WSJ: Harris’s Economic Plan Is Bidenomics II

“More spending, more taxes, more regulation, more government.”

ICYMI: The Wall Street Journal Editorial Board just pulled the curtains back on Kamala Harris’ ‘holistic approach’ to addressing the economy- and you may have heard of it. 

“If you loved Bidenomics, she’s your candidate,”the WSJ Editorial said. Taking a page from none other than Joe Biden’s playbook, Kamala Harris’ plan appears to be plagiarized pushing Bidenomics part two. 

“Higher taxes to make “corporations and the wealthiest Americans pay their fair share.” 

• Harris endorses the $5 trillion tax hikes in Biden’s budget
• Her ‘plan’ includes a 25% tax on the unrealized capital gains on top earners. 
• She calls these “commonsense tax reforms,” even though they’d be the biggest tax hike in history.

“New and bigger entitlements.” 

• Harris wants to revive Build Back Better, a “plan that failed in the Democratic Senate to support entitlements for child care, preschool, long-term care and paid leave. No costs attached, but figure it in the trillions.”

Income redistribution branded as ‘tax cuts’ 

• Revival of the March 2021 Covid bill’s $3,600 child tax credit, a new $6,000 credit for families with newborns, and tripling the earned income tax credit for childless adults. 
• She calls all these “tax cuts,” but they are income redistribution through the tax code and welfare since they go to people who don’t pay taxes.

Taxpayer-Funded Housing Subsidies

• Her government subsidies would be conditioned on rules that require localities to “cut red tape” and developers to employ “innovative building and construction techniques.” This is a euphemism for putting the feds in control of local zoning and building codes. Will new homes have to come with solar panels as they must in California?
• She also proposes a $25,000 grant for first-time homebuyers, which would fuel increased demand and higher prices. 
• Her proposal to use the tax code to impose nationwide rent control, though she expressly threatens to use antitrust action against landlords who “dramatically raise rents.”

More student loan forgiveness. (Yikes!!)

More government control of healthcare. 

• She’d expand and make permanent the Inflation Reduction Act’s (IRA) sweetened ObamaCare subsidies, which are set to expire in 2025.
• ObamaCare plans are tightly regulated, which has reduced choice and competition. She wants to do the same to employer plans in part by imposing a $2,000 cap on their out-of-pocket drug costs. The result will be higher premiums. 
• She also proposes to “accelerate” the IRA’s Medicare drug price controls, which will slow bio-pharmaceutical innovation. [driving up costs of prescription drugs] 

Price controls. 

• She will “revitalize competition” by “investigating and prosecuting price-fixing” and passing “the first-ever federal ban on price gouging” for groceries. This means Elizabeth Warren acolytes in her Administration will dictate egg prices in Racine, Wis.

She promises to “prevent misclassification of employees, and override so-called ‘right-to-work’ laws that prevent workers from freely organizing.” 

• Where’s the media misinformation police? State right-to-work laws give workers a choice of whether to belong to unions. Her labor model is California, which has banned most freelance work.

More green-energy largesse. 

• More subsidies for solar panels and EVs on top of the $1.2 trillion already in the IRA pipeline.

Sound familiar? We cannot afford four more years of Bidenomics which has driven our economy into a steep decline, we must bring back MAGANOMICS.