The Kamala Harris administration is expected to continue the policies of the Biden administration, building on and perpetuating Bidenomics with an added infusion of Marxist principles.
The critical flaw of Bidenomics, which will be even more pronounced in Kamalnomics, is the failure to recognize that real wealth gains in an economy require entrepreneurs. The profit motive drives entrepreneurs to innovate, create new products, and find more efficient ways to satisfy people’s needs and wants, making life easier. Government transfers, welfare, soft loans, and DEI initiatives cannot achieve this goal. Worst of all, under the White House’s national industrial policy, the government will attempt to engage in entrepreneurship, gambling with taxpayer money.
President Joe Biden is the first U.S. president to establish a comprehensive national industrial policy document, a move reminiscent of strategies used by China and other communist countries. In these countries, the central government opens its own companies and provides soft loans and other benefits to favored companies or demographics that align with its vision for the economy.
Biden’s policy aims to address issues like climate change and economic inequality, which are not profit-driven goals. Private companies operate with the primary aim of making a profit, and even then, many still face bankruptcy. A company with any other primary goal is unlikely to succeed. However, a government company doesn’t face the same risk of bankruptcy; when it runs out of taxpayer money, it can simply request more from the central government.
The industrial policy will also focus on creating “good, union jobs.” How can Biden know in advance that the workers will choose to unionize?
It suggests preplanning or a requirement for a union shop to receive government funds. Ironically, the policy claims this will help the U.S. compete with China. However, competing with China, where the average factory worker earns $500 a month, requires highly efficient, low-waste, profit-driven companies—not government welfare disguised as factories.
Kamala Harris proposed a $10 trillion climate bill similar to the Green New Deal. Such a policy would not only risk bankrupting the country and making life unlivable, but it would also severely hinder the ability to manufacture goods and compete with China.
Implementing such an extensive and expensive climate initiative would likely create significant economic strain and disrupt industrial productivity, which is crucial for staying competitive with nations like China, where manufacturing costs are substantially lower.
Kamala Harris wants to expand the student loan forgiveness program, which would result in taxpayers covering the college debt of people who majored in fields like DEI (Diversity, Equity, and Inclusion) and struggle to find jobs. Calling this “loan forgiveness” is misleading; the loans are not the government’s to forgive, and the money used to pay for them comes from taxpayers.
The Supreme Court struck down the Biden-Harris loan forgiveness plan, stating that the White House does not have the authority to forgive student loans on such a broad scale without an act of Congress. It is no coincidence that Biden announced plans to dramatically overhaul the Supreme Court, ostensibly to secure rulings that support the Democrat agenda.
Kamala Harris was behind the pandemic checks of $2,000 per month that were sent to most people, regardless of need, and continued until three months after the emergency declaration ended. She also demanded that the Federal Reserve Bank interview at least one candidate of each gender and racial or ethnic diversity for the position of president, instead of solely considering merit. Harris advocated for a $15 minimum wage, but with Biden’s inflation, she will probably push for an even higher amount now.
Under the Family and Medical Leave Act (FMLA) in the United States, employees typically need to meet specific eligibility criteria, including having worked for their employer for at least 12 months and having completed at least 1,250 hours of service during the 12 months prior to the start of the leave. However, Kamala Harris supported ending the minimum work requirement during the preceding year before becoming eligible for family and medical leave.
Kamala Harris is a big supporter of the Federal Price Gouging Prevention Act, which is an egregious restriction of fair markets where the government, not retailers, would determine how much they are allowed to charge for products and how much profit they are allowed to make. She similarly wants to make housing affordable, which will mean either rent caps or price caps, dictating how much landlords can charge for rent or how much you are allowed to sell your house for.
Unfortunately, Kamala’s socialist policies will be popular with non-thinking voters who want free money from the government.
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