$750 Billion Is Hi-Test Gasoline On The Inflation Bonfire
Inflation Is Baked In The Cake – You Knew That
Destruction Of 60 Million Independent Contractor Businesses– See That Coming?
America dodged a several trillion-dollar bullet when the Build Back Better plan was rejected. Did rampant inflation caused by trillions in spending already approved by Congress play a role? We can only hope. Now we have the IRA, which everyone agrees will do nothing to reduce inflation. Seven hundred fifty billion of new spending. For a football stadium full of IRS agents. Enforcing new rules that they are pretending are the old rules. But they are not.
Government does not like independent contractors, freelancers, small businesses, gig workers, or others who do not operate within highly regulated industry structures. Nontraditional workers are too hard to find, tax, and regulate. Everything a bureaucrat hates.
Independent workers, who are small businesses unto themselves, are about 35% of American workers, in whole or part. That’s about 60 million Americans. Sixty million small businesses. And that is about to change. Why do you think they want another 87,000 IRS agents? To go after rich people? Ho ho ho. And hah!
Americans like working independently. Especially younger Americans. For flexibility. To be your own boss. Other good, American-type reasons.
And if you are worried about the younger generation… and who isn’t? You might find some hope in the fact that they seem even more dedicated to personal responsibility in their employment.
It is too soon to tell how bad all this will be. But it will be bad. Very bad. Just look at California which implemented this scheme in 2020. Why is the supply chain so screwed up? Could whacking 70,000 owner/operator truckers with new taxes, fees, and regulations by reclassifying them as employees rather than independent businesses have some effect? Millions more are suffering. From yoga instructors to hairdressers. Entrepreneurs who rent space for their business are now employees.
The American Dream is under assault as never before. From inflation to stifling regulation, to inviting low-cost labor competition by abandoning our borders. Middle class Americans must fight back. Your children want the independence of their own business. We must work together to keep that dream a reality.