Congress has returned to Washington after a two-week Easter vacation, and What’s Ahead explains why investors should be worried.
The first thing on Congress’ plate is President Biden’s gargantuan infrastructure bill, most of which has little to do with such traditional infrastructure projects as highways and bridges.
Unless changed, the legislation will hurt the economy—and, ultimately, stocks—in two ways.
• The blowout spending will lead to future inflation—and higher interest rates.
• The bill will give the U.S. the highest business tax rate in the developed world, worse, even, than those of France and China. Other tax provisions also slam companies. These will make the U.S. less competitive.
Bulls believe these destructive pieces will be substantially modified. But far-left Democrats will push hard for total victory, just as they successfully did with Biden’s bloated stimulus bill.
Steve Forbes is Chairman and Editor-in-Chief of Forbes Media. Steve’s newest project is the podcast “What’s Ahead,” where he engages the world’s top newsmakers,
Steve Forbes is Chairman and Editor-in-Chief of Forbes Media. Steve’s newest project is the podcast “What’s Ahead,” where he engages the world’s top newsmakers, politicians and pioneers in business and economics in honest conversations meant to challenge traditional conventions as well as featuring Steve’s signature views on the intersection of society, economic and policy. Steve helped create the recently released and highly acclaimed public television documentary, In Money We Trust?, which was produced under the auspices of Maryland Public television. The film was inspired by the book he co-authored, Money: How the Destruction of the Dollar Threatens the Global Economy – and What We Can Do About It. Steve’s latest book is Reviving America: How Repealing Obamacare, Replacing the Tax Code and Reforming The Fed will Restore Hope and Prosperity co-authored by Elizabeth Ames (McGraw-Hill Professional). Steve writes editorials for each issue of Forbes under the heading of “Fact and Comment.” A widely respected economic prognosticator, he is the only writer to have won the highly prestigious Crystal Owl Award four times. The prize was formerly given by U.S. Steel Corporation to the financial journalist whose economic forecasts for the coming year proved most accurate. In both 1996 and 2000, Steve campaigned vigorously for the Republican nomination for the Presidency. Key to his platform were a flat tax, medical savings accounts, a new Social Security system for working Americans, parental choice of schools for their children, term limits and a strong national defense. Steve continues to energetically promote this agenda.
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