Back in December, one of those proposals was unveiled at a speech in Stockton, California. He is proposing- and I s**t you not- a War on Poverty. The government has been fighting a war on poverty for the past 56 years- since 1964, in fact. Johnson naively believed a war could be waged in eradicating poverty by spending money. Yet over those 56 years, the poverty rate has declined only marginally and given the population increase, the number of people living in poverty has increased. It started with a few billion a year and has exploded to almost $1 trillion a year in just federal spending, not counting state and local programs.
How does the Bloomberg plan work? Does it eliminate the wasteful and failing programs and replace it with something that might work about 10% of the time? Like any Democrat, the near $1 trillion is not touched one iota. Instead, it takes more and adds to what we already know does not work. He revealed the cornerstone of his plan a few months later in Chicago when he proposed a new job training plan that will lift millions out of poverty.
That is a hard sale in a country with 3.5% unemployment. He fails to mention the following fact: there currently exists 43 job training programs spread among just about every federal agency and department. In 2015, the country spent $15 billion on federal job training programs; in 2019 that figure grew to $19 billion. A recent report found that these programs had “a net negative effect.” But rest assured, Mayor Mike has the answers. He’ll remind us of his time as mayor of New York, trot out some person who saw some benefit from years ago, then tell us he knows better this time and more intelligent people will design better programs this time around.
He also intends to spend more on federally-subsidized low-income housing. Years of this approach have proven one adage: housing subsidies is the most expensive way to help the fewest number of people. The one idea that makes any sense- ease zoning restrictions- is a local, not federal matter, and he has no say over it. Regardless, that boat has already sailed in California.
Then there is his ideas on climate change which proves he drank the same Kool-Aid as AOC and Greta Thunberg. While proposing that 4% of the world’s population (the US) legislates itself back to a pre-Columbian existence, China, India and Africa are building coal-generated plants at a record pace. One supposes that intermittent and unreliable solar and wind energy will fill in the gap domestically and we will all just have to resign ourselves to rolling brown-outs, California style.
Then, Mike stepped in it and just had to go there- an op-ed on income inequality, which is kind of disingenuous coming from someone intent on buying the White House. Follow me for this ruse being foisted upon the public by this billionaire. Bloomberg does not make money like most people do. Instead, they own assets like real estate or stock that increases in value (psst…it’s called unrealized capital gains). It also does not count as “income” for taxation purposes.
Whether your name isWarren Buffett, Bill Gates, Donald Trump, or Mike Bloomberg, they all made their money this way which was largely untaxed on its way up. Once you accumulate so much, you can extract that wealth by taking out loans against those assets, but it still is not considered “income.” Thus without some serious redefinition of what constitutes “taxable income,” no amount of meaningful wealth will be extracted from people like Michael Bloomberg. You are also not going to prevent more such billionaires from popping up.
The three pillars of his proposal is a shell game. Restoring the top rates on the highest earners by reversing the Trump changes will touch very little of Bloomberg’s wealth or those of his ilk. His idea to “more equitably tax capital gains” may affect him, but only if he sold Bloomberg LP and that has not been announced, so… Finally, there is the 5% surtax on income over $5 million. This would affect some professionals and a handful of corporate executives, but not Michael Bloomberg and his cadre of billionaires.
In effect, they are all tweaks to the existing tax code to extract more revenue from “the rich” but iWt is the “rich” of high ordinary income, not the wealth accumulated by the wealthy billionaires. Further, none of these proposals address the other end of the inequality equation. One supposes that is where the new real war on poverty and job training program numbers 44 to infinity kick in.
We know that Bloomberg is a gun-grabbing crazy man. He disguises it as “commonsense gun control,” but commonsense to Bloomberg or any Democrat is anything but. We know he has a totalitarian streak in him given his war on sugar, salt and Big Gulps in New York City. We also know that Bloomberg walks hand-in-hand with the sisterhood when it comes to murdering innocent unborn humans. We know that no one will look into Bloomberg’s finances because he is a Democrat and his last name is not Trump. At least Trump built structures- casinos, hotels and golf courses; Bloomberg shuffled papers on Wall Street.
This is what passes as a moderate in today’s Democrat Party. His 15-second “Mike Will Get It Done” commercials are for the gullible and if any person votes for this grifter who plays a game of Three Card Monty be it with a war on poverty, income inequality class warfare, “commonsense gun control,” or any other of his proposals are fools for doing so.
Beware of Democrat, Wall Street billionaires bearing policy proposals.