Friday, January 8, 2021

In His First 100 Days, Biden Plans to Out Do All of Trump's 2020 Mad Spending

Joe Biden is considering asking Congress to give Americans the balance of the $2,000 per person coronavirus payments that was promoted by Trump, Axios reports. In addition, Biden wants to send funds to state and local governments to fill gaps in revenue that were created by governors and mayors that locked down their jurisdictions because of COVID-19.

Then, get this.

According to Axios, Biden wants to follow this up with a $3 trillion tax and infrastructure package.

Yes, give most Americans $1,400 (in addition to the $600 they are now receiving) and then tax the hell out of the "rich." In addition to raising capital gains taxes for all.

This is what the Democratic control of both houses of Congress is going to bring.

Mitch as majority leader, though a crony himself, would have stopped a lot of this.

Needless to say, the spending Biden is proposing here is going to be much higher than what will be generated by any new taxes, so Jay Powell at the Federal Reserve better start ordering a lot more barrels of green ink.



  1. Biden and his progressive supporters know that Bernanke printed $4T from '08-'14. Yet, inflation was very tame.

    Thus, I suspect they are thinking, "why not print $10T or more" for the endless list of progressive causes.

    They think they can spend as much as they want, and run deficits as high as they want, since the Fed can monetize any treasury debt by printing currency units and holding it on its balance sheet. MMT style.

    What could possibly go wrong? :)

  2. Where's David Stockman today?


  3. Wealth-redistribution on steroids....It's productive capital ripped from the private sector, then processed through the Federal government's money-laundering process, denuded of it's special properties of increasing the standard of living, and redistributed to the rabble to be spent on consumer goods.
    It's slaughtering the goose that lays the golden eggs, writ large.

  4. As an addendum to my prior comment (and another ode to Grimm's Fairy Tales), it's like Jack taking his magic beans (CAPITAL) and just EATING THEM.

    1. F-- Jack! He got his magic beans by dumb luck as he was taking the family's last potentially productive asset to sell at market to support a few days' (weeks'?) more consumption. Then he gets his beans, climbs the beanstalk, literally STEALS a bunch of gold, and lives happily ever after. No wonder these kids grow up with the idea that "redistribution" is just fine.

    2. Touche! I guess I could've just said "a farmer eating his seed-corn"