Trump’s economic adviser Stephen Moore was the first to point out how Americans are feeling regarding inflation. He said that they haven’t seen inflation like this since the 1970s and that lower-income families are still “feeling” Biden’s tax raises.
It’s a tax on the lowest-income Americans. Biden keeps saying I’m not raising taxes on people making less than $400,000, but everyone who goes to the grocery store, every lower-income family that has to fill up the gas tank. They are feeling it,” Moore said.
Moore called it the ‘BIT,’ otherwise known as the Biden inflation tax. He asked why the Federal Reserve Board wasn’t taking any action and that the inflation rate “just keeps climbing.”
House Minority Leader Kevin McCarthy also pointed out the high inflation rates, saying that they have started to destroy the United States. He said that the “Democrat’s reckless policies” have caused the country to start economically collapsing under the COVID-19 pandemic. He said projects such as former President Donald Trump’s Operation Warp Speed have helped stop some of it. By distributing vaccines at warp speed, retail and restaurants have been able to operate at full capacity, shed masks at the grocery store, and send kids back to school.
But McCarthy pointed out that the Democrats in office have pushed reckless policies with the “highest gas prices in seven years” and grocery bills that are rising. He said milk, bacon, and other meats are now more expensive and that companies are forced to raise prices as ingredients become more expensive.
“The price shocks are also fueled by a wave of cyber-attacks that have knocked out gas and food supplies. Rather than use the American government to confront these threats, the Biden administration is rewarding Russian energy companies and Chinese-owned technology companies,” McCarthy wrote in a letter to the entire House Republican conference.
He said that the Democrat agenda was hurting small businesses with increased costs and a labor crisis. He said they are paying Americans more money to stay home than work and that small businesses are now facing “new existential threats.” He said that without small businesses, communities will suffer and lead to economic uncertainty.
A top Democrat economist, Larry Summers, is also warning about the size of President Biden’s economic stimulus and policies, warning that it could cause the economy to “overheat” if Democrats don’t pump the brakes soon. He talked about how under President Joe Biden, inflation has skyrocketed. He talked about the number of businesses with vacant jobs and high unemployment rates in the country. He said economists also measure how many people are quitting jobs at the moment and that “when times are really tight in the labor market, people feel like they can quit.”
He said the Biden Administration is still acting as if the economy were in the same shape that it was over six months ago. “The main risk is that our economy’s going to overheat. And then once it overheats, it’s going to be hard to put out the fire without doing a lot of damage and causing a lot of problems. And so I’d like to see us shift towards a policy concern,” Summers said.
Summers also pointed out that it is “completely inappropriate” for the Biden Administration to continue providing unemployment insurance on excessively generous terms where they are “giving people more money for not working than they would have earned working.” GOP lawmakers have continued to push legislation to halt these government benefits and get people back into the workforce.
Democrats have never demonstrated a grasp of basic economics… They’ll throw around money claiming to fix problems as they go and keep pushing and promoting “free stuff” as long as they get re-elected (or the people they want in office). Just look at Venezuela. That’s what happens when you run a country like a socialist and spend like a Democrat.