I wonder if some of those “woke” billionaires who worked so hard to tilt the table to make sure Biden won the Presidency are feeling buyer’s remorse yet, as they watch him go on an unprecedented budget-busting, inflation-boosting, government-expanding spending spree that he plans to pay for with ruinous tax increases? At least some billionaires are already starting to speak up.
Like investment guru Warren Buffett, whose company owns a number of large home builders and manufactured housing providers. He warns that they’re already seeing “substantial inflation” due to pandemic shutdowns and all the money printing in Washington, with the costs of housing materials going through the roof.
How much will that cost the average homebuyer? The National Association of Home Builders reports that over the past year, the soaring cost of lumber alone has added nearly $36,000 to the cost of a new single family home. Too bad we don’t have anyone in the White House with any experience as a builder who might know what to do to mitigate that.
By the way, if you figure you’ll just keep renting for a while until inflation goes away, forget it. Biden’s policies are going to make everything more expensive.
Meanwhile, Silicon Valley investment billionaire David Stewart is warning that Biden’s plan for a big increase in the capital gains tax will harm start-up businesses and discourage businesses from taking risks, like expanding and hiring.
That was denied by the head of the Chamber of Progress, an alliance of liberal tech-based companies that are all for “progressive” policies like doubling capital gains taxes. It should be noted that these companies include Uber, Doordash, Grubhub and others that rely on the gig economy that was nearly decimated by the “progressive” California AB-5 bill that Biden wants to take nationwide under the name “The PRO Act.” Some people never learn.