Biden's Economic Roller Coaster
Biden will repeat Jimmy Carter's mistake
By Bob McCray
March 22, 2021
We have been on this roller coaster before; Joe Biden is putting the brakes on our economy and planning to tax the hell out of it. The shutting down of the Keystone oil pipeline, and keeping the country locked down due to the Chinese Pandemic is causing massive unemployment. On top of all this, Biden is allowing a massive number of illegals to cross into the U.S. over the Mexican border. The illegals are the people who will be competing for jobs with U.S. citizens.
Biden has promised a big hike in taxes to pay for his big plans, his administration is looking at corporate taxes, going from 21% to 28%. The price of gasoline is beginning to climb, with estimates of it going up to $6.00 a gallon or more. Corporations in reality don’t pay taxes, the taxes are factored into the cost of a product, they pass the cost onto the consumer. Combined with the increase of fuel cost, it is a guarantee of an increase in consumer cost, which will cause inflation.
This is setting up the same situation faced by Carter Administration; the difference is Joe Biden is creating the problems all by himself. Jimmy Carter inherited a gas crunch caused by the OPEC countries and an 18-month-long bear market. Carter made the big mistake of jacking up taxes and hitting the economy with a hiring freeze. The end result was an inflation rate of 14.5% at the end of Carter's term in 1980.
Joe Biden has an economy that was booming before the Chinese Pandemic slowed everything down to a crawl and now it wants to take off again. The problem is the Biden Administration and Democrat Governors are going out of their way to shut the economy down. The economies in the Republican-run states are recovering and want to get back in gear. The socialists that run Joe Biden and the Democrat Party want the economy to crash, making the people dependent on the government.
We are in a very dangerous time of our history, the socialists want to destroy all of our rights and establish a socialist government. The socialists in Congress, including Pelosi and Schumer, have made it clear, they will stop at nothing in order to achieve this goal.