"Biden’s platform is a risky love letter to social justice warriors and those who believe capitalism is the root of all evil.
For starters, Biden wants to increase the corporate tax rate. The Hill cited an economic study by Kevin Hassett and Aparna Mathur which concluded that corporate tax hikes lead to a substantial decrease in wages and spending, and spurred businesses to move out of the country.
That’s not what we need, especially as a report by Yelp found that 60% of businesses around the U.S. that shut down due to the coronavirus will remain closed forever.
Biden has big plans for spending, some $5.4 trillion for universal pre-K, free community college, clean energy and other programs. The wealthy will foot the bill, thanks to eliminating the Republican tax cuts and making the rich “pay their fair share.”
But a look at data released by the Congressional Budget Office analyzing 2017 household income shows that the top 20% of households already pay 87.1% of federal income taxes and 69.2 % of all federal taxes; and the top 1% of households pay an average income tax rate of 24.4% while the middle 20% of households pays an average income tax rate of 3.3%.
Biden has also pledged to create “one million new, well paying jobs in the American automobile industry” — a neat trick following massive job cuts in recent years by auto manufacturers. Part of the reason for those cuts can be traced to a decline in global light vehicle sales, fueled by drops in demand in China and India. As the global economy has taken a wallop due to the coronavirus pandemic, one wonders how demand will shoot up to the point that job cuts can be reversed, and jobs added.
Most disconcerting is that Biden’s platform is a potluck of agendas pushed by far-left party members such as Bernie Sanders and Alexandria Ocasio-Cortez. Sanders and Biden hashed out a Progressive Unity Platform this summer, and AOC joined other progressive lawmakers in telling Biden who he shouldn’t have in his Cabinet.
The Herald then explains why they are endorsing Trump:
All this, of course, ignores the fact that pre-COVID-19, Donald Trump’s economy was going gangbusters. Last year, the jobless rate dropped to 3.5%, its lowest reading in 50 years. The jobless rate for Hispanics hit a record low of 3.9% in September 2019, while African Americans maintained their lowest rate ever, 5.5%, according to CNBC.
The Dow hovered around 19,000 when Trump was first elected — last year it hit above 26,000 — good news for everyone with a 401(k). Trump didn’t spend his way to a robust economy — he cut regulations and got tougher with trade negotiations.
He’s against defunding police, for holding China accountable for COVID-19 negligence and putting America first on trade, defense, the courts and, again, the economy.
He’s what America needs right now, decisive action to get us back to pre-pandemic strength — not an unfeasible spending spree in the name of a progressive utopia.
The Boston Herald endorses Donald Trump for president."