Richardcyoung.com

The Online Home of Author and Investor, Dick Young

  • Home
  • Debbie Young
  • Jimmy Buffett
  • Key West
  • Your Survival Guy
  • How We Are Different
  • Paris
  • About Us
    • Foundation Principles
    • Contributors
  • Investing
    • You’ve Read The Last Issue of Intelligence Report, Now What?
  • The Great Reset
  • The Swiss Way
  • My Rifles
  • Dividends and Compounding
  • Your Security
  • Dick Young
  • Dick’s R&B Top 100
  • Liberty & Freedom Map
  • Bank Credit & Money
  • Your Survival Guy’s Super States
  • NNT & Cholesterol
  • Your Health
  • Ron Paul
  • US Treasury Yield Curve: My Favorite Investor Tool
  • Anti-Gun Control
  • Anti-Digital Currency
  • Joel Salatin and Alfie Oakes
  • World Gold Mine Production
  • Fidelity and Vanguard Since 1971

Democrats Are in a Bind

August 3, 2022 By Debbie Young

President Joe Biden talks with Vice President Kamala Harris before receiving the Presidential Daily Briefing, Monday, May 9, 2022, in the Oval Office. (Official White House Photo by Adam Schultz)

Democrats do not want voters to forget Donald Trump’s boorish side – his nonstop chaos during his administration, his Twitter rants, his “debasing the presidency.”

Lower Taxes, Lighter Regulations

Democrats also want voters to forget the success of Trump’s pre-pandemic economy – his advancement of the traditional Republican agenda of lower taxes and lighter regulations, writes Jason Riley in the WSJ.

Trump Narrowed Racial Inequity

The upshot was an acceleration in economic activity, higher labor-force participation rates and narrowing racial inequality.

From the WSJ, October 2020

During Trump’s first three years in office, median household incomes grew, inequality diminished, and the poverty rate among Black people fell below 20% for the first time in post-World War II records.

The unemployment rate among Black people went under 6% for the first time in records going back to 1972.

Minorities weren’t the only beneficiaries of this boomlet, argues Mr. Riley.

Between 2017 and 2019, wages for the bottom 10% of earners grew at more than double the rate they did during President Obama’s second term.

Democrats are loath to give Mr. Trump’s tax and regulatory agenda any credit for these outcomes. The economy performed in the main just as administration officials and supply-side economic modeling predicted, continues Mr. Riley.

Lower corporate tax rates were intended to reverse the downward trend in business investment, and following their implementation major companies announced wage hikes, bonuses and 401(k) match increases. In the two-year period after the 2017 tax reform passed, household incomes rose by more than they had in the previous eight years combined.

Why This History Is Important

Democrats, via the Inflation Reduction Act unveiled last week, want to raise the taxes that Mr. Trump cut. No matter what it’s called, the legislation is another tax and spending bonanza that will do little if anything to reduce inflation. But passage could discourage the kind of business investment we saw before Covid. And because corporate levies are borne mainly by employees, higher taxes on businesses can also lead to lower wages and less hiring.

Progressivism Ahead of Pragmatism

Whether the issue is crime, immigration or the economy, Democrats are putting progressivism ahead of pragmatism and believe that the defeat of Mr. Trump in 2020 gives them license to do so.

Donald Trump lost his bid for a second term because the country grew tired of his behavior, Mr. Riley reminds readers. This shouldn’t be confused, however, with Trump’s economic and political agenda.

It might take a midterm shellacking for the left to finally figure out why Joe Biden was elected.

If you’re willing to fight for Main Street America, click here to sign up for the Richardcyoung.com free weekly email.

Related Posts

  • Are Democrats Ditching President Biden?
  • Democrats Don't Want Biden to Run Again
  • Democrats Push Biden to Rule By Decree
  • Democrats Don't Want to Talk About Joe Biden
  • Author
  • Recent Posts
Debbie Young
Debbie, editor-in-chief of Richardcyoung.com, has been associate editor of Dick Young’s investment strategy reports for over five decades. When not in Key West, Debbie spends her free time researching and writing in and about Paris and Burgundy, France, cooking on her AGA Cooker, driving her Porsche Boxter S through Vermont and Maine, and practicing yoga.
Latest posts by Debbie Young (see all)
  • Lack of Demand for EVs - December 8, 2023
  • A Thin Line Between Civilization and Barbarity - December 7, 2023
  • The Viability Snag in EVs - December 6, 2023

Dick Young’s Must Reads

  • V4 Stands Against North African and Middle Eastern Invasion
  • 751 “No-Go” Zones in France
  • What’s the Best Survival Currency?
  • The Butterfly Effect and Chaotic Markets
  • Paris, The Palace Hotels: Part I
  • Florida: Enjoy Certain Freedoms and Individual Liberties
  • You’re Ready to “Make It a Good Month”
  • America’s Number One Patriot: Naples Florida’s Alfie Oakes
  • Why Investors Should Forget Prices and Focus on Income
  • The Clock is Ticking: You Must Protect Your Family

Our Most Popular Posts

  • Too Late to Reform?
  • MAJOR ENDORSEMENT: Tucker Carlson Endorses Donald Trump
  • Who Can’t Afford to Live in NYC
  • Your Key to Retirement Wealth
  • Don't Make Moves You Might Regret
  • Can China Save Itself from a Debt Collapse?
  • Private Jets Stranded in Munich
  • What If the Warmongers Weren’t in Charge?
  • Mob Rule vs Deterrence
  • Stop America's Zombie Apocalypse before It Starts

Compensation was paid to utilize rankings. Click here to read full disclosure.

RSS Youngresearch.com

  • Wellesley Fund: “Balanced Investing Is Dead” (Please Stop)
  • Investing Habits of the Fairly Wealthy: #2 Coach
  • Digital Dollars: A Warning Where You’re the Prey
  • Panama Canal Traffic Jam Could Soon Affect Global Energy Markets
  • Signs the Job Market Is Weakening
  • Don’t Make Moves You Might Regret
  • Ruling: Major Egg Producers Conspired to Drive Up Prices
  • Can China Save Itself from a Debt Collapse?
  • Companies Scoop up Truck Terminals at Yellow’s Bankruptcy Auction
  • Your Key to Retirement Wealth

RSS Yoursurvivalguy.com

  • Wellesley Fund: “Balanced Investing Is Dead” (Please Stop)
  • Do You Have a Plan to Protect Your Personal Data?
  • DIRTY JOBS: America Needs Mining Engineers
  • Investing Habits of the Fairly Wealthy: #2 Coach
  • Have All of New Jersey’s Workers Already Moved to Florida?
  • Georgia Accelerates Implementation of Its Flat Tax Plan
  • Digital Dollars: A Warning Where You’re the Prey
  • You Can See Where Big Government Is Headed
  • You Can’t Escape a Digital Dollar
  • Don’t Make Moves You Might Regret

US Treasury Yield Curve: My Favorite Investor Tool

Five Year Treasury Yield

“The Economy Is Buried Under Trillions in Debt”

Lack of Demand for EVs

Wellesley Fund: “Balanced Investing Is Dead” (Please Stop)

Biden Border Crisis Is a National Security Threat

Copyright © 2023 | Terms & Conditions | About Us | Dick Young | Archives