As Kamala Harris leaves the shelter of the White House and the honeymoon of the Democratic Convention in Chicago, she will face some serious headwinds that will likely surprise her with their intensity. The worst part of it is that these threats are not coming from the Republican opposition but rather from her own ideas and proposals. Now that Joe Biden has “retired from the stage”, Kamala Harris is the clear and present danger and the only target on the range. The first round of fire will be aimed at Kamala’s” opportunity economy” proposal that she has just unveiled. You don’t need a degree in quantum economics to know that most folks want to avoid giving any more money to the government than they have to. But Mrs. Harris apparently thinks that corporations will not mind when she increases the corporate tax rate from 21 % to 29% as she has just proposed. This will have the immediate effect of once again sending U.S. corporations and the jobs they provide scrambling back to Europe, Ireland, South America, India and elsewhere and sending the unemployed Americans from these companies back into the unemployment line. Next is Kamala’s increase in capital gains tax that would be enacted by a change in the way gains are assessed. Tied to that is her next proposal that would establish a tax on unrealized gains and that would be accompanied by a tax on every stock transaction that takes place. Next on her list is proposing that three million new homes be built in the country from a 40 billion dollar “investment fund” and a subsidy of $25,000 be provided at no charge for first time home buyers who purchase these homes. That program which is referred to as down payment assistance would cost 75 billion dollars and would likely be declared unconstitutional. Taken altogether, these new taxes that Kamala Harris proposes would raise five trillion dollars from new taxes collected over 10 years. The unstated danger lies in what damage would be done economically in the process of enacting these changes in an economy who’s future no one can confidently forecast. Economist Ken Fisher adamantly contends that no one can predict the course of the Federal Reserve over the next ninety days. That perilous uncertainty in the banking and stock market world is a dangerous thing.
Another dangerous unknown is the long-term weakness imposed by the headlong move of Democrat’s deeper and deeper dive into the shaky world of the Green New Deal and all its offshoots. EV’s are not selling. Ford, GM, the Asian imports, and most of the other automotive blue chips are backing further and further away from electric vehicles. Ford figures its loss in the EV experience is now at 5.2 billion dollars. However, Mrs. Harris still clings to A.O.C, the squad, and the environmentalists who vow to outlaw gasoline-only vehicles by 2030. That is less than 60 months of productive time away. To consider this as a realistic goal is indicative of the problem. This administration’s long-term planning is in shambles and yet even with the move away from EVs, Kamala Harris supported the plan last month to immediately provide 100 million dollars to help parts suppliers for electric vehicles build new warehouses and update supply structure. Apparently, the Democratic administration of Harris and Biden cannot accept the fact that the EV revolution was a premature mistake of failed timing, make-believe preparation and blundering government intrusion and intervention. There is every reason to believe that the election of Kamala Harris would simply extend the policies and the terms of advisors, department heads, cabinet members and the infamous incompetence of the Biden administration for another four years. At their national convention, the Democrats chanted that they “were not going back”. If ever there was a time to seek the safety of an earlier port instead of blindly sailing into a darkening storm and an uncharted future, this is the time.
