Biden’s tax increase plan does not make sense from a growth, revenue, or deficit perspective, and it does virtually nothing to address the real problem: ballooning spending on programs like Social Security.
With a new round of panic-induced lockdowns, the situation in Europe is one closely resembling a state of national emergency. Yet the official narrative tells us the European economy is robust and flourishing. Time for a reality check.
The interest control policy is ultimately an admission of “fiscal dominance.” That is, it is increasingly difficult to deny that the state's budget situation is what dictates monetary policy. Now, monetary policy must first serve the interests of the regime itself.
In the long run, economic stimulus creates no shortage of losers. The state’s objective is always to extract as many eggs from the golden goose as possible, only now it's not important to keep the goose alive.
Do huge wealth redistribution schemes like Biden's new plan actually make people better off? Some people will get a net benefit. How how numerous are they? How many millions will take a net loss? The government has no idea.
The nationalists at the Constitutional Convention had so far carried the substance of their program: the creation of a supreme national government and a Congress empowered to veto state laws whenever Congress thought the states "incompetent."