By Duncan Smith
The latest inflation figures are in and they aren’t good.
Prices on a basket of commodities and items rose nearly 5.5% year-to-year as of June, according to the latest figures, and much of that comes from lingering supply chain interruptions due to a year’s worth of COVID disruptions.
But in the U.S. anyway, Democratic economic policies are only going to exacerbate inflationary pressures and we’re going to feel them for years if these losers get their way.
For instance, the push by Democrats now is to ditch President Trump’s hugely beneficial tax cuts, especially on “the rich” and American corporations, so they can fund $6 trillion worth of wealth transfers to lock in more voters.
The Washington Times has more:
Whether Democrats opt to repeal the tax cuts entirely or simply increase rates partially on individuals and corporations remains uncertain.
President Biden has pledged not to raise taxes on individuals making less than $400,000 annually. Mr. Manchin, on the other hand, has said he is only likely to support raising the corporate tax rate from 21 % to 25%, instead of the pre-Trump high of 35%. The final number will be influenced by how much money Democrats need to raise to pay for their reconciliation package.
Progressives are likely to have a big influence on the price tag. Some far-left Democrats have proposed spending anywhere between $3.5 trillion and $6 trillion on initiatives as far-ranging as a pathway to citizenship for illegal aliens to subsidized home care for the elderly.
'I'm going to fight to make that proposal as robust as it can be,' said Sen. Bernard Sanders, an independent and a self-described socialist from Vermont. 'We want to see a reconciliation bill which shows the working families of this country that the government can and must work for them.'
Sanders isn’t a socialist, Sanders is a Commie, flat-out, so whatever the final price tag is, it won’t be enough for him.
But that said, this new push to destroy American corporations comes as Biden’s handlers also wrangle nations around the world to adopt a minimum corporate tax so U.S. companies won’t have anywhere to go to make it worth their while to move operations.
It’s diabolical, but it’s also brilliant.
Except for this one thing: You can’t ‘pay for’ programs if you kill off the revenue you expected to tax.
This is what that idiot Sanders and his ilk don’t understand and will never understand.
But tens of millions of Americans get it, and they’re not about to allow their lifestyle to be pilfered by these Marxist wannabes without a fight.
Hide and watch.
Inflationary pressures KEEP buillding in Biden's Economy...Is He Going to Destroy It and Break the Back of Consumers?
Supply chains around the world continue to be bottlenecked...
Don't let yourself be UNPREPARED for the financial reset that IS coming