Biden/Harris economic policy
After the Biden/Harris seizure of power, French president Emmanuel Macron announced at the Davos conference that capitalism is dead and the Great Reset is on. Biden puppetmaster, General Secretary of the genocidal CPP Xi Jinping, laid out the talking points and marching orders that he expects the Biden junta to fall in line behind.
Democrat governors devastated the U.S. economy with covid lockdown orders. More than 30 million Americans lost their jobs during the pandemic. The Democrat controlled House delayed a covid relief package until after the November 2020 election. Biden praised the passage of a pork-filled "coronavirus relief" bill in late December 2020 that provided a mere $600 stimulus checks for Americans yet allocated billions in border security for Jordan, Lebanon, Egypt, Tunisia, and Oman. The relief bill was minuscule compared to what was needed to benefit Americans. When asked "what is President Biden doing for my small business?", White House chief propagandist Jen Psaki responded with a straight face, "First and foremost, he nominated a woman to lead the Small Business Administration."
During the Democrat primary elections, Biden stated several times that he will end fracking. After winning the primary elections he pretended that he had never said that he will end fracking to his supporters in Pennsylvania, and he declined to comment further on ending fracking. The Washington Post admitted that Biden would lose what popularity he allegedly had in Pennsylvania because of his comments on fracking. Pump prices rose over a dollar from under President Trump a year earlier, with half of the increase occurring in Biden's first two months after signing executive orders shutting down U.S. energy independence and making the United States energy dependent on hostile foreign powers again.
Despite being urged otherwise over the heavy economic losses that would occur, Biden signed an executive order to revoke a permit for the Keystone XL, which led to killing 11 thousands jobs immediately, including 8,000 union jobs. Even far-left Canadian prime minister Justin Trudeau expressed disappointment. Crude oil prices immediately rose 24%.
Additionally on day one, the junta banned oil and gas leasing on federal lands, destroying the state of New Mexico's economy. During the covid lockdown, while the state government was busy destroying jobs and businesses and the state's share on income and sales taxes collected, New Mexico's oil gas severance tax contributed more than a full one-third of all state spending. New Mexico Democrat Gov. Michelle Lujan Grisham harshly criticized the junta's actions saying it "doesn't make any sense." Nearly one million high paying union jobs are expected to be lost across the nation by the junta's determination to make America energy dependent on America's enemies. Reuters reported:
|"New Mexico—home to the country’s richest oil fields on federal lands—depends heavily on drilling revenues to finance its struggling public schools. And budgets have already taken a hit from falling crude prices as the coronavirus pandemic sapped global fuel demand. . . .
The U.S. federal lands drilling program yielded some $1.8 billion directly to states in 2020, supporting schools and other programs in places like Wyoming and Utah, according to data from the U.S. Interior Department.
School superintendents from Montana, Wyoming, North Dakota, Utah, and Alaska have written to Biden asking him to reverse the ban, calling it “imperative that we bring to light the arbitrary and inequitable move to shut down oil and gas production on federal lands in our states that depend on revenues from various taxes, royalties, disbursements, and lease payments to fund our schools, community infrastructure, and public services.”
Sinopec is a Chinese natural gas and mineral oil company and is the biggest company in China. Sinopec Marketing Company enjoyed nearly $1 billion in investment from Hunter Biden’s private equity firm BHR Partners. Finalized in March 2015, the investments from the BHR Partners led to BHR amassing a nearly 30 percent stake in Sinopec. BHR Partner’s LinkedIn profile highlights its Sinopec investment, revealing it was involved “in the pilot state-owned enterprise reform deal involving the segregation and capitalization of Sinopec Group’s non-oil business into Sinopec Marketing Corporation.” As of October 2021, Hunter Biden reportedly still owned a 10 percent stake in BHR Partners.
After the Biden regime destroyed America's energy independence with cancelation of the Keystone XL pipeline, by October 2021 when the global energy crisis hit, Sinopec reported record-breaking output figures. A company press release stated: "Fuling Shale Gas Field – the first commercially developed and operated large-scale shale gas field in China – announced on October 8 that it has produced 40 billion cubic meters of shale gas, setting a new record for the cumulative production of shale gas in the country."
Biden's American Jobs Plan would spend roughly $2 trillion on so-called "infrastructure" projects and other boondoggles Biden proposed to pay for the spending by increasing taxes. “The largest federal tax increase since 1942,” is how the New York Times described the Biden plan. Biden claimed that the last five leaders of the Federal Reserve had declared that his American Jobs Plan proposal will increase economic growth. The only problem with Biden's remarks was only three of the last five leaders of the Fed are still alive.
Ford Motor Company previously agreed with its workers, the United Auto Workers (UAW), to spend $900 million on a new electric vehicle product line for its Avon Lake, Ohio plant. The UAW had endorsed Joe Biden in the 2020 election. By March of 2021, Ford announced it was shifting production to Mexico claiming "conditions had changed since 2019" when the agreement was made, according to Reuters. The junta refused to enforce provisions of the USMCA, which replaced the NAFTA trade deal.
At an Earth Day virtual summit on April 22, 2021, Biden pledged to cut U.S. emissions by half by 2030, the European Union agreed to go carbon neutral by 2050, and the People's Republic of China pledged only to reduce coal consumption - starting in 2026. The junta also waived sanctions on the Russian Nord Stream II pipeline, enriching Vladimir Putin and in direct contradiction to Biden’s claim that the “climate crisis” is a major factor in foreign policy decisions. The pipeline from Russia to Germany undercuts Germany's efforts to meet Paris Climate Agreement targets. The Paris Agreement, which Biden rejoined in one of his first actions, also benefits Russia, which simply ignores carbon emission goals.
- Biden: "Yes" We Should End Fracking
- Biden Claimed He Never Wanted to Ban Fracking. He Did
- Biden's fracking comments could cost him Pennsylvania ...
- Two references:
- Canadian tribes flip pipeline script by urging Biden not to cancel Keystone XL. Washington Times. Retrieved January 23, 2021.
- Biden’s plan to kill Keystone XL pipeline to appease loony left will kill jobs, insult top US ally . New York Post. Retrieved January 23, 2021.
- Two references:
- Biden nixes Keystone XL permit, halts Arctic refuge leasing. The Hill. Retrieved January 23, 2021.
- Biden kills Keystone XL permit, again. Politico. Retrieved January 23, 2021.
- Ted Cruz Grills Pete Buttigieg on Biden Killing ‘Thousands’ of Keystone XL Jobs
- Trudeau “Disappointed” With Biden’s Decision to Cancel Keystone XL Pipeline (Details)