Joe Biden’s $2.3 trillion infrastructure plan would be many times larger than previous such bills, only about one-third of it would meet even a broad definition of “infrastructure.” …
What could possibly go wrong? A lot. …federal spending would crowd out private and local government spending, with a substantial risk of boondoggles piling up along the way.…
The Biden plan is rife with opportunities for earmarked pork-barrel projects (bridges to nowhere) and crony capitalist corporate welfare (next-generation Solyndras).
Kenneth Rogoff, a professor at Harvard, wrote late last year that governments have a terrible track record with cost overruns.
Not only that, but the United States has a tax system that is more “progressive” than all other developed nations (all of whom also impose heavy tax burdens on upper-income taxpayers, but differ from the United States in that they also pillage lower-income and middle-class residents).
In other words, Biden’s class-warfare tax plan is bad policy.
Today’s column, by contrast, will point out that his tax increases are impractical. Simply stated, they won’t collect much revenue because people change their behavior when incentives to earn and report income are altered.