Imitation, it is said, is the greatest form of flattery. In that regard, Joe Biden’s transparent attempt to steal President Trump’s “Made in America” slogan in a recent speech in Pennsylvania demonstrates better than any poll how effective and popular Trump’s “First United States” policies are. .
Of course, Biden missed the “America First” point and ignored the impact of the president-related tax cuts and regulatory cuts. Instead, Biden’s focus is to spend $ 700 billion on economic recovery while taxing and regulating stagnation for US companies; We shouldn’t be surprised. Biden has spent decades in the Washington swamp promoting bad trade deals, higher taxes, and more government regulation.
Plagiarism, whether literal or figurative, seems to be a hallmark of Biden’s presidential campaigns. In 1988, he was forced to give up his offer after it was discovered that he had stolen the speeches from other prominent politicians in the United States and Great Britain. Biden has apparently forgotten about that humiliation. Last summer, his campaign recognized that, in presenting the candidate’s education and climate plans, he had removed language from other sources, at word-for-word points, without attribution.
Imitating the president in commerce could have been more credible if Democrats had chosen a candidate with a consistent history, or any history, of protecting American workers and companies from unfair foreign competition. Biden has supported the notion of “free trade,” but without the caveat that trade is not “free” unless it is also “fair.”
This is particularly true regarding Biden’s statement in his Pennsylvania speech that he would be “aggressive” in trade with China. That would be the first time: For eight years, the Obama-Biden administration did nothing about America’s growing trade deficit with China.
That administration drew up and nearly secured approval for the Trans-Pacific Partnership, a trade deal that President Trump killed because it favored other nations at the expense of jobs, business, and the national sovereignty of the United States. The TPP was inspired by the disastrous NAFTA agreement, which also supported Biden, and which destroyed more than 1 million American jobs before Trump replaced it with the freer and fairer Agreement between the United States, Mexico and Canada.
Biden’s fiscal and regulatory policies are simply inconsistent with his recent pro-America, pro-job, and pro-growth rhetoric. As vice president, he helped oversee the expansion of shattering business regulation, as the Federal Register of Regulations grew to 100,000 historical pages in late 2016. This massive expansion of the regulatory state contributed to the administration’s record of anemic economic growth, registering slowest economic recovery since World War II.
All of that changed with Trump’s election. He emphasized smart deregulation, lower taxes, and genuinely free and fair trade policies that benefit American workers and businesses alike. Last December, the White House reported that for each new regulation issued during the time President Trump was in office, his administration eliminated an average of 8.5, far exceeding the 2: 1 ratio it had set as its initial goal.
By October 2019, the Trump administration had managed to cut regulatory costs by more than $ 50 billion, with a projected total savings of up to $ 220 billion once the cuts take effect. This deregulation will help save American households an average of $ 3,100 a year, in addition to the savings from Trump’s tax cut for a typical family of four of about $ 2,900 a year in federal income taxes.
Biden’s response? The “first” thing on his agenda if elected, he says, would be “to eliminate the president’s tax cut.”
Increasing regulations and taxes is a standard rate for Democrats, but the Biden big government’s agenda makes little sense in the context of its alleged plan to help American businesses.
In his Pennsylvania speech, Biden pledged to raise the corporate tax rate, stating, “I am going to raise it to 28%” from its current rate of 21%. So while our economy is recovering from the economic shutdown, Biden plans to help American companies by increasing the United States corporate tax by 33%. Even President Obama once said, “You don’t raise taxes in a recession.”
Rather than spark US business growth with tax cuts and regulatory relief complemented by government spending, Biden’s plan focuses only on government spending, $ 700 billion to create jobs, he says, while increasing taxes and regulations on the same businesses that you hope to create those jobs. It Won’t Work Leaving John Maynard Keynes’s fantasies aside, massive public spending alone cannot create sustained economic growth.
Perhaps someone should remind the former vice president that in January 2009, the Obama administration’s economic advisers released a report arguing in favor of the massive government stimulus, claiming that spending would keep unemployment below 8%. Democrats passed the famous $ 800 billion stimulus bill in February 2009. The unemployment rate topped 8% that month and stayed above it for the next 43 months.
By contrast, President Trump’s tax cuts and deregulation unleashed the full potential of the United States economy, giving his “American buying” policies a substantially greater impact than they could have under the Biden presidency.
Respectfully, Joe Biden lacks the economic acumen or experience of the private sector to determine what is best for the economic interests of the United States. Your plan should be called “Buy American Votes,” because that is all you can really achieve, and probably everything you intend to achieve.
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