As I write, this week seems coming down to a hinge point for the administration of President Joe Biden. Bill McGurn calls it “Joe Biden’s lose-lose week”, because failure to pass his agenda could sink his presidency, but so could passing it because of the damage to the economy that would follow. He desperately needs to get the House to pass a one trillion dollar infrastructure bill previously adopted by the Senate and to get both the House and Senate to pass the $3.5 trillion reconciliation bill that is his vehicle for the massively transforming Build Back Better agenda of socialism.
On the BBB, he gave a speech last week that could have been delivered by avowed socialist Bernie Sanders. It represents the whole Biden presidency, but it’s even more transformative than that–it’s a complete rejection by Biden of the U. S. economic system and his reference to “40 years” is a dead giveaway to the real political purpose of the plan which is to eradicate Reaganism forever. The degree of economic illiteracy being demonstrated by these people in this proposal is breathtaking and, worse yet, fraudulent. And the shame of it is that apparently it’s OK with at least a plurality of the American people. How is this possible?
First, it’s being sold as a hand up for the struggling “working class”, when it really is full of new entitlements and subsidies for the upper middle-class with annual incomes of six figures or more, which is central to the Democratic plan to hook the middle class on government dependency that cannot be reversed. Second, economic illiteracy is not limited to members of Congress and the governing class; there is plenty of it among the populace at large thanks to our woeful education system. Third, and maybe most significantly, as Andrew McCarthy has so well noted several years ago, “once you abandon the constitutional moorings on the use of federal power, once you accept a wealth distribution system in which government becomes the arbiter of ‘social justice’, the ball game is over. If government is given license to even the scales between the haves and have-nots, the political incentives to even them will be constant and overpowering. Enough will never be enough”.
If this Biden economic overhaul succeeds, we are a different country.