What Biden just Said about Stimulus and Infrastructure

all right so uh joe biden says that his

plan is working it says we've reached 40

stock market records uh just this year

kind of uh tried slamming donald trump

for for looking at the stock market and

declaring that because the stock

market's doing well the economy must be

doing well this was a joe biden slam on

uh donald trump of course but joe biden

spent time talking about the economy

talked about how uh we've been averaging

750 000 jobs per month i think it was

very interesting that he kind of really

tried to play down the fact that the

jobs like the we had this massive

inflection point this month in jobs

creation that we had this plummet in job

creation uh this month and so he went

with the three month average and then

talked about how he's added double uh

any prior president in their first year

of jobs but it's also kind of unfair to

do both of those things because a

three-month average

discredits the inflection point that we

just saw because of delta

and double any prior president's first

year is unfair because what other

president in their first year has come

out of a pandemic

right so that would be worth looking

into i don't imagine i mean maybe we can

go back to 1920 or something like that

but was that their first year right so i

don't know just that seems a little

weird

uh this was really an opportunity though

for him to talk about hey uh

you know well actually he also pressured

this was interesting he there was a

moment where he pressured the federal

reserve he says hey we got to keep the

monetary like there's the support going

for this competition we're seeing where

wages are going up he actually cheered

the fact that wages were going up which

is an inflationary concern but he

actually saying no this is good we want

to see wages going up which i understand

from the worker point of view totally

understand but the market is looking at

that going wait a minute wage is going

up at a rate of seven point two percent

per year because they went up point a

half percent well actually point six

percent month over month uh that that is

you know the market's looking at that

going oh that's concerning that's

potentially an inflationary concern

right uh but joe biden's actually

cheering this so it's kind of

interesting the way he's branding his

message here obviously it's it's all in

favor of him but

this is what you would expect a

politician to do uh but anyway uh then

he really uses this as an opportunity to

talk about

investing in america long-run stimulus

rather than short-term stimulus he talks

about how next week he's going to talk

about how he's going to protect schools

uh and how they're going to combat the

delta variant personally and like it

blows my mind that the government has

not been doing this i think if joe biden

or anybody in his staff is listening to

this i just want to like shake you and

grab you or like the governors of our

states i just want to shake you and grab

you you three things

people are doing mass people are doing

vaccines but nobody's doing the third

thing and it's driving me nuts

filtration and ventilation you go into

like restaurants today no filters no

hepa filters why

you got to do all three all three very

very important especially in schools

because of young children who can't get

vaccinated don't wear masks people sit

down in a restaurant they take their

mask off this is why people don't think

masks work it makes sense take your mask

off mass can't work right a low quality

mask don't work where's the hepa

filtration and the push for this it

blows my mind that we're trying to fight

a pandemic and nobody cares about

cleaning the air except for the airlines

blows my mind who knows maybe he'll talk

about that next week i would be very

impressed

if he talked about hepa filtration next

week and actually like pushed hepa

filtration i'm shocked our government

doesn't do that it's stupid but then

again when you look at the cdc's website

and they're telling you not to wear n95s

you know you can't really trust the

government as far as you can throw it

that's so dumb anyway going back to what

joe biden said rather than kevin's rant

joe biden branded this infrastructure

package as not short-term stimulus but

instead long-term prosperity i thought

this was interesting because he he's

really trying to distance himself from

we're not just sending another stimulus

check we're investing in longer run

priorities now some of these things are

stimulus towards individuals i mean free

community college uh the uh free

pre-kindergarten the extension of the

child tax credit that's a monthly

stimulus check right uh the 250 per

month for children under 18 years old uh

and 300 per month for children under a

six-year-old six years old if you're

within the income criteria or we know

about these those those are forms of

stimulus and shorter term stimulus but

uh this longer term prosperity he's

talking about better roads uh highways

safer making us more resilient to

weather this by the way big democratic

push right now the democrats are just

wailing on the republicans in congress

right now uh with with pictures of new

york and the floods going see see

climate change is real see

we need better infrastructure to prevent

this uh this sort of disaster uh of

flooding in our subways or whatever

which uh to aoc's credit and i've not

fact checked this but aoc mentioned that

areas that after hurricane sandy had

infrastructure improvement did not flood

as bad or at all compared to areas that

did not have the infrastructure

improvement which i suppose makes sense

i mean i guess that would mean money

well spent right uh which which to her

point would would be good if that's true

maybe somebody in the comments can fact

check that but anyway and i'll try to

fact check that later as well

joe biden goes on to say that 90 of the

jobs they're going to create in their

massive infrastructure here their

massive infrastructure plans won't

require a college degree solar farms

wind farms i'm a big fan of both of

those by the way as long as you can

actually get the power to our cities uh

obviously we got to invest in battery

technology as well very very important

uh

okay then we've got uh child care

investments uh to make it easier for

families to go back to work home care

for seniors making us more competitive

we've created want to create millions of

jobs bring down the cost of prescription

drugs

allowing medicare to negotiate drug

payments no tax increases on anyone

under making under 400 000 obviously a

big argument that he said

we've of course

heard biden and democrats talk a lot

about raising taxes by doing things like

getting rid of the 1031 tax deferred

exchange on anything over 500 000

that by the way i think is a stupid

mistake that's going to concentrate

institutional investments into smaller

properties uh which compete with home

buyers i think that's very very stupid

but whatever uh they want to get rid of

the stepped-up tax basis raise capital

gains for to normal tax rates on those

making over a million dollars raise the

top-tier marginal tax rate to 39.6

percent uh from where it is now around

38 or whatever

uh they want to make sure that

corporations like amazon

that pay no income taxes pay taxes

i i personally think this is like if you

run a business you understand why amazon

doesn't

pay income taxes and i'm not trying to

come to amazon's defense here i don't

know everything about amazon's taxes and

their tax situations but i do know that

amazon takes almost all of the profit

they have and invested into building new

factories new stores coming out new

products and all of those things create

a lot of jobs like the reason the tax

code is written in a way to incentivize

businesses to spend money is because

when businesses spend money they create

jobs that's why you get business tax

write-offs for investing in your

business and on business expenses this

is why self-employed people get tax

write-offs for buying stuff that's

business related it's good for the

economy it creates jobs right that's the

point

so i i think

you know joe biden branding corporations

uh

not paying taxes when they when they

have millions or billions of dollars in

revenue is is a little bit disingenuous

to to the way the tax code is actually

designed to be beneficial to creating

more jobs

anyway uh then he does sort of com this

was interesting he says corporations are

now spending millions of dollars

lobbying congress to make sure that the

tax increases don't go through i hate

lobbying by the way uh i think it's it's

shady but i get it i get it's part of

the game you got to play the game right

the politics is so nasty it's so

disgusting but anyway uh

he joe biden says look in the past

lobbying has worked but it ain't gonna

work with me he says he doesn't think

it's going to work with him uh he thinks

that they're going to get these big tax

measures through

uh and look the biggest block right now

for joe biden has been people like

kristin cinema and joe manchin who were

kind of sitting in the middle like we

should pause we should wait before

passing these infrastructure plans and

if anything this uh this latest jobs

report i think could actually help

accelerate discussions in congress a

little bit

around uh maybe passing the the stimulus

packages sooner so i'm really i've got

all my eyes right now on joe manchin to

see how he reacts to this jobs report

yeah citizens united with the unlimited

donations

that i think is a problem because it

really creates it really makes elections

a game of corporate puppets

so i'm not a big fan of citizens united

although i understand why citizens

united exists because citizens united is

like well i mean corporations are

technically a just like a person uh

and so why should they be limited with

corporate donations right but i i i

don't really support the citizens united

decision especially

seeing how much lobbying and corporate

influence there is in politics there's a

lot let me give you a quick example

gavin newsom gets a seven million dollar

donation from google the la times

covered this a few days later google

gets a multi-million dollar

no bid contract

for services from the california

government or here's another one uh

gavin newsom gives netflix the

authorization to stay open during the

pandemic while all of our small

businesses are shut down one-third of

our restaurants go bankrupt and

gavin newsom happens to get a 3 million

donation from netflix's co-ceo

see where i'm going with this like

there's there's definitely some

shadiness in terms of how lobbying and

donations and corporate money is or

functions and i i personally find it uh

untransparent i don't know if that's a

word not transparent i find it lacking

transparency

borderline corrupt

okay good so there's a summary of what

joe biden just said and my thoughts yes

george soros also gave money

to joe biden i'm sorry to gavin newsom

anyway recall newsome

okay folks uh thank you thank you very

much uh no no no no it's not a matter

dawn of the rate they're talking about

imposing a minimum tax on corporations

not just they are talking about

increasing that corporate tax rate which

we don't actually expect the corporate

tax rate to go up from 21 to 28

if it goes up it might go up to like 24

or 25

but rate aside there's talk about a

minimum corporate tax like it's kind of

like an alternative minimum tax for

people's personal income taxes where at

bare minimum a corporation will pay a

certain percentage even if they've spent

all their money on those tax write-offs

so that's more of the discussion there

uh

because yes otherwise you are correct

okay now with that said uh make sure to

get yourself

quotes on cheaper insurance potentially

go to medkevin.com lemonade and get a

quote for homeowners insurance renters

insurance pet insurance life insurance

lots of insurances soon to be car

insurance go to mckevin.com lemonade

thank you very much for watching this

and folks we'll see in the next one

[Music]

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