In case you haven’t heard, Joe Biden just issued a statement from the White House that the recession is transitory. What a relief.
2) Remember When Democrats Used To Say Never Raise Taxes During a Recession? Never Mind
Kudos to Jason Smith, who is our pick to be the next Ways and Means Committee chairman, for finding these amazing quotes from prominent Dems who once upon a time were against tax hikes during recessions:
And just to set the record straight: We don’t think there is EVER a good time to raise taxes.
3) …And Remember When Democrats Said They Were Going To Bring Manufacturing Back Home? Never Mind
The Manchin-Schumer diabolical “corporate minimum tax” is a dagger in the heart of companies that are capital intensive. Don’t take our word for it, but the bipartisan Joint Committee on Taxation. Senate Finance Committee ranking Republican Mike Crapo of Idaho asked for a report from JCT on the impact of the tax and here is a summary of the findings:
JCT Confirms: U.S. Manufacturers Would be Hardest Hit by Democrats' Book Minimum Tax
Congress’s nonpartisan scorekeeper confirms half of the $313 billion book minimum tax increase would be borne by manufacturers
Based on the new JCT analysis, 49.7 percent of the tax would be borne by the manufacturing industry at a time when manufacturers are already struggling with inflation, supply-chain disruptions, and an impending recession.
This will do wonders for solving Biden’s supply chain problems. Has Anyone alerted Pete Buttigieg?
4) Say Hello To Lots More Solyndras
Here’s another cash-for-clunker program in the Schumer-Manchin inflation time bomb bill.
The bill authorizes Energy Secretary Jen Granholm to make $250,000,000,000 in loan guarantees for "energy infrastructure."
They are counting this as a revenue RAISER!!! CBO scoring rules show federal lending and loan guarantee programs as revenue raisers even though fair value accounting would show them as losers. (Think of the student loan program!) And this new program could be a very big loser, based on the experience of the Obama years.
If any substantial portion of these loans go bad, the bill's already dubious deficit reduction claims go up in flames.
