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Stephen Moore / Oct. 20, 2020

Biden's 7 Economic Deadly Sins

Let's look at what's actually in Biden's economic plan so everyone has their eyes wide open when they vote.

Joe Biden keeps claiming to be a centrist Democrat.

Polls show that, while most realize that President Donald Trump would be better for our economy than Biden, many think that old Uncle Joe’s economic plan is relatively harmless and won’t endanger jobs, paychecks or retirement savings.

Think again. Let’s look at what’s actually in Biden’s economic plan so everyone has their eyes wide open when they vote.

I’ve read the whole thing. There is nothing centrist in this economic scheme. In many ways, it is the most radical plan proposed by a major presidential nominee of either party in any of our lifetimes. Biden’s plan is further to the socialist left than anything such liberal nominees of yesteryear, including Jimmy Carter, George McGovern, Barack Obama and even Hillary Clinton, ever dreamed.

Here are the most dangerous ideas in the Biden plan, or what I call Biden’s seven economic deadly sins:

No. 1: The most significant tax increase in the history of America.

Biden would raise taxes by some $4 trillion over the next decade.

The plan clobbers small businesses with a maximum corporate income tax rate from 21% now to 28%. The capital gains tax would skyrocket from 24% to 40% for those making more than $1 million per year, thus threatening to tank the stock market and reduce every family’s retirement savings in America.

No. 2: The end of right-to-work laws in America.

Biden’s plan forces millions of workers to join a union and pay union dues, whether they want to or not. Today, 27 states, including Arizona, Georgia, Michigan and Texas, have right-to-work laws that give workers the right to choose to join the union. The National Right to Work Association warns that these state laws are effectively repealed under the Biden plan. Big Labor bosses could snatch away thousands of dollars right out of workers’ paychecks without their consent.

No. 3: The end of U.S. energy independence.

Under Trump, America has become energy independent for the first time in at least 50 years. Biden insists he won’t ban fracking, but his radical energy agenda requires zero fossil fuels by 2035, which means hundreds of high-paying jobs lost in states such as Pennsylvania, Ohio and Texas. Saudi oil sheikhs and Russia will love that plan, but it sure isn’t good for America.

No. 4: Higher death taxes.

The death tax is one of the most unfair taxes because the public already pays a lifetime of income taxes, payroll taxes, sales taxes, gas taxes and property taxes. The Biden tax scheme of taxing 45% of a family farm, ranch or family-owned business could require these legacy businesses to break up to pay the taxes. That’s un-American.

No. 5: Say hello again to the corrupt Paris climate treaty.

Trump wisely pulled the United States out because almost none of the countries has come close to meeting their pollution targets. They want America to pay all the bills, which Biden seems willing to do. We are already reducing carbon emissions more than virtually any other nation. China and India are adding multiple times as much pollution into the atmosphere as America is.

No. 6: A $400 billion blue-state bailout.

Biden wants states that have already balanced their budgets, such as Arizona, Tennessee and Florida, to bail out bankrupt blue states such as California, Illinois, New Jersey and New York. That isn’t fair. It only rewards bad behavior and government lockdowns imposed by incompetent Democratic mayors and governors.

No. 7: A $15-an-hour minimum wage.

This will destroy millions of jobs for young people and low-skilled workers. It will severely damage poorer states with lower costs of living, such as Mississippi, Arkansas and South Carolina. Can you think of a worse time to saddle small businesses and restaurants with higher costs when so many firms are already facing bankruptcy due to the virus?

Is it any wonder that socialist Sen. Bernie Sanders and radical leftist Rep. Alexandria Ocasio-Cortez have enthusiastically embraced the Biden plan? Some economists, myself included, worry that we could be looking at a second Great Depression with the Biden policies. Something to think about over the next two weeks.


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