by Tom Luongo, Tom Luongo:
I was into pain reduction and mind expansion, but what I’ve ended up with is pain expansion and mind reduction. Everything hurts now, and nothing makes sense.“
— CARRIE FISHER, POSTCARDS FROM THE EDGE
So, Davos finally got the mini-me version of Build Back Better through a deeply divided Senate over the weekend. It’s a terrible bill and will be a worse law, but at least it’s only about 12% of the original cost.
I guess it’s true what they say, the US must be broke, even new layers of tyranny are cut-rate at this point.
Whatever happened to dreaming big?
It’s all you can do now but to laugh, right? Nothing in D.C. is what it seems, like having lawmakers who work for Americans and the betterment of America. While this has been clear to me for what feels like my entire life, there is still real resistance to this concept.
No, folks, Chuck Schumer doesn’t work for you. He doesn’t work for Wall St. (except when the pay him) and he doesn’t work for the labor unions or anyone else. He works for globalists and foreign actors whose raison d’etre is the destruction of your life and your family’s future.
That’s what this bill is intended and will do when finally enacted.
I was asked by Sputnik News to comment on this last week and the article is now out in the world. The main point of this is the one I’ve been making for more than a year now about Build Back Better, as blackmail to the Fed:
“This bill is another lame attempt by Democrats to force the Fed to stop raising interest rates by saddling them with new spending which it would have to monetize, similar to last year’s Build Back Better,” argued financial and political commentator Tom Luongo. “What this is is pure pre-midterm electioneering. The Democrats need something to campaign on.”
Thankfully it’s so small that a few billion in spending next year isn’t going to change much. But what will change is that the Democrats and their Davos paymasters have finally gotten two things they were desperate to saddle the U.S. economy with:
- 80,000 more IRS agents to increase tax compliance
- 15% effective minimum corporate tax rate
Davos’ obsession is with tax normalization. They want everyone taxed like they tax the French and the Swedes.
And then they want 100% compliance through Central Bank Digital Currencies (CBDCs) where there is no escape from their 24/7/365 surveillance. The US needs to be brought in line to pay its ‘fair-share’ of the Climate Change crisis.
The sad truth is that too many people in this world actually believe this utter bullshit.
Beyond the creeping and creepy Marxism in all of this is the inherent problem with this model for a society. Innovation comes from capital fluidity and flexibility. It is the ability of people to adapt quickly to changes in their environment that leads to prosperity and growth, not distributing resources on an arbitrary definition of equality.
That system’s inherent tend towards entropy leads to where we are today, insane marginal tax rates subsidizing people who vote themselves largesse from the public treasury. To remind everyone, in Marxist-like reductionist terms, if there are only two classes of people, as Murray Rothbard pointed out, those two classes are tax payers and tax consumers. Once the system turns this predatory where it needs a majority of tax consumers to survive off the tax payers all productivity eventually stops, looting via corruption is maximized and the only ones making ‘bank’ are the enforcers and the ‘corpse-feeders.’
… until the whole engine of the economy stops cold. But, truly I’m not invoking Ayn Rand here.
The belief that we can push this dead whale of an idea, communism, much farther up the beach isn’t reaching critical breakout mass, it’s reaching its mathematical limit.
What’s clearly going on here is that the Democrats needed a win to go into the mid-terms with to shore up their base. At the same time GOP establishment was more than happy to ‘oppose’ it to fuel their election strategy and fundraising while vowing to try and repeal it (which they can’t) when they gain control of the country post mid-terms.
This bill will do nothing to alleviate shortages and supply chain disruptions caused by COVID lockdowns, Biden’s executive orders and ESG/DEI arm-twisting of companies to ‘get woke.’ While they’ve engineered a recession, you’d swear their allergy to saying the word would lead to summoning an Elder God because this is some Lovecraftian nightmare world.
They’ll be happy to summon that image up after they can blame things on the GOP, at least that’s what Schumer is thinking. The issue is that you can’t solve cost-push inflation with raising interest rates. But, at the same time, have zero cost-of-capital in the US doesn’t fix anything that’s broken either.
So, after this brief interruption, while we have a bustlet after a massive boom in commodity prices, expect things to get worse for the average tax payer going forward as real-world inflation will continue while Pelosi, Schumer and the rest of the aliens on Capitol Hill assuring us they are still our friends, restrict our choices and make us feel guilty for still breathing.
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