Former Vice President Joe Biden is finally hitting the campaign trail, hightailing it to Michigan for the first time since accepting his party’s nomination. We were provided with minimal but nonetheless, key details, on his economic plan–a plan that would send America straight back to the low growth years of the Obama-Biden administration.
In typical socialist class-warfare style, Biden has already promised to effectively stick it to American business with higher taxes…promising to increase the President’s 21% tax rate on business, to 28%. In addition, he is announcing his intention to level a 10% tax on any U.S. company making products overseas that ship them home. He would, however, offer a 10% tax deduction to companies that make their goods at home…saying,
“I don’t accept the defeatist view that the forces of automation and globalization mean we can’t keep good-paying union jobs here in America, and create more of them,” he said to Michigan voters Wednesday evening. “I don’t buy for one second that the vitality of American manufacturing is a thing of the past.”
Well, that’s a new one!
Because Joe Biden was singing a very different tune in June 2010. Back then, the Vice President told his audience of supporters at a Russ Feingold fundraising event in Milwaukee Wisconsin,
“there’s no possbility to restore 8 million jobs lost in the great depression.”
The New Normal
Meanwhile, at the same time, President Barack Obama was pitching his idea of a “new normal.” Low economic growth, according to the Obama-Biden administration, was just a reality we had to accept.
In a 2010 interview with 60 minutes, President Obama said he worried that we would remain, “stuck in a new normal where unemployment rates stay high.” His administration, including commentary from economic advisor Larry Summers and Treasury Secretary Jack Lew, indicated that two percent real GDP growth was simply the new normal for the U.S. economy. (Granted, the Obama economic team didn’t even quite hit that on an annualized basis.)
Yet, as the Obama-Biden White House tried to sell the American public on this “new normal,” the theory didn’t resonate with voters.
And then, along came Donald Trump. Promising to “Make America Great Again.” It was a message of hope…and, after eight years of despair, Americans were willing to overlook a lot of things…for the belief in a better future.
Inherently, we are all optimists. Americans want something to vote FOR – not AGAINST.
Trump Incites Obama-Biden’s White House Wrath
Trump’s promise to reignite the engine of American growth was something Obama’s team scoffed at, with Obama saying in 2016 during a PBS Town Hall event that automation and off-shoring to cheaper labor sources had effectively resulted in a structural change to the U.S. economy that could not be undone. “Some of those jobs of the past are just not going to come back,” he warned. Then, directing his comments at a then-candidate Trump, Obama insisted, “When somebody….says he’s going to bring all these jobs back, how exactly are you going to do that? What are you going to do? There’s no answer to it. He just says, ‘I’m going to negotiate a better deal.'”
“What magic wand do you have?” asked President Obama.
Because trade deal, tax policies, regulatory polices? They. All. Matter.
Under the Trump Administration’s pro-growth economic agenda, prior to Covid-19 shutting down our economy, 480,000 MANUFACTURING jobs were added…(following two decades of losses.) The gains on a percentage basis surpassed every President’s first term since the 1970s.
Meanwhile, unemployment fell to its lowest level in 50 years — with the levels of unemployment among black Americans, women, and hispanics all plunging to the lowest levels on record.
Biden’s Revisionist View of His Own Economic Beliefs
Perhaps, what strikes me the most in listening to Biden in Michigan, is his brazen willingness to forget his past… he got up on stage and delivered a political message promising to bring back more manufacturing jobs….the same guy that tried to convince us to get over it those jobs were gone for good.
Those jobs are back. Let’s make sure we have the right economic team in place to make sure we don’t lose them again. We need government out of the way so Americans can do what we do best: create, invest, and prosper.
This is the way to secure better access to the American Dream for all… employ the right policies to ensure opportunity.