Mazzei Minute: 04/23/21
The economy is booming! Retail sales were up 9.8% last month. The institute of supply management registered record growth numbers for both manufacturing and service sectors, and big banks just reported their highest profits ever.
I love America, capitalism, and the resilience of U.S. workers! It looks like we didn’t really need the blowout $1.9 Trillion Biden spending plan, and we surely don’t need the Biden tax hikes.
I often wonder why liberal Democrats don’t learn the history of economic success. Raising income taxes reduces production and lowering taxes stimulates production.
The Kennedy, Clinton, Reagan, and Trump tax cuts prove that greater production, higher wages, and more government revenue result from lower tax rates. Milton Friedman, the legendary author of Capitalism and Freedom taught, “it cannot be demonstrated to be true by logical consideration” that raising taxes to pay for more government spending (like Biden’s “infrastructure” plan) will lead to economic growth and higher tax receipts.
I guess liberal Democrats and Big Media prefer to dismiss history and logic to pursue their agendas of dependence on their social dictums.