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AFF Sentinel-Vol 20#05-The Wicked Imagination of Biden’s Bandits

The Future According to J.B.

Steve Dittmer | AFF Sentinel

Colorado Springs, CO

Originally sent to subscribers 02/11/23

Edi. Note: As for our subtitle, we scribble initials in our margins to quickly attribute quotes and points to different people. For example, T. is for Trump, SM is for Steve Moore, LK is for Larry Kudlow, with apologies to our lady readers OB was for Obama and J.B., with apologies to Jim Beam and Justerini and Brooks, is (President) Joe Biden.

Incentives and disincentives do work. They do affect supply and demand.

We saw a report ( this week that drilling rig counts in early 2023 have climbed back up to 761, 361 fewer than in 2019. Those cuts in supply have lots to do with gasoline and diesel prices today. And President Biden displayed his continued ignorance or disregard of economics, as he blithely chided energy companies for not drilling more wells while he kills permitting, kills pipelines and swears to put oil companies out of business.

One of the more priceless moments of Biden’s State of the Union message was the stunned silence after his pronouncement that we will need fossil fuels for at least another decade. As the house realized he was “not joking” to use his phrase, the eruption of laugher was indicative of even Congress’ dimwits beginning to understand the Green New Deal folly.

Our disincentive in the cattle business has been the drought in much of the country. That has cut our supply. USDA could add a major disincentive if it actually again goes down the path of attacking our value-added system of rewarding quality and discounting less desirable carcasses. That, and drumming up more business for their trial lawyer friends by encouraging and enabling them to sue packers. Don’t forget that two of the largest political donor groups in Washington are the trial lawyers. Add to that the teachers unions, also major donors, most of whom are convinced climate change is nearly our biggest problem, and the general stage is set for pressure in Washington.

That the administration is considering banning gas stoves for cooking and that Biden is worried about “resort fees” at hotels shows the left will stop at nothing to further their effort to control all aspects of daily life. And if anyone believes there’s a serious problem with non-compete clauses hampering a Burger King cashier from getting a job with McDonalds, they should sign up at the funny farm alongside Biden. We’re betting there is more than one fast food worker with a job at more than one restaurant and both employers are darn glad to have them.

The other somewhat surprising bit was Biden’s chutzpah in chiding “some” Republicans for wanting to sunset Social Security and Medicare. We’re not sure what he was trying to do, unless it was to see if Republicans would let such a statement go by in a State of the Union message and not protest. As it was, it brought on some jeers from the house, with which he reacted and made like a “see I told you so,” rejoinder and then attempted a save by claiming the reaction shows everyone agrees the programs should continue. Talk about strawmen.

Of course, he never acknowledged any need for adjustment to salvage the programs before insolvency destroys them. We guess he’s assuming the procrastinating college kids in Congress will throw in trillions at the last second to “fix” the programs no one can envision America without.

If anyone needed reminding how important winning the House was for the economy and business conditions, Biden’s tax plans would engender stark fears if he had both Houses of Congress. That’s assuming some House Republicans don’t throw in with the Bandits.

Former White House economic advisor Larry Kudlow pointed out that the misnamed Inflation Reduction Act already included $125 billion in tax increases, limited or eliminated tax credits and reduced expensing of capital investments (thank you RINO Republicans and Democrats JM and KS). David Bahnsen, financial advisor and investment firm founder, pointed out that all of the left’s moves during Biden’s administration are designed to damage growth, productivity and the labor participation rate. The only growth factors at work now are the tax cuts from Trump’s term.

Biden believes that there is no room to cut anything out of the pandemic-bloated budget. Economist Steve Moore named just three items no longer necessary that would cut over a half trillion dollars from the budget overnight. Financial analyst Liz Peek noted that everything Biden proposed in his speech would increase inflation (Larry Kudlow radio show).

But the Wall Street Journal rounded up Biden’s plans for more spending and more taxes to further endanger America’s future, evidently planning to make today’s inflation and deficits look like a fiscal picnic. He still wants a “billionaires wealth tax” that wouldn’t be an income tax but a tax on assets. As proposed in his 2023 budget, the tax would be a minimum 20 percent tax on “total income,” a made-up category that would include unrealized capital gains on top of any asset sales.

We know Biden tells stories of all kinds of things that never happened or he just imagined, but paying taxes on things (sales) that never happened or asset appreciation or book value that was never realized are concepts only the feeble minded or grasping Marxist haters of capitalists could ever imagine, (“Biden’s 2025 Tax Agenda,” 02/11-12/23).

The way Biden’s Bandits envision this setup, if a person had paper wins during the year but never sold things to pocket any gains, one would still owe the tax on paper values. But if one had paper losses during the year, one would not be able to deduct the losses on their income tax.

In other words, the government wins if you do or don’t and you lose either way. We would define “income” as money coming in, i.e. receipts and the Journal points out the Supreme Court in the last 100 years has agreed.

Oh, and that one percent tax on corporations buying back some of their stock to raise stock prices for shareholders? Biden wants to quadruple it already to four percent. After all, the left can’t stomach corporations funneling money to mere citizen-stockholders and pensioners. They have to find a way to siphon that off for socialist causes.

The Journal aptly points out that the whole Biden/leftist scheme is “more political control over private capital.”

It’s the “what’s mine is mine and what’s yours is mine” socialist philosophy that pervades Democrat politics these days more than ever. Private property is something they can’t abide -- unless it’s theirs. However they managed to acquire it, (that includes you, Hunter, we imagine.)

We suppose we should be thankful that Biden allows us this view of his ambition, this transparency of intent.

Because the Journal story -- note the title of their story -- sees Biden’s comments and budget as his political maneuvering to co-opt anyone from farther left of Biden -- an admittedly narrow ledge with Elizabeth Warren, Bernie Sanders and Gavin Newsom standing on it -- from challenging him for president in 2024. So JB envisions a triumphant Biden, standing on his marvelous economic and social “equity” accomplishments, winning in ’24 and ramming through more spending, more regulation and more programs in 2025.

Heaven help us.

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