Posted on 06/20/2022 7:20:00 PM PDT by SoConPubbie
As the economy continues to go in to a downward spiral, Biden got in to an argument with his own Treasury Secretary today about if the U.S economy is headed for a recession.
On Sunday, Treasury Secretary Larry Summers said his “best guess” was that we were heading in to a recession. Earlier today, Biden contradicted Summers, saying that there is nothing ‘inevitable’ about a recession after having a conversation with him Monday morning.
Biden offered a number of solutions that he believed could reduce ‘inflationary pressures’ and prevent a recession.
One solution was to increase taxes on the wealthy, a proposal he made after threatening to undo the Trump tax cuts because they solely benefited high-earners.
Biden, per usual, is lying to the American people as the Trump tax cuts reduced taxes for the vast majority of American taxpayers. As many as 82% saw their taxes go down.
The Hill Reports–
Biden: We are going to "increase taxes" on "individuals as it relates to Trump's tax cut, which is inflationary. People going out and buying a yacht doesn't help the economy a whole lot."
82% of middle class taxpayers received a tax cut under the Trump tax cuts. pic.twitter.com/8tCogodTnK
— Greg Price (@greg_price11) June 20, 2022
“No, I don’t think it is,” Biden said when asked if a recession is more likely than ever. “I was talking to Larry Summers this morning and there’s nothing inevitable about a recession.”
He has called on Congress to pass tax reform to make the wealthiest Americans and big corporations pay what he argues is their fair share as a way to reduce inflationary pressures.
“I think we’re gonna be able to get a change in Medicare and a reduction in the cost of insulin,” Biden said. “We also can move in a direction that we can provide for tax increases … on those in the corporate area as well as individuals as it relates to [former President] Trump’s tax cuts.”
Biden is essentially pushing back at remarks Summers made the previous day.
When worker’s paychecks gets smaller they’ll be told magic fairies took it 🤪
He’s actually not wrong. The worker tax cuts expire in 2025. The rich tax cuts are permanent. Where is biden wrong?
People actually LIKED what Trump did for the country.
Biden feels compelled to undo everything or do the opposite of anything Trump did.
And Biden is shocked that his popularity is historically low.
What a mystery this is.
Biden is and always was a narcissist. He’s jealous of Trump, and resents him. I’ve seen quotes from Biden in which he’s stated that being in government was much more important than anything else he could do, as in politics you change the world.
That’s incredible hubris, and inconsistent with the actual role of an office holder. Private individuals collectively push the world forward. Not politicians.
Rush was right when he said “Democrats always overplay their hand when they are in power”.
Where the hell are the liberal “media’s” fart checkers that kept giving me hell? Jo Jo the Pedo is getting away with murder with his lies!
By your Definition, what is a permanent Rich tax cut?
Biden is a liar.
He is wrong. He’s saying that the Bill as written only helped the rich. I’m far from rich, and it helped me. Gave me $80 more in my pension each month, and my tax return doubled in the years it’s been in place. When that expires, so will the extra money in my pension, and my returns will be halved.
It’s not what I think. It’s the reality of trumps tax plan. The end of the 12,000 dollar deduction ends in 2025 and reverts back to 6,000. The tax rates will continue to be 25 percent for the wealthy.
Don’t you think you’re should be permanent as well? Not sure why he added a sunset to the workers.
Yep. He’s lying about it.
Trump’s tax cut, which is inflationary
FJB isn’t smart enough to understand the business model of a lemonade stand...
The outcome is pre-determined unless …
Oh, wait..
Forgot, for a minute, that the GOP (when in control of House & Senate) has never, since Newt, undone anything tyrannical that the communists have added to our heavy chains...
The sheeple understand their function:
Bow down!... Obey!... Snitch!...
Of course I think it should be permanent. Perhaps the only way he could get Congress to approve it was to agree to the "sunset" for workers. I can see Congressional Republicans agreeing to that since they stick it up our ass every chance they get.
That’s been the lefts lie since trump announced them.
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