Economic ‘experts’ strike again to warn about the financial meltdown if Republicans lower taxes and cut spending

At the beginning of Joe Biden’s term, former Treasury secretary Lawrence Summers correctly predicted that inflation would worsen if Democrats got their way with massive spending. But now, Summers is no different than Paul Krugman or Mark Zandi of Moody’s Analytics, as he’s “predicting” a disaster and massive debt and deficits if Republicans are elected and their policies are implemented. From Bloomberg News comes this report:

Summers Says GOP Fiscal Plans Set US Up for ‘Liz Truss Moment’
Republican politicians are setting the US up for a ‘Liz Truss moment’ by promoting policies that would widen fiscal deficits and weaken the dollar, former Treasury Secretary Lawrence Summers said.
‘Republicans are talking all about deficit-increasing measures — whether it’s on the defense spending side or on the tax cutting side — with nothing really pointing toward any kind of control, and at the same time making it harder for the country to sell its debt by trashing the currency,’ Summers said on Bloomberg Television’s Wall Street Week with David Westin.

I am having trouble understanding why Summers ignores factual history in order to scare voters into voting for Democrats?

When tax rate cuts were passed by Republicans under President Trump, the Congressional Budget Office, the media, and countless Democrats predicted revenues would drop, and cause a $1.5 trillion increase in the deficit, but that was not true. Instead, real wages rose substantially, and so did revenues. Yet, the public is still fed the lie that the tax rate cuts caused deficits. Now, Biden even claims the cost was two trillion.

Here is a simple question for the media and other Democrats: How does increased revenue cause deficits? The answer is that it doesn’t;

Krugman is a complete joke. I wouldn't let him manage a piggy bank. He's just another liberal ideologue who will always try to bend reason and make up reasons why his pathetic ideology should reign supreme.

Without a doubt had he been in St. Petersburg/Petrograd in 1917 he would have been a Bolshevik - spouting all the usual Marxist bs, except he wouldn't be doing any fighting. He's a dangerous clueless elitist. People like him should never have any influence or control of our lives. Ever.

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