From the Right



Biden 2.0? Be Afraid! Be Very Afraid!

Stephen Moore on

Could a second Biden term be more injurious to the economy than his first term? It seems unimaginable given the first three years gave us 20% inflation, a $2,000 loss in average real incomes for the middle class, 6 million added illegal immigrants, a war on American energy that has caused gas prices to rise by more than 40% to $3.64 a gallon, the collapse of our many major cities, another $6 trillion added to the national debt, the unaffordability of new homes, and the chaos on college campuses.

So what's the encore to that abysmal performance? What will Bidenomics 2.0 look like if it comes to that?

Remember, the Republicans have narrowly controlled the House since the midterm elections of 2022, which has put a modest break on President Joe Biden's more dangerous ambitions, but a Biden blue wave could mean Democrats run the table and have the House and the Senate under their control.

If Biden wins, he will argue that voters have given him a mandate -- to move forward with radical redistribution policies.

Here's a cheat sheet on the top five Bidenomics 2.0 policy priorities:

1. Tax rates on investment up to 70%.


Biden didn't get most of his tax increases through Congress. I calculate that the tax on a million-dollar investment that earns a million dollars would be as high as 70%, wiping out two-thirds of the gain. Business investment would crash, and trillions of dollars of capital would flow like a tidal wave to lower-tax nations.

2. $2 trillion in new debt spending.

Liberals have been complaining that even though Biden passed $6 trillion of new spending -- adjusted for inflation, somewhat less than we spent to fight and win World War II -- there was almost $2 trillion on its wish list that got left on the cutting room floor for green energy, welfare benefits, student loan bailouts and the like. Now they would have the votes to pass it. This means more income redistribution programs, more green energy spending, more corporate welfare giveaway schemes and a decade ahead with another $10 trillion additional debt spending.

3. A "net zero" energy policy eliminating production of nearly all our abundant fossil fuels.


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