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Back in the day when Saturday Night Live was funny, Chevy Chase would open the Weekend Update segment by saying, Im Chevy Chase and youre not.

That line came to mind over President Joe Bidens massive tax-and-spend proposals, which are unlike anything since FDR, after whom Biden appears to be modeling himself. The president thinks hes a capitalist but hes not.

In a short time, we have regressed from Ronald Reagans government is not the solution to our problem, government IS our problem and Bill Clintons declaration that the era of big government is over to Bidens belief that the era of big government is just beginning.

Lets define two terms. First, capitalism: an economic system in which investment in and ownership of the means of production, distribution and exchange of wealth is made and maintained chiefly by private individuals or corporations, especially as contrasted to cooperatively or state-owned means of wealth.

Now, socialism: a theory or system of social organization that advocates the ownership and control of the means of production and distribution, capital, land, etc., by the community as a whole, usually through a centralized government.

The definition of what fits the Biden tax and spending blowout is the latter. Treasury Secretary Janet Yellen is ratcheting up the notion that only government is the answer to every problem by proposing a global minimum tax. Axios reports what it concludes is the rationale behind her thinking: Convincing other countries to impose a global minimum tax would reduce the likelihood of companies relocating offshore, as Biden seeks to increase the corporate rate from 21% to 28%.

Thats got it backward, but it typifies the thinking of those whose faith is in ever growing, more expensive and intrusive government.

Former President Donald Trumps reduction in corporate tax rates persuaded some businesses to move back to the U.S. from overseas. They had exited because of higher taxes.

In a 2018 article, Investors Business Daily quoted the Bureau of Economic Analysis: some $305.6 billion returned to the U.S. from overseas accounts (after President Trump cut corporate tax rates). Thats a $1.2 trillion annual rate, and far more than the $35 billion one year before.

How is returning to the bad old days of higher taxes going to convince those companies that returned home to stay home? No reporter has asked that question and no one in the Biden administration has voluntarily offered an explanation.

Speaking of Chevy Chase, the comedian once said: Socialism works ... (and) Cuba might prove that. I think its conclusive that there have been areas where socialism has helped to keep people at least stabilized at a certain level.

Yes, and that level is mutually shared mediocrity and, in some cases, mutually shared poverty. Capitalism raises boats for those who play by its rules, accompanied by shared moral values, while socialism, especially when paired with communism, sinks too many boats and hopes.

Read more:
Tax and spending proposals highlight ignorance of repeated failures of socialism - Norfolk Daily News