Biden’s plan for economic failure
To the Times:
Former vice president Joe Biden introduced his “buy American” proposal that includes $400 billion in new spending over the next 4 years. It will focus on clean vehicles, steel and other building materials for infrastructure improvements, telecommunications equipment, and medical supplies to replenish the nation stockpiles. He is also proposing 300 billion additional spending on research and development on technologies from “electric vehicle technology to lightweight materials to 5G and artificial intelligence.
President Trump immediately responded that Biden was plagiarizing the Trump plan to “buy American and employ Americans”. However. Biden is not plagiarizing Trump. He is plagiarizing the failed economic policies of the Obama ministration.
Have we forgotten,
Obama plan to manufacture solar panels in CaliforniaCash for clunkers, Shovel ready projects to create jobs.
Obama came into office like a starry eyed dreamer. He promised a vast network of high-speed rail, a smart electric grid, a million electric cars on the roads, a “clean energy economy” creating millions of new jobs.
He made outrageous promises that he was going to reduce traffic congestion and save 14,000 lives a year. The quality of the nation’s roads, bridges, airports and other infrastructures barely improved. The American Society of Civil Engineers changed their rating from “D” to “D+.”
Specific failures
Electric cars – underwhelming demand in spite of millions in subsidies High-speed rail. $8 million in stimulus money. California got 3.5 billion for failure. Renewable energy – billions of dollars on windmills and solar panels. 11% increase renewable energy came from fracking not from Obama’s efforts. Smart grid. Manhattan Institute said that the Obama push made the system more vulnerable to attacks.
Obama failed because he put his faith in the centralized government. He never considered the strength of free market. Biden is trying to take us down the same path to malaise and economic disaster.
Biden has three more arrows in his quill to kill the emerging economic recovery.
Race corporate income tax rate from 21% to 28%. Biden’s myopic vision prevents him from realizing that the lower tax rate was the keystone of building the greatest economy in US history. Revenue from corporate income tax increased from the strong economy, in spite of lower rates. The deficit was caused by the increase in entitlement voted on by the Democratic House of Representatives
Raise minimum wage to
$15 an hour. Some workers need lower paying jobs find a foothold in the workplace. In some cases, these jobs are eliminated by automation. Some workers receive additional income from tips and piecemeal work. Our system helps low income Americans through food stamps, section 8 housing, and Medicaid. Pres. Roosevelt mandated minimum wages for every possible job. He put the economy in a straitjacket and unemployment fluctuated between
14% and 19.7%. The economy did not recover until the US started making armaments for the war. Bernie Sanders is predicting that Biden will be another Roosevelt.
Eliminate fracking and start the Green New Deal. US is not the cause of the rise in
CO2 emissions in the world. China is by far the largest single contributor with emissions increasing 4.7% per year. They are building coalfired plants within their borders and in sub- Sahara Africa. India emissions are increasing
6% a year as they try to bring electricity to 300 million people.Not one of the G 20 companies are close to meeting their admission pledges reached at the Paris deal. Climate change champion Emmanuel Macron dropped the gas tax.
Climate scientists use the scientific method but that does not guarantee that their predictions will be accurate. No one can duplicate the environment in a laboratory. It is not an exact science. It is an inconvenient truth that none of the doomsday predictions made by Al Gore were realized.
Trump is made the US energy independent and created millions of jobs in the energy sector. He accomplished the dreams of Presidents George HW Bush, Clinton, George W.
Bush, and Obama.
Biden would make us dependent on foreign energy and eliminate millions of high-paying jobs. He has a solution for Americans losing their jobs. They can be trained to do computer coding. I am not making this up. He said that in public. How is putting Americans out of work going to unite our country?
Americans have a critical choice.
President Trump has a proven success record in rebuilding our economy. He has successfully negotiated stimulus packages with Congress for unemployment relief, small businesses, and large businesses. The final stimulus plan is likely to be implemented in August. The economy is making a remarkable recovery. Promising vaccines and treatments are being developed at Trump speed. The stock market rise reflects optimism about our future. We have borrowed trillions of dollars to bridge the pandemic. We will need a robust Trump economy to pay back the debt.
Biden does not understand capitalism. He is wedded to political solutions – Obama’s failed economic ideas and the 3 harmful arrows listed above. No one knows what Biden will be able to do. He cannot put 2 sentences together without getting cognitively confused.