WHAT BIDEN SAYS


I have long believed that no problem cannot be solved with more government spending, higher taxes, and more federal regulation.


WHAT BIDEN SHOULD SAY


I now realize the federal government does not have a revenue problem; it has a spending problem. Raising taxes is not a feasible solution.


regulatory burdens on labor and capital. Government should refrain from punishing success or rewarding failure. The more people benefit from the


fruits of their labor and from investing their hard-earned money, the more they will do of both — generating higher growth and across-the-board prosperity for everybody along the way. As my father always said, “Joey, a


job is about a lot more than a paycheck. It’s about your dignity. It’s about respect. It’s about your place in your community.” My simplified tax proposal will


lower rates and respect the dignity of work and the vital role of saving and investment in our free market, capitalist economy. I also call upon Congress to repeal


the radical climate tax credits and subsidies enacted just last month. Congress should then repeal the tens of billions of dollars of corporate welfare recently lavished on Silicon Valley.


Although it has taken me decades


to realize this, I now know the federal government does not have a revenue problem; it has a spending problem. In the 21 years since the federal government last ran a budget surplus, federal revenue has more than doubled, yet outlays more than tripled! Raising taxes is not a feasible


solution to the federal spending problem. Why? As Milton Friedman observed:


“Higher taxes never reduce the deficit. Governments spend whatever they take in and then whatever they can get away with.” To avoid the fiscal disaster that


awaits us should we remain on our current course, I call upon Congress to adopt a discretionary spending cap. This will be enforced with automatic across-the-board spending cuts if the cap is breached. I also call upon Congress to work


with me to enact measures for slowing the growth of entitlement spending,


large and small. This means a shift toward workfare and means-testing. If there’s one thing I know, it’s


that Americans are generous people, but they don’t like getting taken advantage of. In addition to fiscal reform,


I commit to changing my administration’s approach to regulation. Effective immediately, I am reinstating Executive Order 13771 to control regulatory costs. This order, first enacted under President Trump, requires federal regulators to repeal at least two existing regulations for every new regulation imposed. Freed from excessive regulatory


burdens, the U.S. economy will rebound. Finally, to promote American


energy independence and fuel economic growth, I am declaring an end to the war on American energy. My administration will expedite permitting and expand leases for oil and gas drilling on federal land. Reopening the energy spigots will flood the U.S. with cheap and reliable energy, jumpstart America’s economic renaissance, and lighten the burden on American families. America’s future depends on our


ability to foster economic growth and prosperity. With prosperity, anything is possible. Thank you, good night, and God


bless.


James Carter is director of the America First Policy Institute’s Center for American Prosperity. He was deputy undersecretary of labor under President George W. Bush.


NOVEMBER 2022 | NEWSMAX 29


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