The economic foolishness sweepstakes is on. The Donald has planted his flag by raising taxes (tariffs) on Americans to punish China and other countries. He also failed to allow exceptions to the Jones Act for LNG.
Speaking of natural gas, Andrew Cuomo has stopped a natural gas pipeline so New Yorkers can’t get natural gas by sea (because of the Jones Act) or land. The WSJ reminds us that it is part of a pattern for Andrew:
He has also banned drilling for natural gas in the rich Utica and Marcellus Shale that lie under the state, and he has blocked another natural gas pipeline upstate. Due to pipeline constraints, the utility Con Edison in March suspended natural-gas hookups in Westchester County north of New York City.
Kamala Harris want to fine companies that don’t achieve [“]pay equality[“]. We can’t have that term without quotes. Really, we are not making this up. CNN says:
In an interview with CNN on Sunday, shortly before Harris headlined a town hall in Los Angeles, the California Democrat called pay equity a “really big issue” where “if you lift up the economic status of women, you lift up the economic status of families and communities and all of society benefits.”
We need to give you a long quote to show you what she is saying:
“This will radically change the way we enforce equal pay in America,” reads the plan. “Our current equal pay laws rely exclusively on proving instances of individual discrimination and place the burden entirely on employees to hold big corporations accountable. … Under our plan, for the first time in American history, companies will be held responsible for demonstrating they are not engaging in pay discrimination.”Under the plan, companies with 100 or more employees will be required to obtain a certification from the Equal Employment Opportunity Commission within three years of the plan’s passage by handing over employment data to the government. Companies with more than 500 employees will have two years to receive the certification. And each company will be required to display whether they met the certification on their company’s website.Those companies that do not receive the certification will be met with a stiff penalty: For every 1% gap in pay between men and women that persists after the EEOC accounts for experience and job titles, a Harris administration would fine companies 1% of their daily profits during that fiscal year. [Emphasis added]
With Kamala companies will be guilty until they can prove themselves innocent.
Meanwhile the Morning Jolt tells us that Pete has called for four tax increases:
A “fairer, which means higher” marginal income tax, a “reasonable” wealth tax “or something like that,” a financial transactions tax, and closing “corporate tax loopholes.”
We have no idea why higher taxes are fairer. It would have been a good question as would have been why would any wealth tax be reasonable. We would also like to know what he thinks a loophole is. If fairer is higher then we would expect him to find many loopholes.
Sidebar: We have not used the word crazy to describe any of these proposals. We thinks this speaks well for our restraint. End Sidebar.
We are not sure who will win the economic foolishness sweepstakes. We are only sure that America will lose.