Thursday, April 29, 2021
PTM: Jobs, jobs, jobs!
"Jobs jobs jobs" seemed to be the theme of President Biden's speech last night, and... well, did anyone else find themselves thinking about this?:
On the substance of the speech, there was a lot to like. I worry, though, about the $6,000,000,000,000 (6 trillion) price tag of the initiatives he proposed. He talked about offsetting tax increases (and I am fine with that), but only described $40,000,000,000 (40 billion) of tax revenues to offset the cost.
Trump's tax cuts were a mistake because they increased income inequality and bloated the deficit. Biden's spending will close the income gap, but will also increase the deficit. That's a serious consideration that was not addressed in this speech.