Here is the Heritage Take on the top issues today.
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Democrats’ Budget Resolution Likely to Worsen Inflation, Increase Americans' Reliance on Government – Congress has already damaged the economic recovery through excessive unemployment benefits that make it hard for businesses to find workers. The budget resolution that the Senate is preparing will enable the largest tax-and-spend bill in history: $3.5 trillion, or $27,000 per household. Meanwhile, the bipartisan infrastructure deal would help enable the catastrophic tax-and-spend package, destroying countless jobs and discouraging investment when we need it most. It includes hiring an army of IRS agents that would enforce the forthcoming tax hikes. The spending will be used to create an unprecedented cradle-to-grave welfare state, making Americans more reliant than ever on the federal government. It is urgent that Congress avoid such a radical step toward socialism and centralized federal power. Heritage expert: David Ditch
Biden should call for 2022 Olympics to be moved out of Beijing – An athlete boycott a la 1980 would serve little purpose and affect the athletes far more than anything else. But making noise about a boycott—on both sides of the Atlantic—combined with a concerted effort to move the Olympics would seriously unsettle Beijing, even if the effort failed. Further, it would establish the precedent for a broad diplomatic boycott (where public officials refused to attend) and commercial sponsorship boycott of the Olympics… and that would really send an important message to Beijing and the world. Heritage expert: Olivia Enos
4 Reasons Why Federal Government Shouldn’t Permanently Expand Jobless Benefits – Expanded unemployment insurance benefits have arguably been the most flawed—and damaging—component of the federal government’s COVID-19 economic policy response. The systematic failures, widespread fraud, and unintended economic effects of unemployment insurance expansions should serve as a red flag to policymakers who want to bake these problematic expansions into the cake. It’s important for Americans to have the financial security to weather unexpected events, such as a loss of income. But instead of forcing workers to pay higher taxes to fund bureaucratic programs that put politicians in charge of deciding who qualifies for benefits and how much they can receive, policymakers should let Americans keep more of their own money and allow them to save in a single, simple, and flexible Universal Savings Account that could be accessed whenever they need their money, without early-withdrawal penalties, and not subject to double taxation. Heritage expert: Rachel Greszler
Biden’s ‘Competition’ Executive Order Realizes a Central Planner’s Dream – Conservatives should call out the hypocrisy of the administration and the far left who claim to want to promote competition while simultaneously pushing policies that will hurt competitors and the consumers who benefit from competition through lower prices, increased choices, and higher-quality goods. Most of all, conservatives should recognize that this is an incredible opportunity to distinguish ourselves from the far left by promoting our core principles. Wealth is created by the American people, not the government. The government’s role is to create an environment where individuals and businesses can compete and earn success on their own merits, not to intervene to pick winners and losers, or to dictate what competition should look like. Cronyism and corporate welfare, which are the antithesis of competition and our free enterprise system, need to be rooted out. It’s time to proactively push a specific agenda to achieve those ends. The Biden administration has shown its hand. Now, it’s time for conservatives to do the same. Heritage expert: Daren Bakst