Posted on 07/24/2022 5:57:30 PM PDT by BenLurkin
Congress is missing an opportunity to combat decades-high inflation by failing to implement tax hikes, former Clinton administration Treasury Secretary Larry Summers asserted on Friday.
Summers...argued that lawmakers should consider raising taxes as another means of cooling the economy — with a focus on corporations and wealthy Americans.
While Summers backed tax hikes on the wealthy — a measure also supported by President Biden and many prominent Democrats — he noted that it was “not the time for stimulative fiscal policies.”
In particular, he said Biden should not extend the lengthy pandemic-era moratorium on student loan payments or use tax proceeds to bankroll a “big new spending program.” Biden has called for corporate tax hikes to fund a long-stalled, massive spending bill on climate and social programs.
(Excerpt) Read more at nypost.com ...
If they raise taxes, we will be living in Jimmy Carter 2.0.
Larry Summers is an economic-illiterate of the highest order.
And here we could be cutting spending instead. What a dork.
The gov’t never wants to lowers taxes. That would solve many problems.
“ The gov’t never wants to lowers taxes. That would solve many problems.”
The government NEVER wants to solve problems. It wants to make them.
Raising taxes to kill the demand will only be a temporary fix and hurt the middle class which is the Golden Goose to a healthy economy.
Isn’t inflation already a tax?
Just start up the covid pandemic again, or replace it with the monkey pox pandemic.
That will cool down the economy quite effectively.
What about backing our money with GOLD? I know, it would be about the same time as Adam Kutzinger makes mad passionate love to Liz Cheney during a live J6 hearing at the same time Nancy is so drunk that she announced that Trump won, Galvin Newsom is a Socialist and global warming is a hoax and Mitt McConnell and Mitt Romney resigned and ask Kentucky and Utah to appoint MAGA Senators...🤓
People already can barely afford groceries and keep their car fueled to commute to work so taking more of their money in higher taxes is going to make things better?
The Dems need to do this with their bare majorities in Congress and an illegitimate president. It will drive more voters away from the Dem party, and make it much harder for them to steal the 2022 midterm elections.
The second Biden started to send out stimulus checks is when the he started the inflation ball rolling.
Print money spend repeat the tax the hell out of them democrats plans never change.
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