by Joe Siano
The Biden Administration has unveiled its economic agenda with pledges to reduce income inequality and spread wealth. It is committed to “increased federal spending”. Meanwhile the justice hungry AOC faction is sharpening the cutlery to carve big, juicy pounds of flesh from America’s Fat Cats.
Given that Republicans, the supposed party of fiscal restraint, have notoriously upped
federal budgets and debt with reckless abandon for decades, it is incumbent that Team Biden to go big or go home.
They certainly cannot trot out a piddling $600 per person stimulus like Dubbya in 2008. Even Michelle Obama understood that $600 was barely enough to buy a “decent pair of earrings”. (It’s interesting how the party of the “little guy” considers $600 as the entry price for decent earrings or $58 as a reasonable price for a sweatshirt.)
As a political non-partisan, and in a spirit of public service, I
offer this fun and exciting plan. It will quickly level wealth distribution, put big stimulus
money in the pockets of ordinary Americans and stick it to the rich. Let’s play
The game is simple. It begins with a wealth tax like in California.
Each year every American – man, woman, child – legal or
illegal:
1.
Prepares a statement of net worth, which would require valuations of assets like collectibles, real estate,
jewelry, art, securities, bank accounts and all other property
2.
Subtracts the equity in their primary residence from the total assets
If your total adjusted net worth is less than one-million dollars the
Federal Government will “top you off” up to a million dollars. Congratulations, you ae now a millionaire!
And so is your significant other!
And so is each of your kids!
On the other hand, should your net worth be over a million
dollars, here is where AOC with her carving knives gets busy. Her minions will slice away “excess” wealth until
each and every American is brought up or down to the one million dollar mark.
But wait there’s more!
You may qualify for a Social Justice Intersectionality Compensation Bonus
(SJICB). Any individual who has suffered exploitation,
abuse or psychic harm from the White Male Heterosexual Patriarchy will receive
an extra 10 percent ($100,000) for
belonging to each of the following historically oppressed classes.
·
Female (biological) - $100,000
·
Person of Color (excluding Asian) - $100,000
·
Descendent of enslaved peoples - $100,000
·
LBGTQ - $100,000
·
Spanish language or culture - $100,000
·
Islamic - - $100,000
The more that your people have suffered, the more you make. If you had zero assets and fit into all of the
above categories, you could get whopping $1.6 million. It’s only fair.
And The Goose Never Dies.
You ask, what if I spend all of my money and wind up broke
again? No problem. No worries.
We’ll do this again next year. And the year after and after and after……. The Goose Who Lays Golden Eggs is immortal.
And here is the Keynesian kicker to the plan. By imposing no incentives to save, only to
spend, aggregate demand will be stimulated and the economy roars like a Formula 1
race car.
Spoilsports may object:
·
The “rich” do not have enough cash assets to spread
this thin.
·
To raise the required cash, the “rich” must make a wholesale sell-off of productive assets – triggering a crash in
equity markets
·
The equity crash will severely diminish the amount
of the money that the “rich” have to be confiscated. Soon they have nothing left to invest in capital replenishment let alone research and innovation
· Once there is nothing left for the rich to give,
the Fed must create new money to sustain the Who Wants To Be A Millionaire program
· Heightened consumer spending, disincentives
to save or work, plus Fed money creation will result in hyper-inflation. Thus, though you may be a millionaire, a loaf
of bread or a gallon of milk may cost $1,000. You will be even poorer than
when the game began.
To which the Biden economic team will replay: “Malarkey!”
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"Half
the people are stoned and the other half are waiting for the next election.
Half the people are drowned and the other half are swimming in the wrong
direction."
- Paul Simon
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