Commentary

It’s hard to believe that it’s been 32 years since Jim Carville, the colorful Democrat strategist, coined the phrase, “It’s the economy, stupid,” while working on Bill Clinton’s 1992 presidential campaign, but it’s still applicable today.

Ironically, Carville’s phrase was originally directed at Clinton’s campaign workers for them to focus on, but eventually became a de facto slogan for Clinton’s campaign.

Lately, the curmudgeon-like Carville has again been approached by the TV networks at his Louisiana home to support the Harris-Trump campaigns.

Harris’s Economy

When she is questioned about steps she will take to improve the economy on Day One, she needs to queried as to why she hasn’t already proposed them as Biden’s number two for three and half years.

In response to CNN’s Dana Bash, Harris said that it was first necessary to recover after the Trump presidency.  You may recall that President Biden falsely claimed he had inherited the worst economy since the Great Depression.

The economy was recovering nicely in the first quarter and knowledgeable individuals believed he just needed to let it unfold, but in March 2021 he used Covid relief as a pretext to pass $1.9 trillion in new spending. Stimulus handouts encouraged the unemployed not to return to work.

Spending continued with the $280 billion Chips Act and the $1.2 trillion misnamed Inflation Reduction Act (IRA).  Harris not only cast the tie-breaking vote for the IRA, as senator, she co-signed the Green New Deal, that benefited greatly from IRA funds.

By now you no doubt have heard that the administration’s plan for electric vehicle charging stations is so far behind schedule that its zero emissions goal is doomed. The same goes for retrofitting existing buildings to full energy efficiency, replacing lead pipes and other green fantasy projects.

While Harris kept saying “Bidenomics is working,” she is now touting what she is calling her “Opportunity Economy,” in which she claims “where everyone has a chance to compete  to succeed.”

What Democrat program doesn’t include handouts? Harris proposes giving first-time home buyers $25,000 for use as a down payment.  And let’s not forget, she said, “we can create an earned pathway to citizenship” for millions of illegals.

Campaigning in New Hampshire Wednesday, she unveiled her ploy to buy votes from small business men and women with her plan to provide low and no-interest loans to those who want to expand.

I had to laugh when she said she would cut red tape because the Biden-Harris administration has been notorious for its increased regulations.

Finally, her promise to make the tax code fairer, sounded great, but she has never seen a tax she didn’t like.

“Imagine the nerve it takes to run like this, acting as though you didn’t create the problems,” said Trump’s running mate J.D. Vance, “but hey, now you’re going to solve them.”

After reviewing the transcript of her New Hampshire speech, I found that the word “inflation,” was never mentioned, nor were the high costs of gas at the pump, grocery items at the supermarket, and even services.  She doesn’t get it – it’s the economy, Kamala.

Paying for It

More taxes.  Even the left-leaning New York Times reported last week how Harris  “quietly rolled out her most detailed, far-ranging proposal yet: nearly $5 trillion in tax increases over a decade.

She would increase the corporate tax rate to 28 percent from 21 percent causing  corporations to consider moving to more tax-friendly countries. The European average is 21 percent.

In New Hampshire, she again said, “billionaires and big corporations must pay their fair share in taxes,” because Democrats believe middle and lower-class voters like that.  But American voters aren’t stupid.  They know who creates the jobs.

You need to know that the top one percent of earners in America saw their percentage of total income taxes collected rise from 50 to 60 percent of the total in 2022; the largest share of taxes paid by the rich ever.

Harris Econ 101 and You

Because you are most likely among the 62 percent (about 162 million) Americans now invested in the stock market, possibly through a 401(k), now owned by 60 million Americans, including Gen Zers, Millennials, Gen Xers and Baby Boomers, you must be aware of Harris’s plans. She’s talking about taxing our capital gains.

Incidentally, when pressed for details of her economics plan, her campaign simply states that they are discoverable in Biden’s 2025 budget proposal, which includes $5 trillion in tax increases over 10 years.

Harris talks freely about repealing the tax law Trump signed in 2017, a move that would mean that millions of Americans will see their taxes go up, but to do so she would require Congressional support.  Making it imperative that the Republicans regain control of the Senate and hold onto to the House.

As early balloting begins, you can expect Harris to introduce additional detail to Kalamanomics, some of which may resemble a Trump-Vance announcement, like no taxing of tips and $6,000 childcare credits.

With most of the media in the tank for Harris-Walz, I highly recommend reading the Trend Report, published by The Dilenschneider Group of New York for objective information on election issues.

As I write this, former President Trump is speaking to the Economic Club of New York.  I’ll try to give you the highlights tomorrow.

May God continue to bless the United States of America