Be very wary of big government socialist spending scams paid for by “that rich other guy.”
Once in place, these programs will stick you with the tab and bankrupt America’s future.
IRS Bank Snitches and Scavengers
Far-left Democrats desperate for revenue to offset trillions in planned spending think they may have found a solution lurking in more than 124 million U.S. bank accounts. . .including yours.
A stealth provision in the House Ways and Means Committee’s $5 trillion spendathon proposal earmarks $80 billion in new funding to hire an army of new auditors to review every American’s bank account above a $600 balance, or with more than $600 of transactions in a year.
Although the Biden White House has said it’s open to lifting the threshold to $10,000, the data dive would still apply to nearly every active checking account. A retiree collecting $1,200 a month in Social Security would clear the bar easily, as would a student splitting rent in a cheap city apartment.
According to the American Bankers Association, this will mean that “self-employed contractors who buy materials and install them for customers will commonly have gross inflows and outflows that far exceed the income they earn,” plus would turn up countless false positives requiring costly IRS harassment defenses.
An even greater threat is that politicians will most assuredly seek to use this information to control how you save and spend your own money.
Deadly Federal Entitlement Addiction
Also be assured that insatiable progressive appetites for more “equitable” entitlement redistribution of private savings and sweat prosperity will not end well for either you or our nation.
Whereas the Biden budget bust proposes to spend 24.5% of U.S. gross domestic product on average over the next 10 years, federal government revenues are projected to rise only to 19.7% of GDP by the end of that period as rising deficits from two of the largest entitlements, Social Security and Medicare, already head toward exhaustion.
On top of this crisis, the Democrat plan would add $300 billion to Medicare entitlements which will expand automatically without requiring an annual appropriation by Congress … plus simultaneously reduce the Social Security eligibility age to 62.
Buried in Biden’s new “Build Back Better” entitlement spendathon is a power grab to create a sweeping federal authority takeover of formerly state and local roles including childcare, elder care, prekindergarten and community colleges.
Progressives know that such entitlements, once created, are almost impossible to repeal.
Although they are typically renewed every five years, all states will inevitably have to use their own revenue to support these non-“paid for” federal mandates, as happened with the underfunded Individuals with Disabilities Education Act passed in 1975.
Duplicitous Debt Ceiling Deceptions
With the U.S. national debt already near its statutory limit of $28.4 trillion, Democrats hoping to raise the ceiling — enabling them to add on many trillions more — are blaming Republicans for preventing the government from defaulting on its financial obligations.
While claiming helplessness to raise the federal debt ceiling without Republican votes, Democrats know full well they can pass anything they want in the House.
Senate Dems have 50 votes, plus the vice president, to pass anything budget related through reconciliation. The GOP can’t filibuster such profligate budget bills — a fact Democrats are certainly counting on to drive the country trillions deeper into debt to finance their infrastructure road to socialism.
Yet according to Socialist Senator Bernie Sander’s miraculous math parroted by Joe Biden, the costs for passing the largest spending reconciliation package in U.S. history is “zero.”
Democrat Majority Leader Chuck Schumer’s claim that “Every major program that President Biden has asked for is funded in a robust way,” fails to acknowledge that lurking under his party’s stack of pork-larded kitchen sink spending proposals are more than $3 trillion in tax increases.
Democrats are resorting to budget gimmicks that disguise more than $5 trillion in actual spending into a budget window that disingenuously proposes to be repaid with 10 years of tax increases on businesses and affluent individuals which produce only slightly more than an estimated $2 trillion in new revenue.
Many of those “rich folks” are corporate shareholders who pay a double tax, including investors who live in places like California and New York City, where the combined federal, state and local tax rates would reach 56% and 58%.
Nevertheless, Joe Biden has supposedly comforted us to say: “These steps will enhance our productivity — raising wages without raising prices. That won’t increase inflation. It will take pressure off inflation, give a boost to our workforce, which leads to lower prices in the years ahead.”
He’s very wrong.
The Biden proposal will hit families with average incomes as well as the wealthy. Like, for example, a household that invests in and holds an asset that “appreciates” in inflation value over decades even if its real value stays the same.
Digital Money Manipulation
The Federal Reserve plans to consider the idea of launching a U.S. digital currency presenting strong incentives to simplify society for the purpose of social control over the nation’s entire financial system.
Imagine, for example, your digital balance shrinking slowly over time to motivate rapid consumer spending … or the Fed blocking payments to politically disfavored businesses as is already occurring through politicized social equity and environmental policies to mitigate “climate-change risk.”
In combination with IRS spying on our bank accounts, political weaponization of a Fed-controlled digital currency will lead to a financial and economic panopticon of Orwellian consequences.
Just how bad can we expect this Monopoly money disaster to become?
Maybe consider that in but eight months, this same bungling Biden White House bunch has: intentionally terminated America’s recent independent fossil-fueled prosperity; spiked inflationary gasoline, food and commodity costs; and has described the insanely soaring number of illegal southern border crossings as merely “seasonal,” and the Afghanistan withdrawal debacle a resounding success.
Shudder to contemplate what they might accomplish in three-plus more years.
Larry Bell is an endowed professor of space architecture at the University of Houston where he founded Sasakawa International Center for Space Architecture and the graduate space architecture program. His latest of 10 books, "What Makes Humans Truly Exceptional," (2021) is available on Amazon along with all others. Read Larry Bell's Reports — More Here.
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