Today’s reminder that electing Joe Biden will cost you big time: On top of his vow to reverse the Trump income tax cut on day one, here’s a round-up of some of the recent instances of Biden vowing to double (or more) the capital gains tax, which would devastate investors and retirees, and obliterate business expansion and American job creation.
Biden is also vowing to make all cars zero-emission by 2035. At the risk of quoting his former boss, that’s going to take a magic wand. Or more likely, making every American too poor to buy a car.
And I feel I should point this out, since it tends to get lost in all the larger insanely bad economic ideas Joe is haltingly reading off his TelePrompter these days: he wants the government to subsidize Americans trading in their cars on new low-emission vehicles. Sound eerily familiar?
That’s right: among all the other failed ideas of the past that “progressives” want to resuscitate is Obama’s “Cash For Clunkers” program. That cost taxpayers $3 billion, and studies since found that it had a negligible effect on stimulating the economy or car sales (most of the money went to people who were already planning to buy a car), a slight effect on carbon emissions (but not cost-effective), and it harmed charities that resell donated cars and poor people who buy used cars because the government took so many older cars off the market and crushed them.
It’s one of those ideas that are so embarrassingly bad that most people would say, “Let us never speak of it again.” But those are the kind of ideas that tend to be repeated over and over by the left. It’s their most popular form of recycling.