U.S. President Joe Biden speaks at a joint session of Congress in Washington, D.C., U.S., on April 28, 2021. (Photographer: Chip Somodevilla/Getty Images/Bloomberg)
The Biden Administration aims to pay for its ambitious array of new spending by ‘taxing the rich’. It doesn’t work that way. Society pays for new government programmes via the opportunity cost of not being able to use the resources for other purposes.