Biden scrambled to come up with a way to pay for his massive upcoming spending projects during his first address to Congress, so as many Democrats do, his administration plans to attack wealthy Americans. Not without his signature spin, Biden packaged his forthcoming tax hikes as a way to bridge the wealth gap in America.
Invoking Former President Ronald Regan’s theory of “trickle down” economics, Biden revealed that America will no longer allow wealthy Americans to remain wealthy:
Pres. Biden: ‘My fellow Americans, trickle-down economics has never worked. It’s time to grow the economy from the bottom up and middle-out.' pic.twitter.com/owYrjh7RxQ
— NowThis (@nowthisnews) April 29, 2021
He also took a pointed shot at the Trump administration’s tax reform of 2017.
“Look, the big tax cut of 2017, remember, it was supposed to pay for itself,” Biden said. “That was how it was sold. And generate vast economic growth. Instead, it added $2 trillion to the deficit.
— Forbes (@Forbes) April 29, 2021
However, Biden failed to mention that because of the Former President’s tax cuts, the American economy was booming: unemployment rate for Whites, Blacks, Latino and Asian Americans was at its lowest, GDP skyrocketed, and the American worker, those who Biden claims to champion, brought home more income as a result of Trump’s cuts.
Biden did acknowledge the pandemic and its negative affect on Trump’s strong economy, but opined on how America’s mega-wealthy remained largely unharmed by COVID’s effects.
The current president attempted to justify his upcoming spending measures, toppling $5 trillion aggregately. He believes that, if passed, his projects will result in the the creation of millions of jobs and historic growth, despite economic reports of the contrary. Biden conveniently leaves out the tricky fact that it’s the American taxpayers, the wealthy and the non-rich, who will be saddled with the debt he intends to impose on the U.S.
“America is on the move again,” reports our cognitively-challenged president.
President Biden made a sweeping case Wednesday for massive new programs that would transform the government's role in Americans' lives in his first address to Congress. @JDiamond1 reports. https://t.co/GvYuMDs3cq pic.twitter.com/1gvKBwXpa4
— CNN (@CNN) April 29, 2021
Author: Elizabeth Tierney