I have not said anything about the Biden administration. I knew it would be bad, but it is greatly exceeding my expectations. It makes Obama look like a JV play.
It took until June, but Bernie and Elizabeth finally popped up. Bernie with a dream list of progressive pork and Liz with nominees to obstruct or restrict every damn thing.
The Biden administration and its progressive hangers-on are providing a master class on “How to Be an Anticapitalist” and suck the air out of the economy.
Start by paying people to do nothing—1.8 million workers, according to a recent Morning Consult poll, have turned down jobs due to generous unemployment benefits, including an extra $300 a week from the federal government in some states. Meanwhile, Burger King is offering a $1,500 signing bonus.
Anticapitalists then shut pipelines (except Russian ones) and suspend drilling leases in parts of Alaska, helping send oil prices above $70. The government says it wants to limit carbon emissions, but then it squashes better energy options like nuclear.
An anticapitalist would next restrict capital formation, so President Biden has proposed raising the top capital-gains rate from 23.8% to a punitive 43.4% and the top individual income-tax rate to 39.6%. Mr. Biden also wants to waive Covid vaccine patents—making pharma companies think twice before investing in new drugs—and is even pushing a series of antitrust bills that could reverse mergers, like Facebook’s 2012 purchase of Instagram, as if that would do anything good for the economy or consumers. Nothing is safe.
Add the Federal Trade Commission’s roadblocks to mergers. It worked hard to block early-cancer-detection pioneer Grail’s merger with genome- sequencing firm Illumina, now on hold as it lets the European Commission investigate. This is moronic. If you or a loved one is diagnosed with late- stage cancer in five years, the Biden administration could be to blame. Without meddling, Grail may have found it earlier, when it was still treatable.
Anticapitalists in Congress are pushing $3.5 trillion in spending unrelated to infrastructure with an Orwellian sleight of hand by declaring it “human infrastructure.” Big surprise, it is larded with climate provisions and other progressive party favors.
Then anticapitalists limit speech, open the borders, mess with education (math isn’t about getting the right answer anymore), ruin healthcare, and defund the police, causing crime rates to rise. Cities and suburbs have homeless encampments and brazen daytime crime. San Francisco shoplifters limit themselves to a total haul worth less than $950 knowing that the cops won’t stop them if they commit what 2014 California ballot proposition redefined as a misdemeanor.