White House

Joe Biden's 2024 Menu: The Rich.


President Joe Biden on Thursday rolled out his proposed budget for fiscal 2024, an ambitious plan that would raise taxes on the rich and on corporations while expanding the social safety net. It would cut nearly $3 trillion from the federal deficit over the next decade by imposing a 25 percent minimum tax on the richest Americans. If you want to read the entire 185-page document, have at it!

Of course, it also won't do a single bit of that, because Republicans won't pass any of the major parts of the plan, particularly not the tax increases, but also not the social safety net parts like paid family leave, childcare, or Biden's plan to rescue the Medicare trust fund for at least 25 years.

Not a bit of it will become law except the most routine keep-things-as-they-are parts, which will no doubt end up in yet another omnibus spending bill passed barely in time to avoid a government shutdown. If then. Oh, also, the part that increases defense spending by about 3.2 percent, to over $835 billion, will probably do just fine. But whatever defense budget eventually passes in the fall won't be accompanied by the tax increases that would make the expenditures slightly less odious.

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Nice Time

Socialist Joe Biden Forces Tech  Companies To Provide Daycare Options To Get CHIPS Act $$

If you build a daycare, they will apply for jobs.

In a clever bit of regulation, the Biden administration announced this week that if chip manufacturing companies want in on the $39 billion in funding being made available to subsidize new factories through the CHIPS and Science Act, they'll need to provide a plan for making sure their employees have access to affordable, quality childcare — both for the construction workers who build the factories and for the folks who work in them. The Commerce Department will be publishing a new rule today to make that requirement official.

The idea is to create a domestic chip manufacturing industry that's not just good for the companies that make chips and need chips for manufacturing cars, appliances, and probably sex toys too, but also to make sure the tech workplace is friendly to women and working families. It's pretty nifty as industrial policy: You want to get some of the government funding, then you'll need to have policies consistent with Biden's goal of expanding the economy from the bottom up and the middle out, instead of just throwing taxpayer funds at billionaires and corporations, then hoping maybe they'll hire people.

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Oil Giant BP: Don't Worry, Oil Totally Going Away!

They're the cool oil giant, not like those other oil giants!

An analysis of the 2023 energy market released this week by BP, the world's fourth-largest oil company, anticipates that oil and gas production will fall more quickly than previously predicted, and that the world will also adopt clean energy faster than had been expected, with corresponding reductions in the carbon dioxide emissions that drive global warming.

BP's homepage for its "Energy Outlook 2023" report says many nice environmentally woke sounding things about how the world's "carbon budget" — the amount of CO2 emissions that can go into the atmosphere before sending global warming past the 1.5 degree C (2.7 degrees F) goal of the Paris Climate agreement — is rapidly running out, and notes that governments are increasingly committing to decarbonization, as well as that the "Russia-Ukraine war" makes it all the more vital to make the transition to clean energy. All of which is nice to hear from an oil company, but because BP has a history of saying nice things about cleaning up energy while supporting groups that fight efforts to actually reduce emissions, we're also skeptical. As Greta Thunberg said, it sounds like a lot of blah blah blah.

That said, the report also makes some specific predictions, as the Guardian summarizes — with some useful context on how much greater the changes will need to be in order to keep warming anywhere near the Paris goals:

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