{"id":2197798,"date":"2024-03-12T17:33:02","date_gmt":"2024-03-12T21:33:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-economy-makes-no-sense-its-simply-an-excuse-to-attack-republicans\/"},"modified":"2024-03-12T17:38:04","modified_gmt":"2024-03-12T21:38:04","slug":"bidens-economy-makes-no-sense-its-simply-an-excuse-to-attack-republicans","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-economy-makes-no-sense-its-simply-an-excuse-to-attack-republicans\/","title":{"rendered":"Biden&#8217;s economy: a baseless attack on Republicans"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">14<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbidens-economy-makes-no-sense-its-simply-an-excuse-to-attack-republicans%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2197798&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>If Joe Biden\u2019s policies were wildly popular, everybody would \u200doverlook the fact that the man walks into walls.<\/h2>\n<p>But his policies are terrible.<\/p>\n<p>On Tuesday, it was \u2064reported that the index of consumer prices rose 3.2% in \u200dFebruary from one\u2062 year earlier.\u200d We \u2063try to keep the rate at 2%. \u200cBut we are still \u200cclocking in\u200b at well above 3% \u2014 which is\u200b 50% higher than what we want.\u2064 Core price inflation is sitting at 3.8%; again, we \u200daim for 2%.<\/p>\n<p>That means all of the interest rates are going to remain high for the foreseeable future. The Federal Reserve tries to combat inflation by increasing interest rates \u2014 the overnight rate at which the Federal Reserve lends to banks and the banks lend to \u2063one another\u2064 \u2014 and that is then passed on to the consumer.<\/p>\n<p>The basic idea is that when you tighten up the\u2064 credit,\u2062 fewer people are borrowing; less money flowing around the economy means the prices tend to decrease. That\u2019s \u200cthe \u2063reason\u2063 to increase interest\u2062 rates.<\/p>\n<p>The Federal Reserve wanted to decrease the interest rates in advance of the election to get that money flowing again, to heat up\u2062 the economy, to make sure that hiring stays at really high levels leading up to Biden\u2019s reelection effort in November.<\/p>\n<p>But inflation is not cooperating, so interest rates are likely to stay high \u200b\u2014 which is \u2063why a few years ago you could \u200bget a mortgage \u200bfor 3% and now a mortgage is costing you\u2064 roughly 7%.<\/p>\n<h3>WATCH: The Ben Shapiro Show<\/h3>\n<p>The stickiness in the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/2021-cant-be-any-worse-can-it\/\" title=\"2021 Can't Be Any Worse, Can It?!\">real estate market<\/a> is created\u2063 not by demand for <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/home-construction-hits-highest-level-since-1974-as-supply-constraints-slow-completions\/\" title=\"Home Construction Hits Highest Level Since 1974 as Supply Constraints Slow Completions\">single family housing<\/a>, \u2064but by the \u2062lack of \u200cactual \u200dsupply. No one can sell their \u2064high-priced house \u200bright now because if they did, the interest rate for their current mortgage, which they took out five years ago at 3%, would increase to 7% for the new mortgage for the\u200c new house.<\/p>\n<p>So nobody\u2019s actually selling\u2064 right now.<\/p>\n<p>The Wall Street Journal <a href=\"https:\/\/www.wsj.com\/livecoverage\/stock-market-today-dow-jones-03-11-2024\/card\/white-house-forecasts-somewhat-higher-interest-rates-6wcHJKhbxfffDfPSpAKs\" target=\"_blank\" rel=\"noopener\">reported<\/a> on Monday:<\/p>\n<blockquote>\n<p><i>President Biden signaled optimism during a campaign event last week that the Federal Reserve \u2062was going to cut interest rates \u200csoon. The economic forecasts in his <a href=\"https:\/\/www.wsj.com\/politics\/policy\/biden-budget-kicks-off-election-year-fight-over-medicare-social-security-42c7318f\" target=\"_blank\" rel=\"noopener\">budget released Monday<\/a> offer a \u200cdifferent message: curb your enthusiasm. \u2026<\/i><\/p>\n<p><i>Economic forecasts \u2062released Monday as part of the White House\u2019s 2025 budget\u2063 proposal assume that three-month Treasury bill rates will average 5.1% this year, the same as in 2023, before declining to 4% next year and 3.3% in 2026.<\/i><\/p>\n<p><i>The White House sees the average 10-year Treasury \u2062note yield rising to 4.4% this\u2062 year from 4.1% last year \u200dand then declining gradually to 3.7% by the end of this decade. <\/i><\/p>\n<p><i>The White House last year projected a somewhat lower path for interest rates in part\u200d because it assumed a meaningful slowdown in growth for 2023 that didn\u2019t materialize. <\/i><\/p>\n<\/blockquote>\n<p>If you sell a bond and interest rates are high\u2063 \u2014 7% or 8%, or in this case 5% \u2014 that means \u200cthat the U.S. government is going to have to pay that off down the road.<\/p>\n<p>This means when you take on new debt, it is more expensive \u2014 and that\u2019s a big problem because we are blowing out spending like nobody\u2019s business.<\/p>\n<p>Joe Biden\u200b has a plan. His political\u2062 plan is\u200d twofold. One: Promise to spend more money than anybody has in human history. Two: Soak the rich. That\u2019s going to be his two-pronged economic plan, which\u200c is nothing new; we\u2019ve seen that from every Democrat since Bill Clinton. \u200dThe idea\u200b was to promise the world to voters, promise to \u200cspend money that does not exist, and do so by borrowing and \u200ctaxing.<\/p>\n<p>But \u2063the taxes never actually materialized because tax revenue is <i>not capable<\/i> of\u2062 sustaining the kind of\u200d spending we\u2063 are doing now, unless you decide to really <i>tax the middle class<\/i>. \u2064What Democrats want is the Norwegian standard of \u2062living without the kind of oil wealth provided by the Norwegian oil industry and without taxing the middle class in the way \u2064that Norway does.<\/p>\n<p>The \u2062dirty secret \u2062of living in Scandinavia is that they tax everybody who makes about \u200d$60,000 a year at \u2064the same rate they tax \u200cthose who\u200d make $500,000 a year. But America has an incredibly progressive tax system. People at the top of the income spectrum pay nearly \u2063all the taxes in the United States. That is\u200d not true in the social \u2063democracies of European \u200ccountries, which start taxing people at exorbitant \u2064rates when they hit the lower-middle \u2063class.<\/p>\n<p>But that\u2019s something Democrats\u200c <i>don\u2019t want to do<\/i> \u200b because they \u200cunderstand that if they do so, it would be politically unpopular with\u2062 many of the people who are going to vote for them.<\/p>\n<p>So, instead, they decide to promise extraordinary levels of spending and \u200btry to force Republicans into the corner \u2014 because Republicans are\u200c going to \u200csay we can\u2019t spend that much.<\/p>\n<p>This is why Biden has now\u200b released his fiscal 2025 budget,\u2063 which has no chance of passage. It\u2019s a list of priorities for Biden. \u2064And what exactly are Biden\u2019s priorities?<\/p>\n<p>Taxing people a lot of money, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/socialist-georgia-mayor-arrested-for-burglarizing-home\/\" title=\"Socialist Georgia Mayor Arrested for Home Burglary\">cutting military spending<\/a> in the face of the most chaotic world\u2064 situation of the \u2062modern era, and maintaining the spending trajectory of \u200cSocial\u200b Security and Medicare.<\/p>\n<p>And somehow, he says this is going to lower the deficit.<\/p>\n<p>How is it going to \u2062do that?\u200c He\u2019s assuming he \u2062can\u2063 radically increase taxes without affecting the \u2064economy, which of course, is not the way any of this works. Radically increasing taxes causes people to \u200dspend less money. \u2064That\u2019s the way\u200c it tends to work. You can tax something to death.\u2064 But you cannot tax something into\u2063 prosperity.<\/p>\n<p>He\u2019s proposing a $7.3 trillion budget. This is patently insane on its face. First, even during the pandemic in 2021, we did not spend that much money. The United States government spent about $6.8 trillion. The same was true in 2020. That was during a full-scale pandemic when\u2063 people were told to stay home and the federal government paid everyone\u2019s bills for a year.<\/p>\n<p>These levels of government spending are not justified. We\u2019re not\u200c even in the \u200bmiddle of a pandemic.<\/p>\n<p>Biden\u2019s budget would raise taxes on wealthy people and large corporations. When\u200d you tax a corporation, that cost \u200dis\u2064 passed on to the people who work for the corporation; they have less money to pay their employees.<\/p>\n<p>But \u200cBiden says this will somehow trim the deficit and lower the cost of \u200cprescription drugs, childcare, and housing. When he says he \u2062will lower the costs of goods and services like this, what he really means is that the \u2064federal government\u200c is going to start subsidizing.<\/p>\n<p>And there has yet to be a \u2063product developed by human beings subsidized by the federal government in which the cost\u2062 does not go up.<\/p>\n<h3>CLICK HERE\u2064 TO GET THE DAILY WIRE APP<\/h3>\n<p>Biden is already stagnating the economy. The real threat to the American economy in the long-term is not inflation. Inflation will come back down \u2062under control. The real \u2063danger is the stagnating economy for the foreseeable future.<\/p>\n<p>In an article\u200c titled \u201c<a href=\"https:\/\/www.wsj.com\/articles\/joe-biden-budget-fy-2025-defense-spending-taxes-25f09b63\" target=\"_blank\" rel=\"noopener\">Biden Offers a Budget Fantasy<\/a>,\u201d \u2063the\u2064 Wall Street Journal reports, \u201c<span style=\"font-weight: 400\">Mr. \u200dBiden\u2019s deficits mean that debt as a share of\u2062 the\u200c economy also keeps rising. He foresees debt held by the public rising to 102.2% in 2025, though it was only 79% as recently as 2019.\u201d<\/span><\/p>\n<p>That means more money will be spent in terms of servicing \u2063our national debt than we spent on our military budget every year in the very near future.<\/p>\n<p>\u201cPublic debt in his budget keeps growing and growing \u2014 to 106% of \u200cGDP in 2030. Interest on that debt will surpass defense\u200b spending this year when it \u200dhits $890 billion, and it \u200bkeeps climbing to $1.57\u200d trillion\u200d over the next decade,\u201d the Wall Street Journal added.<\/p>\n<p>None of this makes any fiscal sense. When he says he\u2019s going to tax the rich to get out of this, the simple fact of the matter is that there is no way to \u2062tax the rich enough to pay for the kinds of things Biden wants to pay for. He doesn\u2019t really want to pay for them because he knows this is not going to pass.<\/p>\n<p>So why does Biden propose nonsensical things that will \u200cgo nowhere?<\/p>\n<p>Because \u200che\u2019s trying to pick fights with Republicans. That\u2019s really \u200cwhat this is all about.<\/p>\n<p> <\/p>\n<h2> What potential consequences could\u200c arise from raising taxes on corporations in terms \u2063of economic \u200bgrowth and job creation?<\/h2>\n<p><span>  Dcare,\u2064 and college education. It&#8217;s a lofty promise, but one \u200dthat\u200b is unlikely\u200c to \u200dbe fulfilled.<\/p>\n<p>First and foremost, \u200bBiden&#8217;s plan to tax the wealthy and corporations \u2062will not\u2063 solve\u200d the deficit problem. While it may generate some additional revenue, the amount raised\u2064 will \u200cnot be substantial enough to cover \u2062the massive\u2062 spending proposed\u2064 in his\u2063 budget. The \u200ddeficit will continue to grow, putting a \u2063burden on \u200cfuture generations \u200cto handle.<\/p>\n<p>Furthermore, raising taxes \u200bon corporations will have \u2064a negative\u200c impact on the economy. \u2062When corporations have less money to invest and\u200b grow their businesses, it stifles innovation, job creation, and\u200b economic growth. The burden \u200bof\u2063 these \u200ctaxes will ultimately be \u200bpassed \u200cdown to consumers in the \u2064form of higher \u2063prices and lower wages.<\/p>\n<p>Additionally, Biden&#8217;s plan to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/watch-pences-powerful-speech-blasting-biden-the-american-people-will-right-the-ship\/\" title=\"WATCH: Pence\u2019s Powerful Speech Blasting Biden: \u2018The American People Will Right The Ship\u2019\">cut military spending<\/a> is concerning, especially given the current \u2064state of the world. With growing\u200d threats from countries like China and Russia, it \u2064is essential that the United \u2062States maintains \u2062a strong defense. Cutting military spending in the \u2062face of these challenges is both reckless \u2064and dangerous.<\/p>\n<p>Lastly, the proposed budget\u2064 maintains the unsustainable trajectory\u200d of Social Security and Medicare \u2062spending. These programs\u2063 are already facing\u2063 financial insolvency, \u200dand instead of making the necessary reforms to \u200bensure their long-term stability, Biden&#8217;s\u2064 plan simply continues down the same \u2064path. This \u2062puts \u2062the financial security of millions\u2063 of Americans at risk.<\/p>\n<p>In conclusion, \u200bJoe \u2063Biden&#8217;s policies may be popular \u200camong \u200dsome, but they are detrimental to\u2063 the \u200deconomy and the future of our country. His plan to increase taxes, cut military spending, and maintain\u200d unsustainable\u200c entitlement programs will only lead \u200bto further economic hardship \u200band burden future generations with an ever-growing \u200bdeficit. It is clear that his policies are not in the best interest of the \u2064American people.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In at 3.2%. Biden&#8217;s policies are failing, and the rising consumer prices are evidence of this. Despite our efforts to maintain a 2% rate, the numbers continue to exceed expectations. Even if Biden didn&#8217;t walk into walls, his unpopular policies would still be a cause for concern<\/p>\n","protected":false},"author":161,"featured_media":2197799,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/dw-wp-production.imgix.net\/2024\/03\/GettyImages-2068288275.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-2197798","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/dw-wp-production.imgix.net\/2024\/03\/GettyImages-2068288275.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2197798","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/161"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2197798"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2197798\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2197799"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2197798"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2197798"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2197798"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}