"Extremely American’s 2021 National Economic Review" by EA Student Contributor ML
Extremely American’s 2021 National Economic Review
December 31, 2021: In 2021, the US Federal Government led by Joe Biden’s corrupt and financially irresponsible party managed to break 2020’s year-end spending total. The careless spike in discretionary spending that has occurred over the last year (mostly seen in unemployment checks and untenable low-quality government living assistance in the name of Covid) has resulted in taxation hikes, high projected unemployment, shares of companies being sold at alarming rates and an inflation rate responsible for a dramatic and oppressive rise in the cost of living.
Using the table below (Source: 2021 Bureau of Labour Statistics, usafacts.org, datalab.gov), EA has been able to lay out the failing economic cycle that the Democratic party has imposed on the American people.
1. 2019 saw more individuals in the workforce but less income tax revenue than 2021. This is the first visible economic issue in Biden’s dangerous economy. While President Trump was generating revenue by getting workers into the workforce. Biden is raising taxes to increase collected revenue (taking money straight from your wallet to pay for absurd spending plans).
2. America’s inflation rate is reaching alarming levels. Biden’s extravagant spending bills are paid for in two ways. By raising different kinds of taxes and by printing money that simply hasn’t been generated. As known by millions of educated Americans, printing dollars doesn’t give you more money. It just dilutes the dollar making everything much more expensive. It is worth noting that classical economics teaches us that inflation carries a doubly damaging effect as it produces a disproportionately harmful "hidden-tax-impact" on society's most vulnerable low-income earners - the 2021 year-to-date inflation rate, under the illegitimate Biden regime, has skyrocketed to 5.7% as of November 2021!
3. Next in this sequential order comes higher unemployment. As income taxes increase and everything becomes more expensive, businesses will not be able to retain necessary employee levels. Not to mention with the panic of another variant (Omicron), individuals will lose their jobs as many blue and purple Covid deranged states lockdown in fear of a mostly harmless cold.
4. Stimulus checks for the unemployed and other government assistance programs will be activated. With high unemployment and more lockdowns, unemployed people will rely on government stimulus and assistance. This results in more government spending and more taxation on the American people causing the cycle to repeat.
As a hike in taxation is identified in the table above, many American businesses are seeing a difficult future in keeping their ventures healthy which explains why millions of shares of mid to large sized companies are being sold at alarming rates. This has taken a toll on the stock market in Q4 of 2021 by introducing massive volatility, uncertainty, and unnecessary sectoral rotations.
This year, the Federal Government spent a grand total of $6.82 trillion while only earning $4.05 trillion in revenue. This further submerged the United States $2.77 trillion into debt causing the total national deficit to surpass $29 trillion in 2021. The large $4.05 trillion sum that was taxed away from the American people in 2021, combined with the nearly $3 trillion deficit that was introduced into the national debt are two of the most obvious economic issues (and looming intergenerational threats) in the country that could have been avoided.
In 2021, the pandemic began turning the corner and coming to an end, which is why it was unnecessary to spend such a large portion of the federal budget on Covid relief and financial aid programs. If the Democrats decided to accept the fact that Covid wasn’t worth shutting down the economy, many more individuals would have been employed this year thus not having to rely on government programs. This means that the Federal Government wouldn’t have had to spend as much money on unemployment checks meaning that taxes would have remained lower for the American people.
As 2022 approaches, Joe Biden and his financially corrupt party has already set the budget to surpass $6 trillion. This is a clear display of how Joe Biden plans on spending your money and impose big financial drawbacks onto you and your family. This is just another reason why Americans must stand up for free market capitalism in order to keep their earnings for themselves and their families as opposed to handing it over to irresponsible and dishonest government bureaucrats and career pro-establishment politicians.
By: Extremely American 16-year-old Insider & Canadian-based Guest Contributor ML
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