Next Biden created crisis to be economic.

EXPECT TO SEE HIGHER PRICES, LOWER GROWTH 

LESS JOBS, LESS ECONOMIC ACTIVITY

We are still living in the basic economic environment created during the Trump administration. That is all about to change when the democrat "Social Infrastructure bill" is made law. It will have negative effects on the economy in numerous ways. First, it will likely further decrease incentives to work. It will create more dependence on the federal government. It will expand so called entitlements, entitlements that will never be able to be discontinued or limited. 

On the other side of the equation, they expect to raise taxes. First on corporations which will increase incentives to offshore production. This will slow job creation and eventually will slow tax revenues. The other plan is to raise taxes on the so called rich. These persons didn't become successful by being stupid. They will adjust their incomes  in many ways and again tax revenues may suffer in the long run. Of course the middle and lower classes will not be able to adjust their incomes or control their basic expenditures which will increase due to higher prices for food, energy and the basic necessities of life. We can expect a downward spiral of economic activity as more resources are shifted from the private sector to the government.

As upper mobility is restrained we will see more incentives to accept government programs for basic survival. The so called 3.5 Trillion spending package has no limits on these so call entitlements. When the economy slows we can expect these costs to increase dramatically as more people will qualify and accept these hand outs. The new taxes are supposed to pay for these new programs, but many experts predict that the actual increase in revenues will be more like $2 trillion. That is before taxpayers begin to adjust to the new taxes and regulations, which then will create huge government deficits which will erode the value of the dollar and increase prices for necessities.

We also hear that they want to increase the IRS by 70,000 workers to capture more revenue from the American people. They say this is to insure that the rich will pay their fair share. They propose that banks will report any transactions over $600 to the IRS. That any sales over $600 on ebay or any other web site will require a 1099 to filed with the IRS. They claim this will cost over $70 billion in new costs for the IRS to police. It will be interesting to see how much revenue is actually reaped. We can expect huge costs for sellers and also a predictable higher cost in paperwork for everyone. It is likely the only gain will be more government snooping into everyone's affairs, more government control and decreased economic activity.

With the inevitable increase in citizens changing their practices to avoid government scrutiny will require more scrutiny and enforcement. Maybe even incentives offered for people to report to the IRS if their neighbors are living better themselves. Also more taxes and fees when economic activity slows and revenue decreases.

We can see Biden and the democrats are actually using their decades old economic plan that has devastated the cities of this country. Raise taxes and fees and when revenues decrease, keep raising them until it all collapses.This time there will not be anywhere to flee to or escape their destructive policies.