of Alaska, helping to push oil prices above $ 70. The government says it wants to limit carbon emissions, but then it crushes better energy options like nuclear. On June 30, months after New York State closed the Indian Point nuclear power plant, Mayor Bill de Blasio called on New Yorkers to reduce their energy use during a heat wave. You can’t make that up.
An anti-capitalist would then restrict capital formation, which is why President Biden proposed to increase the top capital gains rate from 23.8% to 43.4% and the personal income tax rate. highest at 39.6%. Mr Biden also wants to waive patents on Covid vaccines – which forces pharmaceutical companies to think twice before investing in new drugs – and is even pushing a series of antitrust bills that could reverse mergers, such as Facebook‘s
Buying Instagram in 2012 as if it would do something good for the economy or the consumers. Nothing is certain.
Add Federal Trade Commission barriers to mergers. He worked hard to block early cancer detection pioneer Grail’s merger with genome sequencing company Illumina,
now on hold as it leaves the European Commission to investigate. That is rediculous. If you or a loved one is diagnosed with advanced cancer in five years, the Biden administration could be to blame. Without meddling, Grail may have found him earlier, when he was still treatable.
Congressional anti-capitalists are pushing $ 3.5 trillion in unrelated infrastructure spending with an Orwellian sleight of hand by declaring it “human infrastructure.” Big surprise, it is full of climatic provisions and other favors of the progressive party.
Then the anti-capitalists limit speech, open borders, disrupt education (math is no longer used to find the right answer), ruin health care and fund the police, causing crime rates to rise. Cities and suburbs have homeless encampments and brazen daytime crimes. San Francisco shoplifters are limited to a total winnings worth less than $ 950, knowing that cops won’t stop them if they commit what the 2014 California ballot proposal redefined as a offense.
On top of all this, the Biden administration issued its anti-capitalist executive decree with 72 initiatives promoting “competition” in early July. Sure, a handful are worth it, but they distract from massive re-regulation of the economy, including net neutrality and price manipulation of broadband and drugs. Your Zoom calls worked during the lockdowns as the last administration repealed net neutrality and US broadband companies added capacity, unlike in Europe and elsewhere.
Almost simultaneously with the President’s “pro-competition” order, Treasury Secretary Janet Yellen was against competition, declaring at the Group of 20 summit: “For decades now, the global community, including the United States , we participate in this self – defeating international tax competition. Ms Yellen, who should know more about her background and experience at the Federal Reserve, focused on equity and climate change instead of paving the way for the U.S. economy to create good jobs and contain the inflation. So disappointing.
This is an economic blunder, just like the Fed insisting that June’s 5.4% inflation is ‘transient’ as it monetizes deficits by sucking treasury bills and mortgages for keep interest rates close to zero as prices continue to rise.
Speaking of anti-capitalists, in “The State and the Revolution in 1917”, Vladimir Lenin wrote that the economic aim of socialism was “to organize the whole economy on the model of the postal service”. More than a century later, the Biden administration is involved, expanding its postal-style government with massive deficits, old technology, long queues, irresponsible executive decrees, and unproductive union jobs for all takers. .
Mr Biden wants a legacy from the FDR, and he could get it, because his policies reflect the pricing and government largesse that prolonged the Great Depression. Each new Biden program is a burden on the economy, reducing its natural, market-driven ability to create well-paying jobs while instituting state-run unkillable zombie rights.
The saddest thing is that Mr Biden’s policies are likely to hurt low-income people the most by crushing capital formation and job creation, thus reducing opportunities. These losses will more than nullify the “fairness” distributions sprinkled like pixie dust to potential voters. Like Lenin and the Soviets, what progressive anti-capitalists never learn is that parasites should never kill their host.
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