Biden Gives a Well-Delivered SOTU Speech Begging for More Inflation and Tax Hikes

Image clip from STOU address

Please consider the Full transcript of Biden’s 2023 State of the Union Address.

25 Paragraph Synopsis: Inflation, Inflation, Inflation and Tax Hikes 

  1. Now we’re coming back because we came together to pass the Bipartisan Infrastructure Law, the largest investment in infrastructure since President Eisenhower’s Interstate Highway System. Already, we’ve funded over 20,000 projects, including at major airports from Boston to Atlanta to Portland. And we’re just getting started. I sincerely thank my Republican friends who voted for the law.
  2. I promised to be the president for all Americans. We’ll fund your projects.
  3. We’re making sure that every community has access to affordable, high-speed internet. 
  4. Tonight, I’m also announcing new standards to require all construction materials used in federal infrastructure projects to be made in America. American-made lumber, glass, drywall, fiber optic cables.
  5. For example, too many of you lay in bed at night staring at the ceiling, wondering what will happen if your spouse gets cancer, your child gets sick, or if something happens to you. Will you have the money to pay your medical bills? Will you have to sell the house? I get it. 
  6. A record 16 million people are enrolled under the Affordable Care Act. Thanks to the law I signed last year, millions are saving $800 a year on their premiums. But the way that law was written, that benefit expires after 2025. Let’s finish the job, make those savings permanent, and expand coverage to those left off Medicaid.
  7. We’re building 500,000 electric vehicle charging stations installed across the country by tens of thousands of IBEW workers.
  8. And helping families save more than $1,000 a year with tax credits for the purchase of electric vehicles and energy-efficient appliances.
  9. The climate crisis doesn’t care if your state is red or blue. It is an existential threat. We have an obligation to our children and grandchildren to confront it. I’m proud of how America is at last stepping up to the challenge.
  10. I’m a capitalist. But just pay your fair share. And I think a lot of you at home agree with me that our present tax system is simply unfair.
  11. You may have noticed that Big Oil just reported record profits. Last year, they made $200 billion in the midst of a global energy crisis. It’s outrageous. They invested too little of that profit to increase domestic production and keep gas prices down.
  12. Some of my Republican friends want to take the economy hostage unless I agree to their economic plans. All of you at home should know what their plans are.
  13. I’m so sick and tired of companies breaking the law by preventing workers from organizing. Pass the PRO Act because workers have a right to form a union. And let’s guarantee all workers a living wage.
  14. Let’s also make sure working parents can afford to raise a family with sick days, paid family and medical leave, and affordable child care that will enable millions more people to go to work.
  15. Let’s also restore the full Child Tax Credit, which gave tens of millions of parents some breathing room and cut child poverty in half, to the lowest level in history.
  16. If you want America to have the best-educated workforce, let’s finish the job by providing access to pre-school for 3- and 4-year-olds.
  17. Let’s give public school teachers a raise.
  18. And we’re making progress by reducing student debt and increasing Pell Grants for working- and middle-class families.
  19. Let’s finish the job, connect students to career opportunities starting in high school and provide two years of community college, some of the best career training in America, in addition to being a pathway to a four-year degree.
  20. More than 1 million Americans have lost their lives to COVID. We still need to monitor dozens of variants and support new vaccines and treatments. So Congress needs to fund these efforts and keep America safe.
  21. Give law enforcement the training they need, hold them to higher standards, and help them succeed in keeping everyone safe.
  22. We also need more first responders and other professionals to address growing mental health and substance abuse challenges.
  23. Let’s do more on mental health, especially for our children. When millions of young people are struggling with bullying, violence, trauma, we owe them greater access to mental health care at school.
  24. No one should be homeless in this country, especially not those who served it.
  25. Let’s end cancer as we know it and cure some cancers once and for all.

Biden Proposes More Inflation

If you are looking for more inflation, then look no further than President Biden’s wish list of ideas in his state of the union address.

Regarding point 11 and record oil profits: Record profits happened because the President is doing everything in his power to drive them out of business. Refining capacity is down. Why should they invest with a president so hostile? Oil prices are high because of Biden’s policies. 

Everything else is self explanatory: Free education, more tax credits, living wages, teacher raises, mandatory sick days, affordable child care, climate change nonsense, charging stations built by unions, and Medicaid expansion.

This post originated at MishTalk.Com.

Thanks for Tuning In!

Please Subscribe to MishTalk Email Alerts.

Subscribers get an email alert of each post as they happen. Read the ones you like and you can unsubscribe at any time.

If you have subscribed and do not get email alerts, please check your spam folder.

Mish

Subscribe to MishTalk Email Alerts.

Subscribers get an email alert of each post as they happen. Read the ones you like and you can unsubscribe at any time.

This post originated on MishTalk.Com

Thanks for Tuning In!

Mish

Subscribe
Notify of
guest

44 Comments
Newest
Oldest Most Voted
Inline Feedbacks
View all comments
tractionengine
tractionengine
1 year ago
Well, well, well. This isn’t a report on the state of the Union but on the many things that are wrong with it, followed by all the things the Dems are going to do to fix it. Sounds like campaign speech with another name. As with all promises from politicians, no mention of unintended consequences and who pays. Funny how they are always successfully “fixing” problems but more keep occurring and always requiring their expert solutions. Onward and forward, never look back.
Captain Ahab
Captain Ahab
1 year ago
Breaking news on Zero Hedge (where else). The same dimwitted president apparently was planning to blow up Nord 2 way back in December 2021, long before any Russian Invasion of Ukraine.
Portlander2
Portlander2
1 year ago
Well, Mish, if these proposed domestic spending priorities are inflationary, perhaps we could offset them with cuts elsewhere?
I see no mention in your summary the futile $100B spent (or on its way) to Ukraine. I assume this means Ukraine was not convenient for Biden to mention in his speech, and for a good reason. The sanctions are hurting Europe (not Russia) and the war will settle on Russia’s terms anyway. So, let’s stop helping the EU and Ukraine to screw themselves.
What else do we spend money on that 1) does not help the American people, and 2) threatens other people? The first rule of any program or plan should be social and/or global benefits should exceed costs. What benefit justifies the rubble in Syria, Yemen, Ukraine, and our 800 bases around the world?
In the name of “national security” we spend more on the military than the next 9 nations combined. All this does is buy more insecurity from the blowback of past military misadventures. We and NATO have already run out of artillery shells, yet we have F-35’s that we cannot use for lack of reliable software.
After Ukraine finally gives up, the U.S. can finally enjoy a “peace dividend” and re-direct spending in ways that actually make this country a better place. Perhaps the President’s SOU was laying the groundwork for how that dividend should be spent.
Thetenyear
Thetenyear
1 year ago
Spend, inflate, and tax is a vicious cycle any way you slice it:
Tax and Spend
Spend and Inflate
Inflate and Tax
Quagmire46
Quagmire46
1 year ago
This is partly about avoiding a recession, right?
Captain Ahab
Captain Ahab
1 year ago
“Biden Gives a Well-Delivered STOU Speech Begging for More Inflation and Tax Hikes”
Freudian slip? “Shut The Oldie Up.”
I am open to alternatives for ‘oldie’.
klausmkl
klausmkl
1 year ago
Biden reads a speech prepared by others. The man doesn’t even know what day it is. He is perfect for America. A land where the Law of the Jungle reigns supreme. Truth is the first casualty of War. Lets face it, folks love to be lied to. It tickles their ears. Makes them feel all fuzzy inside. Fantasy Island river runs through most folks. America is a declining super power and our enemies know this. Just keep thinking positve though. One morning while your having coffee and a missle whistles by, you might have to do a double take. Even then you might not believe it.
Jmurr
Jmurr
1 year ago
Reply to  klausmkl
Adderall is a powerful drug
Lisa_Hooker
Lisa_Hooker
1 year ago
Reply to  Jmurr
And for whatever reason Adderall is now in short supply?
oee
oee
1 year ago
Fiscal Deficits are comming down and jobs are up. Also, inflation has dropped from an increase of 9.1 percent during the summer of 2022 to 6.50% from last report. Kenyeisan investment does work.
Trump failed miserably; not only he killed 1 Million plus due to his mis-handling of the pandemic but also increased the debt and contracted the econ during his failed 48 months of mandate.
KidHorn
KidHorn
1 year ago
Reply to  oee
You must be one of the few easily brainwashed who still watch CNN. If the dems said the moon was bigger than the earth, you would believe it.
Captain Ahab
Captain Ahab
1 year ago
Reply to  KidHorn
It goes beyond brainwashing. Negative IQ from today’s education is entirely possible..
oee
oee
1 year ago
Reply to  KidHorn
Actually, you must the who watches OAN, Newsmax, and Fox who claimed the Covid 19 was hoax per the Trump admin talking points. Per Kellyane Conway who said the virus was…contained or Larry Kudlow.
I guess you did not drink the cool aid and vaxxed anyway since you are alive to put stupid messages on this bulletin board.
xbizo
xbizo
1 year ago
Reply to  oee
Neither ‘right wing conservatives’ nor ‘left wing liberals’ are spinning the truth. COVID was a seriously bad flu that put old and weak at risk and the left wing used that (effectively) to chase Trump from office. He fell into their trap and then gnawed off his leg and might still get away.
That Lockdown closed 30% of the country’s small businesses and chase 2 million boomers into retirement. Voila, low unemployment.
Inflation is not in control. As Mish has pointed out, the second stimulus was excessive and the third ridiculous. Brought about by an evil alliance of Trump narcissism and liberal desire to experiment with MMT. It is still a drug running through the system.
xbizo
xbizo
1 year ago
Reply to  xbizo
killing off small business is another liberal goal. It allows social policy to be run through the big corps they can control and desensitizes the population from knowing what it means to have to earn a living and suffer through economic problems. Never an entrepreneurial success, but never failure. Always propping up the companies that have existed for years and pay their political campaign tribute no matter how good or bad their management.
Utopia is a handful of large corporations under influence of the political class and all the peasants happy getting their check every two weeks. This is both a democrat and republican thing. Problem is all those other competitors in Asia and Africa want to compete too. And people are born every day that want to make a difference in the world and won’t stay in their prescribed box. If it weren’t for the people, it would be so easy.
xbizo
xbizo
1 year ago
Thanks for the synopsis, Mish. Sorry that you had to watch the whole thing, but you spared me the task!
Two comments.
If climate is an existential near term problem, the solution is nuclear power. China figured it out but left wing liberals are blocking it in the West. Makes absolutely no sense.
The whole idea of an income tax is so early 19th century. A VAT and low property tax is a better solution. Side effect is that it makes our labor costs a little more competitive globally. That theoretically increases the use of labor over capital.
klausmkl
klausmkl
1 year ago
Reply to  xbizo
It does make sense for them and their scam. They are running a scam. We went from global cooling to global warming and now climate change. Another scam on the populace.
KidHorn
KidHorn
1 year ago
Reply to  klausmkl
They make more money off solar and wind than they make off nuclear.
KidHorn
KidHorn
1 year ago
I didn’t bother watching it. I knew it would just be propaganda. Half the country blindly believes everything the government says when democrats speak. The same half thinks everything is a lie when republicans speak. Not sure if it’s willful ignorance or an inability to think critically. Probably a combination.
Zardoz
Zardoz
1 year ago
Reply to  KidHorn
You protected your Fox propaganda from MSNBC propaganda.
KidHorn
KidHorn
1 year ago
Reply to  Zardoz
Are you still upset more people watch Tucker Carlson than watch CNN and MSNBC combined?
StickToEconomics
StickToEconomics
1 year ago
A SOTU speech by a President who starts arguing with half the audience in the middle of it. That’s a sign of a weak leader.
Zardoz
Zardoz
1 year ago
That’ll happen when you have an audience full of indignant kooks.
Dr Funkenstein
Dr Funkenstein
1 year ago
This senile old fool is repeating the lie that 1 million Americans died from Covid and still pushes the ineffective and dangerous vaccines?
Zardoz
Zardoz
1 year ago
Reply to  Dr Funkenstein
Toot toot toot! Indignant Kook Alert!
Captain Ahab
Captain Ahab
1 year ago
Reply to  Zardoz
Better indignant than ignorant.
Avery
Avery
1 year ago
More inflation is essentially a tax hike for most.
8dots
8dots
1 year ago
For 8 months, between Feb 2020 and Oct 2020 inflation was down. In Apr 2020 Oil futures deflated to (-)$40. In May 2020 inflation
tested the 2015 lows. During that period co paid higher wages in the service and the mfg sectors for the risk involved, to keep us alive.
When wages spiked inflation was behind the curve. We need inflation and higher taxes to reduce gov debt in real terms, but in June 2023 y/y inflation will be negative. In the last 12 months construction workers are up, but industrial workers are down. Boeing used to lead the export chart, but now it’s oil, LNG and ordnance. Buybacks and billionaire taxes ==> yes, instead of them supporting Woke and BLM !
Mish u worked all night on that stuff. I was asleep. No Saint Nancy the Ripper in white.
Captain Ahab
Captain Ahab
1 year ago
Reply to  8dots
If a government chooses to defraud its bondholders by deliberately reducing the value of its debt in real terms, what is the likely consequence?
Lisa_Hooker
Lisa_Hooker
1 year ago
Reply to  Captain Ahab
More speeches promising it will be better some undefined time in the future.
PapaDave
PapaDave
1 year ago
Great summary Mish. Thanks.
Next. Which items have a chance of actually happening? I imagine very few.
“Regarding point 11 and record oil profits: Record profits happened because the President is doing everything in his power to drive them out of business. Refining capacity is down. Why should they invest with a president so hostile? Oil prices are high because of Biden’s policies.”
Agree. Biden is part of the reason for higher oil prices. But just a small part. For example, the EU is doing so much more by putting windfall profits taxes on oil and gas companies, which is resulting in less exploration, and helping to boost the North American producers. Not to mention their response to Russia’s invasion of Ukraine. (Look at all those LNG exports!)
It is also important to put things in proper perspective. The world is now in the third decade of the ongoing transition from fossil fuels to renewable energy. Biden is just one of thousands of decision makers all over the world who are encouraging this transition.
It was around 3 or 4 years ago that I found your blog and started reading the prophets here who explained how the energy transition was going to lead to a supply crunch and high oil and gas prices for the rest of this decade. They even recommended which stocks to buy. Thanks to your blog and those prophets I have made a lot of money in the last few years on these stocks, and I expect the good times to continue for the rest of the decade, just as the prophets said.
As always; I am not one of the decision makers around the world who are promoting the energy transition. I am simply an individual who recognizes what is going on and then taking advantage of the situation.
quantzic
quantzic
1 year ago
Reply to  PapaDave
“Russia’s invasion of Ukraine” should be “Russia’s genocide-stopping invasion of Ukraine”.
You’re spreading propaganda unintentionally. Biden is supporting Ukraine heavily because it’s a huge money launderer for him personally. It was the 3rd most corrupt country in the world in 2021, and we let their president speak in our Congress ??!
StickToEconomics
StickToEconomics
1 year ago
Reply to  quantzic
And drape their flag over Congress? Imbecils.
Zardoz
Zardoz
1 year ago
It’s “imbeciles”….
PapaDave
PapaDave
1 year ago
Reply to  quantzic
Hi there little Russian troll. Tell your boss Putin to go F himself. I will now hit the IGNORE button on you so I never have to see another one of your stupid posts ever again. You might fool some of the idiots here, but not me. And I am too busy to waste my time on the likes of you.
Bye.
klausmkl
klausmkl
1 year ago
Reply to  PapaDave
Arrogance and pride are terrible attributes.
FromBrussels2
FromBrussels2
1 year ago
Reply to  PapaDave
You should ve posted under Zardoz …..it s too obvious now …. F idiot !
Zardoz
Zardoz
1 year ago
Reply to  quantzic
Tell it to Moose and Squirrel, Boris.
Captain Ahab
Captain Ahab
1 year ago
Reply to  quantzic
The solution to Russia-Ukraine was NOT another drawn-out war, with the potential of escalating from regional to global war. Making Ukraine a neutral state, unaligned with either state, without NATO involvement, but with the UN as peacekeeper, would’ve been enough. Unfortunately, the person who should’ve provided real leadership/statesmanship was an idiot.
FromBrussels2
FromBrussels2
1 year ago
Reply to  PapaDave
Pathetic post !
JRM
JRM
1 year ago
Joe put a lot of holes in to the OZONE, with all the hot air he was blowing!!!
It was a “CAMPAIGN SPEECH” not a “STATE OF THE UNION”!!!
Also, wondering what was pumped in him to keep him semi there??
TheCaptain
TheCaptain
1 year ago
They HAVE to continue creating more debt or the Global Debt Ponzi will collapse overnight. That’s just how Ponzis work. They go exponential until they no longer can and then they collapse into a smoldering heap and morons who said nothing before hand come out afterwards like cowards and say “it was obviously a debt ponzi”. There is now no choice in it and trump or desantis would have to do the same damned thing or the consequences would be the same. I hate Brandon for his authoritarian “jab or job” policies, especially now that its becoming clear that the jab is not safe or effective, but in fact dangerous as Hell. There are other reasons why I think he is a dog that include corruption and other very bad things but nobody can blame him specifically for the big problem which is the unpayable debt.
FromBrussels2
FromBrussels2
1 year ago
Reply to  TheCaptain
that’s exactly why the US of A needs endless wars, diverting attention from reality and blaming other nations for the final demise ….
Lisa_Hooker
Lisa_Hooker
1 year ago
Reply to  TheCaptain
Not to worry Capt’n. “No one will see it coming. (TM)”

Stay Informed

Subscribe to MishTalk

You will receive all messages from this feed and they will be delivered by email.