Richard A. Stern
@RichAStern
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Former Hill staffer, now working for the good guys @Heritage . Director of the Grover M. Hermann Center for the Federal Budget.
Joined December 2022
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🧵💸New Ukraine “aid” bill would bring the total to over $173 billion, over $1,300 per American household and over $11,500 per Ukrainian household.
This will continue to drive higher inflation and mortgage rates across the US – making every American family pay the price.
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🧵🚨Welfare expansion (including for illegals), more handouts, and INFLATIONARY deficits!🤯
Tax Bill is “Light on Tax Relief and Heavy on Welfare Expansion”
“The Tax Relief for American Families and Workers Act is first and foremost a repudiation of the principles of…
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🚨🧵The Tax Relief for American Families and Workers Act is a Trojan Horse
Though branded as full of middle-class tax cuts and pro-growth reforms, checking inside this Trojan horse instead reveals a mixed bag that includes welfare expansions, corporate windfalls, and…
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Biden says our economy is: "the envy of the world"
Food prices - up 21%
Gas prices - up 35%
Mortgage Interest Rates - up 159%
Clearly, Biden forgot what planet he's on.
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🤯🧵🚨 Biden's Budget is FULL of TAX HIKES on hard-working American families.
Almost $36,000 of tax hikes per family!
$4.9 trillion in new taxes and over $2 trillion in more spending of YOUR money on the woke agenda.
And more for Ukraine! 💸
This aims to increase GAS PRICES…
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I’m pretty sure inflation is why people are talking about inflation:
Food prices - up 20% under Biden.
Gas prices - up 36% under Biden.
Interest alone on a new mortgage consumes 40% of a median worker’s pay.
But don’t worry about that, you just enjoy your “it’s transitory”…
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In 2023, the federal government spent an astonishing $50,000 per household. Instead of fighting for Congress to get a handle on its spending addiction, leadership is using budget gimmicks to claim that it has made cuts, and kicking the can down the road yet again.
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💸💸💸Ever seen a picture of the government stealing $3.3 TRILLION in the blink of an eye???
Look at this chart 🫢🤯
The government has used inflation to partially default on it's debt - so much for federal debt being a "safe" asset.📉
The combination of reckless federal…
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The bulk—91.5% to be exact—of what is being described as “middle-class tax relief” is, in fact, an expansion of welfare benefits. This provision would amount to a whopping 32% expansion of this welfare credit by 2026.
To make matters worse, a tax filer would be able to claim…
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President Biden: "If I was smart, I'd go home now"
Finally, he tells the truth 🤦♂️
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A few facts to make your blood boil on Tax Day…
The federal government will:
1. Tax 38,000 per household in 2024 😡
2. Spend $50,000 per household in 2024 🤯
So, every cent you earn all the way from Jan 1 through April 28th will go to federal taxes and inflation taxes…
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🚨First year Interest costs on a new typical mortgage have SURGED to over 41% of median wages under Biden. 🤯
Up from just 16.6% when Trump left office.
Why? Reckless federal deficits with a debt that’s $260,000 per household now and set to go to $380,000 in just 10 years! 🔥…
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Want to know why prices are up over 20% - a $15k cost for a median family- since Biden took office?
The federal debt! Inflation is the hidden tax they don’t tell you about.
Inflation is how YOU and your family feel the burden of the $260,000 per household federal debt -…
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If this new bill is implemented, our total aid to Ukraine will be more than the annual wages paid out to every American worker in all agriculture, mining, and oil and gas extraction industries.
Another glaring example...
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🚨Uniparty is moving a $95 billion "aid" bill.
$60 billion for Ukraine, bringing the total over $1,300 per American household in inflation driving deficits!🤯
Spending would go into 2025, potentially tying the hands of a future president - perhaps forcing them to spend our…
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🚨New Orwellian policy just dropped:
The woke Biden Admin wants to use your money to allow children full and UNSUPERVISED access to the internet to "Learn Without Limits"...
...learn what exactly 🤔🚨...don't worry, I'm sure TikTok and the Chinese Communist Party have already…
Imagine your child accessing WiFi on their school bus, or borrowing a WiFi hotspot from your local library to be able to use at home. This and more will be possible through our Learn Without Limits initiative.
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Ever wonder why Bidenomics isn't working?
Biden's 10-year Budget:
Federal Taxes per household in 2025 - $41,600
Federal Taxes per household in 2034 - $60,600
Monthly Net Interest costs 2034 - $600
Monthly Net Interest costs 2034 - $900
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What Biden means by "their fair share" is that he wants to steal another $2 trillion from American businesses... which will raise prices on your family, reduce wages for workers, and stunt economic growth...all to fund handouts to liberal elites.
There is nothing fair about this…
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Every time the federal government spends money, it forcefully takes that money from hard-working Americans.
Even if you don’t pay federal income taxes, you still pay through inflation taxes and slower overall economic growth.
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At least the global elite aren’t hiding their intentions anymore 🤦♂️
This bill will effectively steal $730 from each and every American Household to fund the woke DC Cartel agenda around the world 😡
$300 million proposed for border police.....in Ukraine! NOTHING for the U.S. Border.
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🚨🤯Fast facts on interest costs in Biden's budget:
Net Interest on the federal debt would average a jaw-dropping $760 PER MONTH per American household over the next 10 years!
That's quite the monthly credit card bill💸😱...
The debt would reach roughly $370,000 per household…
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🚨Congressional leadership, using Israel as cover, is set to shove another $95+ billion 💸💸💸 spending bill through Congress…where…you guess it…
More than half the money will go to Ukraine!
Over $370 MORE per household to Ukraine. Get your credit cards out…more inflation…
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Since the beginning of COVID and dramatic federal deficit and Fed money printing increases, prices are up:
37.4% - used cars and trucks
30.4% - energy
24.4% - food
20.1% - overall housing costs
18.8% - overall
But it gets even worse...
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Our total aid to Ukraine would be more than the annual wages paid out to every American manufacturing worker that produces motor vehicles, parts, and other transportation equipment.
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Invasion across the border
Ships being seized on the open seas
American troops under threat of attack
Inflation on fire 🔥 and the dollar weakened
This is the leftist global elite agenda - where Americans do all the work and our enemies profit.
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🤯💸Biden's budget would send the federal surging from $280,000 per household next year to well over $369,000 in 10 years!
This will drive both inflation and interest rates much higher - especially interest rates on mortgages and small business loans - strangling the economy and…
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Through pure lunacy and incompetence, Biden's Admin armed the Hamas butchers.
When the left cries for more of your paycheck and more inflation taxes to fund more bureaucrats, this is what they want.
It's time to end the DC Cartel before it ends us.
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Bottom line - More Ukraine aid will mean more Fed money printing and more federal borrowing that drives inflation and interest rates and starves the economy of the money needed for growth.
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🎯🎯🎯
The “tax” bill is a wolf in sheep’s clothing.
He’s right that it’s a give away to special interests of both sides that’s dressed up as real reform.
Why else would they try to rush it all the way through Congress in less than two weeks while attacking anyone that…
"If House Republicans are serious about cutting wasteful government spending and reducing the debt, they have an opportunity to practice what they preach."
AEI President
@RobertDoar
on the House's newest misguided tax legislation.
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We're well over $260,000 of federal debt per household and people are surprised that inflation is high and the economy is sputtering 🤦♂️
Surging debt and inflationary deficits hurt the economy, but there's much more to it. The federal government is bankrupting America's children.
A child born today has an $82,590 share of the national debt.
By the time he or she turns 18 and can vote, it will be $143,964.
By…
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A Tax Policy Trojan Horse for Welfare Expansion and Inflationary Deficits -
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With the debt already over $260,000 per family…it only gets worse going forward 🤯
This is the most important chart to understand for America's future, both economically and politically.
The federal budget will go out of control even if we have no wars or recessions for the next 30 years. We felt the consequences of the huge deficit spending spike in 2020:…
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New federal spending is driving prices and interest rates, especially mortgage rates, sky-high. Since Biden took office, interest payments on a new median mortgage have tripled.
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🚨The House is set to vote TODAY on a "procedural motion" that would allow easy passage of the new $95 billion "aid package" that will send your money overseas.
This will increase our interest rates😱
Increase our inflation rates😡
and burden our economy with yet more crushing…
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And yet, Congress is considering sending another $95 billion overseas for more foreign wars…and using the national credit card to do so.🤯💸
This will simply drive more inflation, higher interest rates (especially mortgage rates), and will drive down wages and economic growth…
NY Fed warns of mass defaults as household debt hits a record $17.5 trillion.
That's up $3.4 trillion since the pandemic -- almost $30,000 per household. On top of $10 trillion in new federal debt -- almost $80,000 per household.
In all the average American household is now…
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From Reagan through Trump, annual interest payments on a new mortgage, with 20% down on a median house, were stable.
Under Biden? Up from $8,500 to almost $24,300...over 285% of the level under Trump! Thanks Bidenomics...
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Check out more on the bill 👇
@PrestonBrashers
@joelgriffith
Robert Rector:
The Tax Relief for American Families and Workers Act: Light on Tax Relief and Heavy on Welfare Expansion –
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Tell me you’re in a debt spiral without telling me you’re in a debt spiral:
35% of YOUR income taxes go just to pay interest on the debt!
AND
95% of all taxes go just to pay for autopilot spending 😳!
The federal budget is on a collision course with Archimedes: most of the spending is on autopilot and will continue to grow out of control, even if Congress cuts discretionary spending to the bone.
And don't think we can inflate our way out of this by devaluing the dollar further…
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This is a border INSECURITY bill.
It’s a shell for $118 billion more in inflationary deficits stolen from American families to mostly fund foreign governments, especially their civilian operations, and liberal NGOs that promote trafficking. 💸💸
FOLLOW THE MONEY 💰
The uniparty’s bill was written with 2 underlying goals: to pay off sanctuary leaders/NGOs and to bankroll the endless war in Ukraine.
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Interest payments on a new median mortgage have gone from 16.4% of a median worker’s pay to a staggering 41.9% - boxing tens of millions of Americans out of homeownership.
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If You Ran Your Family Budget Like the Government, You’d Be Broke: ‘Tax Cut’ Edition -
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At least we don’t have to go to the trouble of actually sending foreign aid overseas now…
Native-born employment is not only way below pre-pandemic trend but also 1 million below pre-pandemic level, losing ground over the last 4 years; conversely, foreign-born employment has been back to pre-pandemic trend for months, and now 3.3 million above its pre-pandemic level:
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It's amazing how they don't know what to do with themselves if they can't steal your money and send it and your kids overseas.
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America’s Families Would Be Slammed by House Panel’s Expansion of Welfare -
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Federal debt per household is roughly 80% of mortgage debt on a new median home 🫢🤯
Wonder why people can't afford good houses in a good neighborhood these days?
Here's one part of how the federal government has turn the American Dream into a nightmare:
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Under Biden's 10-year budget:
National debt per household: $369,000
Percentage of the economy run through the Federal government: nearly 25%🤯
Your paycheck from Jan 1 into early April will, effectively, just go to feed the federal leviathan.
America’s hard-earned money is being looted and lit on fire by the government - and Congress isn’t going to change unless it’s forced to.
The problem is spending. Too much welfare for corporations and individuals, too many broken entitlements, too many handouts to incompetent…
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To compound these issues, even ignoring the gimmicky way the bill intends to “pay for” these handouts, the formal cost estimate shows $155 billion in new deficits through this year and next from this bill. This would only add to inflationary pressures and spike interest…
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Oh no, what new made up crisis will the global elites come up with to derail this election cycle?? 😱
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All as the inflation-adjusted value of IRAs plummet under Biden...
Nothing to see here, or a perfect storm brewing?
Wow - more than 1 in 8 households expect they'll be unable to make even minimum payments on their debts over the next 3 months - that's the highest level since tens of millions lost their jobs during gov't-imposed lockdowns in '20.
Probably nothing...
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Just remember folks, it’s always fraud when the government promises free stuff - the inflation taxes ALWAYS find you eventually.
How large an amount of fraud is enough to be headline news? $100 million? $1 billion?
What about ~$23 billion in fraudulent budget gimmicks?
Congress is considering a roughly $468 billion spending package that includes fake emergency designations (so the spending doesn't count…
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These taxes include a new "digital asset mining energy excise tax" and increases in taxes on businesses that will increase prices for families and drive businesses overseas.
This budget aims to drive prices higher and strangle the economy!
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Here is your reminder that Harvard takes TONS of taxpayer money and runs business enterprises where it launders the profits through its non-profit wing to avoid federal taxes.
Truly amazing how often the federal government props up lunacy...
That moment you realize the regime you've defended your whole life hates you.
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Modeling analysis shows that the contrived and odd construction of these provisions would have no impact on long-run economic growth.
The Joint Committee on Taxation—the official congressional scorekeepers—agree that the business provisions would have no significant impact on…
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So much for thoughtful and careful debate process the Founders envisioned 🤦♂️😡
The House and Senate have released a 1,050 page spending package. Yet because there are long lists of pork projects and niche special interest carve-outs, there's another 1,281 pages of "explanatory statements".
Ongoing MEGATHREAD of highlights and lowlights (1):
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If you're curious why the deficit ALWAYS increases and why inflation for Americans keeps going up...
Leave a place setting for an illegal alien for dinner tonight? Massachusetts and other left-wing states are with YOUR money.
Weekly migrant food budget: $448 per migrant
Average American family grocery budget: $68 per person
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Some of my colleagues
@Heritage
and I went through the omnibus and found just a few of the absurd provisions, make sure you’re seated before you continue with this thread🧵:
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Must read on the Leftist agenda to destroy our country. 😡
It’s also a perfect time for your daily reminder that they use YOUR tax dollars and the Fed’s money printing to fund their rampage. 🤯💸
Very excited to announce my upcoming book, DETRANS: True Stories of Escaping the Gender Ideology Cult.
These are the real stories of detransitioners, coming May 28.
Preorder now:
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First rule of government spending: The well-connected few always gain at the expense of everyone else...
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Government always makes it worse...
Higher costs for energy and other key inputs has caused 58% inflation for highway construction since the end of 2020.
The badly timed 2021 infrastructure bill is compounding the problem, and the Biden administration is adding wasteful red tape that will inflate costs further.
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🧵As with any government spending deal, there are a bunch of new gimmicks...
These mask a spending increase that will drive inflation higher and fund more DC bureaucracy.
Let's talk through just one major one right here 👇
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Make sure to thank a family that’s struggling to put food on the table on behalf of the birds watchers 👋
The federal bureaucracy uses tax dollars to fund the most absurd projects you've ever heard of. Here's $288k to make segregated bird-watching groups because a tiny number of people "feel their voices are not heard" currently.
#DemolishDEI
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@cryptogram44
You could do the same map with EV and solar panel subsidies…the point is that it’s central planning that steals from the hard working to give handouts to those favored by the government. It’s a corrupt and inefficient economic system that leads to poverty for most.
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Rep. Roy is absolutely correct!
The debt ceiling is an indispensable tool to safeguard the American people from the woke and weaponized federal bureaucracy.
"Republicans have been promising to cut spending & shrink the federal government for decades, & our track record has been beyond pathetic"
"The debt ceiling is an opportunity for my colleagues to stand up & fight to keep the promises we made to get elected"
#ShrinkDCGrowAmerica
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Dude, you can doctor statistical reporting all you want, but when eggs are a better store of value than the US dollar, I wouldn’t highlight your failed economic record.
We just learned we created 253,000 jobs in April.
That's 12.7 million jobs since I took office, an unemployment rate that is the lowest since 1969, and the highest share of working age people in the workforce since 2008.
My plan to invest in America is working.
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US border security should never be held hostage!
Some members of Congress are trying to use false promises of “border security” to squeeze taxpayers for $60 billion more to send to Ukraine.
If there is no change to Biden’s policy, then he will just use the money for more of the same.
The House needs to demand policy changes!
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These 18 Republican senators betrayed their constituents and the American people.
Let’s make sure there isn’t a single bill that passes in the 118th Congress that’s introduced by any of them!
Blunt
Boozman
Capito
Collins
Cornyn
Cotton
Graham
Inhofe
McConnell
Moran
Murkowski
Portman
Romney
Rounds
Shelby
Thune
Wicker
Young
#StandUpForAmerica
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We became the wealthiest and most advanced country with essentially no taxes compared to today…and NO FED…🤔
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Maybe this is why it costs our economy over $2,300 per household just to fill out tax returns 🤔…
Taxes due today; don't make a mistake on your return or IRS agents might come after you; but good luck w/ navigating the tax code since it's 35 million words long btwn statutes and regulations; here's what that looks like compared to some famous, long books (click/tap to expand):
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The beauty of federalism is there is still a free part of the country for them to flee to.
"From July 2022 to July 2023, the latest data available, 217,000 more people left New York than moved there... So many more people are leaving the state than are dying there that the effect on the population is worse than a doubling of the death rate..."
(Link in reply)
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So…the Fed paying out corporate welfare in the form of “interest on reserves” goes mostly to super large banks with political connections in DC?
I’m shocked 🫢 🤯
Small bank's still haven't improved their cash position despite stemming the bleeding in terms of massive deposit losses; I previously expected a surge of borrowing from the BTFP in Mar before it ended, but now w/ the penalty rate, regionals might be stuck - very bad:
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He's absolutely right!
The same crowd that rushed a 4,000+ page omnibus stuffed with corrupt payouts through Congress now wants to rush a Speaker through...can't wait to see what they've got planned for the rest of the year...
The Washington Establishment hates today’s House proceedings because it’s precisely the kind of disruption that threatens their grip on power. We need more of this if we want to re-establish regular order in Congress—and self-governance.
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Between Fetterman Fridays and Stall the Vote Schedule Saturdays, it's safe to say we've reached the "Caligula appoints horse as Consul" stage of empire decline.
Jamaal Bowman would be the only name discussed by the MSM right now if he were a Republican.
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Tax reform can either be a weapon to redistribute and destroy wealth or a tool to create wealth and prosperity - good reminder that we should build on the latter, the legacy of TCJA.
The new "tax relief" bill follows the 2017 Trump tax cuts. But it sure doesn't follow in TJCA's footsteps.
TCJA's individual relief: 95% tax cuts vs 5% cash for people who pay no income tax.
The 2024 bill: <9% individual tax cuts vs 91% cash payments. But it gets worse...
🧵1/6
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There are many things you can buy with $1.7 trillion of other people's money - but a shred of dignity isn't one of them.
🚨🧵: Republicans are about to surrender the leverage to hold Biden accountable without even putting up a fight.
This week, at least 10 Senate Republicans are expected to join democrats to pass a massive $1.7 trillion omnibus spending bill in Congress.
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$118 billion in new inflationary deficits to prop up foreign wars and leave our border wide open.
🚨The long awaited text of the 370-page Senate border bill is out:
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Which is the Biden regime printing faster: money or random statistics?
Government statistics are pure fantasy at this point.
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4155 pages and less than 4 days to read it until the government runs out of money...seems like light reading...nothing suspicious stuffed in here...
In the wee hours of the morning, Senate leadership delivered 4155 pages of unfiltered swamp called an Omnibus, concluding with authorization of a Continuous Plankton Recorder.
Ongoing omnibus thread on the 2023 Omnibus:
(1/x)
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There's only one way out of our joint debt and inflation crisis: cut government spending.
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Biden urges restraint against Iran as it threatens to cut off one of the most important sea routes on the planet - cutting off oil and gas to the US and our allies.
Yet another example of where the Biden Administration clearly does not serve the American people.
Who do they…
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Reducing government spending AND getting rid of Biden's new army of IRS agents sounds like a good way to start off the week!
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He was probably just trying to report the dumpster fire that Congress has become.
🚨🚨NEW -- Capitol Police are circulating this photo of a man pulling the fire alarm in Cannon. Looks a lot like Jamaal Bowman
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If 10 or more republicans vote to protect Biden from the incoming congress, it will be a shameful betrayal of the voters!
The Senate is expected to pass (with 60+ votes) a $1.7 trillion omnibus spending package this week to extend the Schumer-Pelosi agenda *through* 2023.
That means that 10 (or more‼️) Senate republicans plan to vote for the bill.
🤯🤯
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The swamp at its most swampiest 🎯🔥
The uniparty just crapped out a "border deal" that trades war money for amnesty for million of illegals while locking our open borders into law.
The welfare-warfare state in full effect.
The long game is replace Americans with a brand new crop of voters who, going by history,…
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What’s something that could be a headline in both 1860 and now?
Democrat-run state pulls Republican presidential candidate off the ballot 👀🫢
Banana Republic Election Interference
The Colorado Supreme Court’s decision to remove former President Trump from the state’s presidential primary ballot is a “nakedly partisan, anti-democratic decision that ignores the law and prior precedent.”
@HvonSpakovsky
explains🧵
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That $1.4 trillion deficit IS the inflation tax...let's end it now!
Debt ceiling standoff: 40% cuts vs “Constitutional Crisis”
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Correction, the federal government could run out of cash…the US isn’t the government!
Sounds like American families will get to inflation tax freedom day a little sooner!
Breaking News: Treasury Secretary Janet Yellen said the U.S. could be unable to pay its bills by June 1 if Congress does not raise or suspend the debt limit.
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🧵My colleague
@parkersheppard
and I wrote this piece on how the left-wing push for a wealth tax would hurt all Americans and stifle innovation and prosperity for generations to come.
Check out the thread for some quotes from the article👇:
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Removing a gun from people's heads so they can go back to work isn't the same as creating jobs.
Leave it to someone who steals tax money for a living to confuse theft and coercion with creation.
We’ve added more jobs to the U.S. economy in 28 months than any president has in a four-year term.
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Another $730 per household in brand NEW inflation taxes are set to hit once the “aid package” becomes law 🤦♂️
Never forget, the government has a monopoly on legal violence and doesn’t have any reason to care about your quality of life.
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So glad the Biden Administration is focused on our carbon footprint so Iran doesn't have to focus on theirs...
Last year, Iran's revenues from the export of crude oil and condensate reached 42.6B USD, compared to 25.5B in 2021, and 7.9B in 2020.
In August, Iran reported exports of 1.7M barrels per day, a level not seen since March 2019. Others put the figure even higher, at 2.2M BPD. By…
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At nearly $250,000 per family, the national debt is everyone's second mortgage - taken out by the woke left establishment in a bid to gain more control over the country.
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Government spending always comes at a cost - and what it costs you is your future prosperity.
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💸 The omnibus will add at least $20,000 per household to the national credit card (on top of the already $240,000 per household federal debt) – further driving up prices at the pump and in grocery stores – all to fund the green agenda and the woke Left.
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Midterm Autopsy: Who in their right mind would vote for you again if you’re going to give up without firing a shot?
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At 6,825 pages of bill text and other material – twice as much text as the Bible – the omnibus is stuffed with well over 4,000 earmarks and billions of dollars for the radical woke liberal organizations continuing to dismantle the country.
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Best summary I've seen yet on the debt ceiling "deal"...
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These are just the tip of the iceberg of what’s alarming with this bill – see our full list via
@DailySignal
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Meanwhile, Americans are scrolling through their phones waiting to hear that Congress will stop spending their money and stop sending inflation and interest rates through the roof.
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