Biden Would Devastate Our Economy

 

 

From Bloomberg Business Week for Oct 26, 2020:

Trump's H-1B Visa reforms...  to prevent businesses from undercutting wages...  require  employers to increase the salaries of H-1B visa holders...  visas for workers hired by information technology firms will be limited to one year...  to reduce demand for H-1B by 1/3....  a triumph for US workers...  making the cost of employing foreign workers prohibitive....  

The Covid-19 pandemic caused the deepest US recession since WWII...  the economy has roared back...  the government is likely to report that GDP rose an annualized 30% in the 3rd quarter...  a postwar record... remarkable...  Economists... predict stronger than normal GDP growth for the current quarter and all of 2021...  2 things... states ended the general shutdowns...  Congress and the Fed came to the rescue...  consumers... spending has risen for 4 straight months...  housing... the highest (index) since 1985...  Chief Financial Officers are more optimistic now (under Trump)  than they were during the 2009 recession (under Obama).... 

 

Mr. Biden Will ‘Transition’ You Now

He won’t ban fracking. He’ll merely strangle it with regulation.

 

By The Editorial Board The Wall Street Journal

Updated Oct. 23, 2020 8:28 pm ET

Joe Biden committed the gaffe of telling the truth about his climate policies Thursday night when he said he wants to “transition” the U.S. from fossil fuels. The Democratic nominee is admitting that he plans to regulate the oil and gas business out of existence, and Americans soon to be “transitioned” may want to pay attention.

“Would you close down the oil industry?” asked President Trump during the debate.

Mr. Biden: “By the way, I would transition from the oil industry, yes.”

Mr. Trump: “Oh, that’s a big statement.”

Mr. Biden: “I will transition. It is a big statement. Because I would stop.”

Moderator Kristen Welker: “Why would you do that?”

Mr. Biden: “Because the oil industry pollutes, significantly.”

The Biden campaign knew their man made a political mistake because after the debate he tried to backtrack by saying he had merely meant that he’d eliminate subsidies for oil and gas. He also insisted he won’t ban shale drilling, known as fracking, though in the primaries he had said he would.

But Mr. Biden was telling the truth during the debate, and his policy proposals clearly show he plans to strangle oil and gas. Behold the transition strategy.

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The playbook is the one Barack Obama used to put coal on the road to ruin by relentlessly raising its cost. This included the Environmental Protection Agency’s mercury rule and Clean Power Plan, which the Supreme Court blocked in 2015 and 2016. But by then it was too late, as coal’s share of power generation fell by a third and 40% of mining jobs were lost between 2009 and 2016.

Mr. Biden’s assault starts with a ban on drilling leases and development on federal land, which accounts for 22% of oil and 12% of gas production, mostly in Gulf Coast states. The American Petroleum Institute estimates this would cost 120,000 jobs in Texas, 62,000 in New Mexico and 21,000 in Alabama.

He also backs “robust federal standards” on methane releases from pipelines as well as storage facilities, which the Trump Administration relaxed. Large producers support stricter methane regulations because they can absorb the cost. But this would squeeze smaller players out of business.

Next he’d use the Endangered Species Act and National Monuments Act to limit lands open to development. The Obama Fish and Wildlife Service in 2015 walled off 10.7 million acres in the western U.S. for the sage grouse, but the Trump Administration pared those back.

The transitioning won’t stop there. Mr. Biden wants all infrastructure projects that require federal approval or receive federal funds to undergo a “climate test.” Regulators under the National Environmental Policy Act already must analyze the direct environmental impact.

But under Mr. Biden’s climate test, federal agencies would also have to project the costs from carbon emissions attributable to every new pipeline or liquefied natural gas terminal. Does it contribute to rising sea levels in Florida, say, or drought in sub-Saharan Africa? These potential costs are so elastically definable that they would let regulators ban almost any oil and gas project if they choose.

The former Veep would also use regulation to choke demand—for instance, by requiring expensive carbon sequestration technologies on power plants. According to Energy Information Administration estimates, these technologies raise the “overnight capital costs” of new gas-fired plants two- to three-fold.

Sweetened subsidies for wind and solar power would also make natural gas less competitive in wholesale markets. Prices for renewables sometimes already fall below zero in some markets. Americans would nonetheless pay more for power in Mr. Biden’s “transition” to a fossil-free grid as gas-fired plants are prematurely retired and replaced with expensive battery storage.

The irony, as Mr. Trump said at the debate, is that fracking is the main reason U.S. energy-related carbon emissions have fallen 15% since 2007. Cheaper natural gas has replaced coal, with the gas share of electric generation nearly doubling since 2007.

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All of this will mean hundreds of thousands of lost jobs. Mr. Biden after the debate said he wouldn’t get “rid of fossil fuels for a long time,” perhaps not until 2050, and promised new jobs in green energy. Mr. Obama promised millions of new green jobs too, but the main jobs boom in his two terms was from the fracking revolution due to innovation and market demand.

Will laid-off roustabouts in Ohio get relocation subsidies to install solar panels in California? How about workers in industries that support or depend on fracking, such as Wisconsin sand mines and Pennsylvania cracker plants? Even the United Auto Workers project that increasing electric car production over the next several years would cost 35,000 jobs.

Comments by Michael Master

Trump is hated by high tech.  He is stopping them from using foreign cheap labor.  He is putting American workers first.  He is doing what Obama/Biden failed to do, so the high tech firms are putting lots of money behind Biden.  

Soros sunk a quarter of a billion dollars into getting Biden elected.  a quarter of a billion.   Bloomberg has at least $150 million into Biden.  

What do you think that those high tech companies, Soros, and Bloomberg expect from Biden for their campaign contributions?

While Biden and Democrats lie about the state of the economy, all statistics show that Trump is doing a great job of reviving the economy despite the obstructions from Pelosi to make America great again... again.  A record 11.4 million net jobs created in less than 5 months.  7.8% unemployment rate instead of the anticipated 20%.  Currently only 14 million unemployed instead of the anticipated 40 million.   

All statistics showed prior to the China virus that the USA economy was the strongest for all Americans in the history of the USA. i.e.   wages increased more in one year of Trump than for the entire 8 years of Obama/Biden.   Wages increased 5 times more % under Trump's 3 1/2 years than the entire 8 years of Obama/Biden.  The unemployment rates for Blacks and Hispanics were the lowest in the history of the USA.  How?  immigration decreases.  USMCA.  tariffs on products from China.  tax reforms... exactly what globalists want to have reversed by Biden.   

It is most interesting that after Democrats impeded Trump for the last 4 years with "resist,"  "obstruct,"  the Muller investigation, impeachment, spying by Comey and the deep state, and lies about Trump colluding with Russians to affect the 2016 election,  those Democrats blame Trump for the divisions in the USA.  go figure.  dishonest.  dishonest.  dishonest.  Just like the relationship of Joe Biden with his son's company concerning Burisma, Ukraine, Russia, and China.  Dishonest.

Turn on your TV.  What do you see on mainstream media?  Covid. Covid. Covid.  Why?  Because it is distraction from what Joe Biden did to sell out America with his son and is distraction from all the good that Trump did in putting America first to make America great again.  

Before you vote, watch one complete Trump rally on C-Span.

 

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We again thank Michael Master for his contribution and A. F. Branco for the excellent illustration.  Adrian Vance