If Joe Biden’s or whomever is pulling his string’s) “tax plan” promises are so bad that even Trump-hating Newsweek attacks it, how long can the rest of mainstream media look the other way?
That’s a question that should be answered – and might be in next Tuesday’s debate (if Biden shows up, and sticks around long enough to hear it).
Excerpted from Lucy Harley-McKeown’s article in the current issue:
Ahead of the U.S. presidential election, policy pledges are coming into focus, not least Democratic contender Joe Biden’s future plans for the tax system.
Economists and policy analysts have been trying to work out whether what he has promised is actually viable.
Biden has not yet released a formal tax plan, but has proposed changes related to issues such as climate change, health care, education and infrastructure.
The Tax Foundation totted up the numbers in March, and estimated that Biden would increase taxes overall by between $3.3 trillion and $4 trillion over the next decade, if he were to get into power.
When costed in, depending on how you understand Biden’s pledges on healthcare, over the next decade, Biden’s plans would also result in extra spending totalling between $5 trillion and $8 trillion, economist Erica York from the think tank’s Center for Federal Tax Policy told Newsweek.
Based on those predicted figures, that is a potential difference of almost $5 trillion between what Biden pledges to spend and raise.
Apart from the five trillion (not million or billion, folks, that’s five trillion) dollar gap between what Biden would tax and what he would spend, the most interesting part of this récipé for fiscal disaster is that Biden has not yet released a formal tax plan.
It is little more than a month from the presidential election, and we therefore have no idea of the specifics of a Biden plan other than a broad promise to heavily increase taxes and spend five trillion dollars more than the heavy increase yields.
At what point do our mainstream media (other than Newsweek which, to its credit published this analysis) start demanding some answers.
If the best that Biden can do is tell us a lot of the tax increase will be on rich people and corporations – the left’s standard promise; the one that doesn’t show how the country’s GDP grows, only how much we can take from successful people and corporations – then may be he owes us a bit more.
How about, for example, explaining why this would not disincentivize those people from doing the things (i.e. starting new businesses, expanding their current ones) that generate jobs and economic strength…
…or why Donald Trump’s lowering taxes, which generated strong GDP growth and record unemployment isn’t a better way to go?
There are just 34 days until the election. Joe Biden’s “campaign” so far consists, primarily, of hunkering down in his basement and making occasional stops at locations where there are just a few people, during which he reads prepared statements and takes minimal questions, almost always from friendly sources.
Kamala Harris, to my knowledge, has not held a press conference or answered so much as one reporters’ questions since being selected as his running mate.
Would our media ever in a million, billion or trillion years abide Donald Trump and Mike Pence running a “I won’t tell you, you’ll have to guess” campaign like this?
It would be hard to overstate the revulsion I feel at this dereliction of journalistic integrity.