The key to a good economy? A huge IRS!

Source: Hot Air

Janet Yellen, Joe Biden’s Treasury Secretary, revealed why the Biden Economy has been floundering of late: the IRS was simply not big enough to scarf up every last dime of your money.

But the so-called “Inflation Reduction Act” will soon fix that problem by hiring another 80,000 IRS employees. A strong IRS will ensure America’s economy flourishes!

In a speech to IRS agents this week Comrade Yellen–I mean Treasury Secretary Yellen–thanked the assembled crowd for their hard work and dedication to ensuring that Americans get fleeced at the appropriate level, and assured them that help is on the way due to the $80 billion in new resources Biden and the Democrats provided they will soon have more and sharper shears:

Last week, I gave an economic speech discussing how our administration’s plan will create a stronger, more resilient economy with greater fairness for all. I believe that adequately funding the IRS is core to our success. It raises the revenue for us to make important investments in our economic strength. It makes sure that all Americans are playing by the same rules. It avoids misallocation of resources in the economy at large. And it does so by deterring taxpayers from shifting their activities toward more opaque sources or engaging in tax evasion.

In all, a strong IRS is critical to the economic success of this country – and I am heartened that we are finally reflecting that in our funding decisions.

Now I see why Biden and the Democrats believe that throwing another trillion or so dollars of spending into the economy will reduce inflation. The only reason why the economy is sputtering is that not enough people are being audited by the IRS.

Janet Yellen had a good reputation prior to becoming Chair of the Federal Reserve and now Treasury Secretary. Since she became a public figure she has proven to be more of a political apparatchik than a solid economic thinker. Those of us who were fooled into thinking she might be economically literate should have looked at her resume. Her academic affiliations reveal all: Brown University, Yale, Harvard, LSE, UC Berkeley.

Last year, as the Biden Administration was throwing money out of helicopters and responsible economists were warning that inflation would skyrocket as a result, Yellen mouthed the company line, insisting that the skeptics were Chicken Littles who didn’t appreciate the magic touch Biden had with the economy. Inflation wouldn’t become a problem because reasons:

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Liberals almost always get economic policies wrong because they fundamentally misunderstand that relationship between government and the economy.

Big government doesn’t enable or cause economic activity and prosperity; economic prosperity generates enough wealth that government can burn through money as if it were kindling.  Government cannot and should not try to generate wealth. It has only two real tools: force and the money printing press. Use too much of either and authoritarianism is the result. See Venezuela.

The US is facing a tough couple of years of stagflation. At best we will be experiencing 1970s-level tough times; at worst we will be staring down the barrel of depression-level disaster. Which it is depends as much on how badly Biden and company screw up our international relations as economic policies. As we have seen the war in Ukraine has had dramatic and unanticipated impacts on economics, and the economic consequences are causing  instability in places like Europe.

People freezing in the dark will undoubtedly cause political chaos, and in turn unpredictable economic policies. Chaos begets chaos.

If you aren’t nervous about the near future then you should get your head out of the sand. Energy shortages, disastrous economic policies, war, creeping authoritarianism…it’s a very volatile mix. We live in interesting times, which is not good.

If I were a real man instead of a pansy I would be stocking up on dried food, guns, ammo, and tradable goods. But as an aging pampered intellectual I am better equipped to be an old man yelling at the clouds.

My future is pretty clear: lots of yelling while I get audited by the IRS.