Kudlow: Biden's attempt to transform the economy 'isn't worth it'
'Kudlow' host blasts the president's $6 trillion budget which calls for a growth rate of less than 2% on 'America Reports'
After the pandemic we should be experiencing one of the greatest economic booms in American history, yet prices are climbing, consumer sentiment has plummeted, and there are more than 9 million open jobs without workers to fill them – the most ever.
President Biden should be more concerned with his economic crisis before the recovery goes into a complete nosedive, but instead his administration is preoccupied with forcing through trillions in new wasteful spending that will impede future growth.
The administration’s budget even acknowledges that growth isn’t a priority; it only forecasts meager 2% GDP growth by 2023 with it dropping even lower until 2029. They’ve also spent their time focused on radical and unpopular social policies like removing the popular Hyde Amendment to start using taxpayer funds for abortions.
Another worrying sign for the recovery, is Democrats’ obsession with raising taxes. So much so that Biden’s budget has broken his promise not to raise taxes on those making less than $400,000. It does this by relying on the expiration of middle-class tax cuts in order to achieve a historically high level of tax on Americans.
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Even the left-leaning Tax Policy Center acknowledged Biden’s broken promise, saying that next year 75% of middle-class families would see higher taxes – that number jumps to 95% by 2031.
Democrats can’t decide what to spend your taxpayer dollars on, so rather than make tough choices, they’ve proposed the largest spending increase in American history; $6 trillion in government spending with $3 trillion in new taxes. Much of that would go to far-left socialist programs designed to reengineer American society and force you to do what a bureaucrat in Washington decides is good for you.
Biden’s agenda will crush small and mid-size companies, resulting in fewer jobs. One example is his proposal to revert America’s business tax rate to one of the worst in the world again at 28% – a move that would return us to the old tax code that incentivized jobs to be shipped overseas.
Biden’s tax-and-spend policies and regulations are holding back job growth and could cause serious long-term damage to the economy.
The contrast between Biden’s lack of focus on the economy and President Trump’s overriding priority to return America to its place as the leading case study of prosperity and social mobility shows who put the American people first.
By removing massive amounts of government regulations and taxes, Trump worked with Republicans in Congress to create an economic atmosphere that enabled wages to grow for historically disadvantaged workers, brought the unemployment rate to the lowest in 50 years and allowed more people to find jobs in America than at any point in our history. And the income gap was shrinking as lower income wages were increasing faster.
But today, Biden’s tax-and-spend policies and regulations are holding back job growth and could cause serious long-term damage to the economy.
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A new study from the Tax Foundation found Biden’s proposed $6 trillion budget would shrink the economy by an entire percent over the next decade. That would be terrible for families in my community and yours. It would mean less opportunity and less income for millions of Americans. Biden’s unrestrained spending will also continue to fuel the rise in prices, creating even more heartache for families.
In May, core inflation rose at its fastest pace since 1992. That’s because unnecessary government spending and handouts are acting as kindling for inflation. Recent surveys show that 70% of Americans are concerned that Biden’s spending plans could lead to inflation. But if you’ve filled up your tank or entered a grocery store recently, you know that it’s already here.
And it’s not just Republicans who are sounding the alarm. Former Obama White House economic adviser and former Treasury Secretary Larry Summers has repeatedly cautioned that Biden’s overspending could lead to more inflation. Despite this, the president has continued to focus on everything but the economy.
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Republicans on the other hand have made it clear that recovery is their top goal – the top six states in the U.S. with the lowest unemployment rates have Republican governors.
It’s no wonder why so many are leaving California and New York for states like Florida and Texas. Thankfully we have leaders around the country, unlike President Biden and Speaker Nancy Pelosi, D-Calif., who have put American families first by prioritizing economic growth.