As RedState has reported on several times over the last few months (see here, here, and here), the current inflation woes are hitting the middle class hard. Prices are up nearly across the board, from groceries to just about anything that contains wood or metal. Things are so bad that historical milestones have been reached in terms of the percentage of year-over-year inflationary growth.
Of course, the cost of gasoline has also climbed at an incredibly fast rate, and while some of that may be due to general inflation largely due to government spending, most of the rise is a direct result of the policies implemented by Joe Biden and his administration. From canceling pipelines to shuttering oil and gas leases, the United States is once again dependent on foreign oil and that has translated to the cost of gas nearly doubling in many parts of the country.
But no worries. Joe Biden has a plan to help you out, and it includes taking even more of your money. I’ll explain after the clip.
In response to spiking gas prices, Biden vows to raise taxes on gas companies $90 billion/year pic.twitter.com/FLWfxU5vQC
— Tom Elliott (@tomselliott) July 7, 2021
Do you know what happens when you raise taxes by almost $100 billion on oil and gas companies while we are already in the midst of a cost explosion? The price of energy, whether gasoline or electricity, skyrockets even more. Does that sound like something that’s going to help out the middle class? And how exactly is that part of a “build back better” agenda?
Biden touts this proposal as a way to pay for “child-care tax credits,” which seems like a pretty big redistribution of wealth from working-class Americans to rich urbanites who currently pay $1500+ a month for daycare. Ask yourself who uses the most gasoline in this country. The answer is truck drivers, construction workers, delivery drivers, home-health nurses, and a variety of other blue-collar professions. Meanwhile, those who use the least gasoline are wine-sipping liberals in urban enclaves that take the subway or ride a bike to work. In other words, what Biden is proposing is just another payoff to his chosen demographic of far-left ideologues.
Honestly, this proposal is insane. People are already hurting enough. Further, anyone with a pulse knows the government is absolutely terrible at managing money. If they take $90 billion out of the economy in new taxes, you can expect to get a fraction of that in benefits back out, and even then, only to a very targeted group of people. The rest of the money will be sucked dry by the bureaucratic state as always.
I truly do not understand the left. It’s one thing to be ideologically attached to certain ideas, especially in regards to culture, but economics is an objective reality. Higher taxes will be passed onto consumers and that’s a certainty when it comes to a commodity that almost everyone buys like gasoline. Past that, a slowing economy due to said higher taxes will harm everyone, but especially the poor and middle class. So why do this? Just to create a crisis to use for political gain? That’s the only explanation I can come up with.
Sources: RedState: Joe Biden Vows to Screw You Over Even More