Politicians exaggerate and twist facts.
Republican. Democrat. It doesn’t matter, you must skeptically evaluate their statements.
But sometimes what they say is a big lie … and can be very damaging.
That is the case with Joe Biden’s false claim that his massive tax increase and pro-socialist policies will not cause a tax increase on the middle class and poor.
Here are 5 things you should know:
1. The Washington D.C. over-spending has resulted in a massive, growing deficit…and a historic spike in our national debt, the largest since World War II.
The national debt started the year at $23.22 trillion…it’s now on it’s way to an astronomical $33 trillion in the next 10 years.
There are only three ways to solve this massive historic deficit.
a) Raise taxes … which Biden wants, and President Trump opposes.
b) Generate a new economic boom … which Biden’s policies will not do, but President Trump’s will.
The deficient is unsustainable.
You’ll have economic setbacks, including stagnant wages and economic growth.
You’ll have a spike in prices because of inflation.
You’ll have a new era of “stagflation” where prior wages and new jobs are stagnant.
2. The Biden economic policies will result in $3 trillion in new spending.
He says the wealthy and big corporations will pay for them.
Nonsense, the money is not there.
The only way to pay for the policies is higher taxes for all.
3. Biden promises to roll back President Trump’s historic deregulations.
I once was asked while being interviewed by Neil Cavuto (Fox News) the #1 reason the economy reversed from high and terrible economic growth under Obama/Biden. I answered to his surprise, the massive deregulation was creating a historic economic boom.
Reversing these will kill business and lower tax revenue. And it will stop new companies and innovations – lowering tax revenue even further.
The middle class and poor will see less economic opportunity and higher taxes.
For example, consider fracking.
Biden is against it, like he was in the Obama administraion.
President Trump deregulated fracking.
The result was a historic energy boom.
- It made America finally energy independent
- It reduced our energy costs
- It generated new tax revenues
4. Biden’s policies will crush the economic expansion with increasing taxes such as the capital gains tax.
Instead of raising new taxes, Biden’s policies will generate less as businesses pull back and don’t expand.
5. Your 401k and pension plans will shrink. This is like a hidden tax on millions of Americans.
Biden’s increases in taxes on investment income will destroy the stock market.
Bottom line: Biden will increase direct and indirect taxes on the poor … the middle class … and the wealthy.
Stagflation will result.
You keep less of your money. What do you think? Email me at [email protected].