Joe Biden's Bid to Remake America
If Joe Biden's American Jobs Program, outlined in Pittsburgh, is enacted, then the federal government will take a great leap forward toward irreversible control of the destiny of the Republic.
To finance this leap, to subsidize this giant stride toward socialism, U.S. corporations are to be forced to turn over to the government a far larger slice of their earnings. The corporate tax rate is to be raised from 21 to 28%. And that is only the first of the new or added taxes to come -- on incomes, capital gains and estates.
The bait to lure Republicans into embracing this $2.3 trillion in Great Society II and Green New Deal spending is the modest fraction to be allocated to infrastructure -- airports, bridges, roads, ports, public transit.
Most of the rest is to be used to grow social programs and launch new ones. Biden plans to lead the nation into a new "forever war," an endless war on climate change. Meanwhile, the Chinese pump ever more carbon into the atmosphere, as Americans sacrifice to take it out.
Make no mistake. "Sleepy Joe" is determined to emulate, not Bill Clinton or Barack Obama, but FDR and LBJ, and to be remembered as a president who raised federal power to new heights.
The significance of what Biden has already done, with his $1.9 trillion American Rescue Plan, cannot be denied.
Even before the COVID-19 pandemic hit with hurricane force in March 2020, the U.S. was looking at yearly trillion-dollar deficits. Then, in that final year of the Trump presidency, came a massive surge in federal spending of some $4 trillion.
The final 2020 deficit exceeded $3 trillion. and the U.S. debt now exceeds the gross domestic product for the first time since World War II.
But unlike 1945, when the war was all but over and federal spending was about to recede dramatically, today, the riptide of new spending is coming in stronger and stronger.
Why? The reasons are many.