Biden Admin Blames $34 Trillion National Debt on Taxes Being Too Low

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Unleash Prosperity Hotline
Issue #928
01/04/2024
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1) Biden Admin. Blames $34 Trillion National Debt on Taxes Being Too Low
That was the message from the White House yesterday: The red ink is surging because of Republican “trickle down” tax cuts, not the Biden $6 trillion spending spree. The White House statement declares that “Republican tax cuts are responsible for 90% of the debt (sic).”

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Too bad almost no Americans agree with this narrative. When asked by Gallup last year whether the amount of federal income tax they pay is too high, too low, or just right: only 4% said that taxes are too low. Six of ten Americans say their income taxes are too high.

Meanwhile, this chart from our friends at the Heritage Foundation proves definitively that it’s the massive spike in spending, not any shortage of tax revenues that caused the debt crisis in Washington.

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2) Federal Rules and Regs a $3 Trillion Yearly Noose Around Neck of U.S. Businesses
A new National Association of Manufacturers study finds that the regulatory burden imposed on the U.S. economy now exceeds $3 trillion a year. That cost is up by more than $400 billion annually under Biden (even AFTER adjusting for Biden-flation). This is a giant second tier of taxation levied on the American economy. The $3.1 trillion regulatory costs on businesses and families are on top of the $4.4 trillion raised in federal taxes.

The study by economists Mark Crain of Lafayette College and Nicole Crain of National Defense University also finds that the burden can be twice as high for smaller businesses. For example, small manufacturers absorb $50,100 of regulatory costs per employee, while the largest firms pay $24,800 in costs. There are economies of scale in absorbing regulation costs, so these rules create a financial advantage for large corporations while the small businesses get shafted.

No wonder big businesses often SUPPORT onerous regulations. It’s a convenient way to crush the smaller competition.

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3) Argentine President Milei Goes Big and Bold With Policy Reforms That We Should Implement in the U.S.
Argentina’s newly elected President Javier Milei has submitted a 350-page package of economic reforms that are mostly very good ideas ranging from privatization of all state-owned companies to electoral reform to taking away government welfare benefits from citizens who riot or illegally protest by disrupting normal commerce.

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Here’s one idea we really like: Article 209 states that no governmental body may call any state service or function “free” – if it’s paid for by taxpayers.

He seems to fully understand the Milton Friedman maxim: there is no such thing as a free lunch.

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4) Why Racial Preferences Are So Harmful
This Claudine Gay story isn’t going away and the left yesterday nearly in unison denounced her detractors of being racists. Meanwhile, Ms. Gay – followed up on her pouty resignation letter on Wednesday – has taken to the pages of the New York Times op-ed page today doubling down on her victimhood narrative. She snivels that because of the attacks from conservatives, “my character and my intelligence have been impugned.”

Oh, Claudine, you’re far too modest: you did a pretty good job of doing that to yourself.

Let’s be perfectly honest here: if the president of Harvard had been a white man named Claude Gay, instead of a black woman named Claudine Gay, he would have been kicked to the curb by the time her plane touched ground back in Boston after the disastrous and antisemitic testimony – and even before her serial plagiarism was revealed.

Just ask Larry Summers – who was dismissed from the Harvard job for much less inflammatory statements.

One of the open questions about Ms. Gay is WHY she was appointed president of Harvard in the first place. Based on her academic achievements, she is best described as ordinary. Certainly, there were scores of candidates who would have been more qualified.

The left rages at the mere suggestion that she was selected by a university that sits at the apex of modern-day identity politics because she was a black woman. But based on her thin credentials, it is natural to wonder whether that's exactly what landed her the job.

But let’s assume race and gender weren’t factors at all. Perhaps she really was judged by Harvard’s board to be a very highly qualified candidate, and she was selected due to special attributes that she keeps hidden away from the public. Harvard’s board may have seen something truly special in her.

It’s quite possible.

But this is EXACTLY why racial quotas are so evil. How could anyone know whether it was her talent or her skin color that was the deciding factor?

Here we have fully exposed a towering hypocrisy of the left: They have set up a lower bar for blacks to leap over in the job market and then they attack anyone who thinks that the lower bar is how the minority candidate got the job.

The multitude of truly talented and deserving minorities are the victims of quotas and preferences. Our hero, Thomas Sowell, has made this point about quotas and preferences repeatedly for many, many years.

This is why we should adopt colorblind selection in academia and the job market. But oops, we can’t say that because "colorblind" is now a racist term.

And if you really want to feel your blood boil, this is how AP covered the Harvard story, making clear that conservatives are the real villains:

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5) Maybe Somebody at Harvard Should Just Take Her Writing Utensils Away

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