Steve Forbes: Biden Win Would Be ‘Unmitigated Disaster,’ Economy Would Be Doomed To ‘Stagflation’
A Joe Biden presidency would be “an unmitigated disaster” for the American economy, Forbes magazine editor-in-chief and two-time GOP presidential candidate Steve Forbes told Fox News’ “The Ingraham Angle” Friday.There is a great website out there called the Tax Foundation, and they say that Biden’s policies, which now include raising taxes on people making more than $400,000 per year, would collect roughly $3.2 trillion over the next 10 years.
Forbes said such policies would “trash” the economy at a time when it would still be recovering from the effects of the coronavirus pandemic.
“This economy is recovering from those lockdowns, we’re making some good progress, but we are still convalescing,” Forbes said. “Those taxes would dry up investment at a time when Chinese companies are becoming more competitive in high tech — we are going to hurt venture capital and the like.
“He’s also going to bring back some of the Obamacare taxes that the Republicans got rid of,” Forbes added. “This tax increase is going to hit everyone. When you have a lousy economy, that hurts people, they can’t get raises and wages, they don’t get jobs, they can’t get higher pay. This is going to be an unmitigated disaster.”
The publishing magnate told Laura Ingraham that America would “hear a word again we haven’t heard for 40 years: stagflation — inflation and a stagnant economy. That’s what Biden is going to bring with this program of higher taxes and higher regulation.”
“Stagflation,” a portmanteau of “stagnation” and “inflation” describes an economic situation in which a country’s inflation rate and unemployment level is high, and the rate of economic growth slows.
Stagflation was a term used to describe the recession that went from the end of 1973 through the first quarter of 1975, and the effects of that time plagued the rest of the 1970s and early 80s’
In the US, the term is commonly used as a catch-all to describe the recession that lasted from November 1973 to March 1975, the effects of which continued through the rest of the 1970s and into the early 1980s.
Back on July 10 Forces penned an article asking if Biden would raise taxes and crush our economy.
After Biden’s tax plan was revealed, Forbes said it would hinder the American economy’s recovery from the Chinese virus pandemic crisis. It would raise taxes on businesses, large and small, and on the “rich,” and end up damaging capital creation and the kind of investment that allows businesses to create jobs and raises people’s personal incomes. Higher taxes would also make American companies a lot less competitive. Biden says he also wants to impose new regulations, one of which is forced unionization, which means you would have to join a union in order to work. Where the hell does Biden get off thinking the federal government can force private sector businesses to allow unions to come in and ultimately raise of the cost of products or services. This asinine policy alone would lead to European-style stagnation.
Democrats are stuck on the old model of “make my constituents jealous of other people and tell them that I will help them get even with those who have more than them if only they vote for me.” They continue to do this even at the expense of the entire economy.
Biden keeps saying that he will raise taxes on anyone who earns over $400,000, because they must “pay their fair share.” Of course, this is yet another blatant Biden lie.
According to IRS data, with the latest data available, the top half of taxpayers pay 97 percent (97%) of all income taxes. The top 1% of wage earners pay 38.5 percent of the entire federal income tax burden. When the top 1% of anything pays 38.5% of the entire bill, I think we can safely say that they’re paying their fair share and Joe Biden is full of bullschtein.
The top 5 percent of wage earners pay 20.7 percent of the entire federal income tax burden.
By contrast, the bottom 50 percent of wage earners pay 3.1 percent of the entire federal income tax burden. That means half the country pays a teeny weeny, itsy bitsy, minute percentage, and they scream that the rich should pay their fair share. And sleazy politicians like Joe Biden give the losers credibility. And they are the people who use up most of the government services that everyone else pay for.
What liberals never understand is that the rich are the ones who support everyone else’s lifestyle, and should be left alone to do their thing for the most part. Sure, they shouldn’t be allowed to break the law, but they also shouldn’t have government accusing them of committing some crime simply because they earn more than others who don’t produce as much.
If you don’t think the rich support your lifestyle, then you have no idea about how business and economies work. I know you guys get it, but throw this at your liberal friends the next time they say the rich are evil. Tell them that the rich support their lifestyle. After they blow a gasket, point out to them that if they’re reading this story, they can only be doing it on a PC, laptop, tablet or mobile phone. Let’s take a mobile phone. They didn’t create their phone. Some rich person got the idea to build a mobile phone. They put their own money up, hired people to design and build it, and through their efforts, you now have a cell phone that allows you to read my stories online. You don’t even have stock in their company and yet, because of that rich guy, you get to buy a phone that’s affordable.
From the clothes you wear to the cars you drive and the gasoline you buy to fill it up, from the food you eat to the medicine you take to make you well again, those things are all created because some rich person had the idea to create them and through their efforts you get to have the lifestyle you enjoy. You don’t even know the people who did this for you and yet you allow Joe Biden to trash them, and you go along with it.
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