‘Worst Economic Policy Imaginable’

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by William Mahoney, Ph.D.  •  ChurchMilitant.com  •  August 31, 2021   

Biden crushing middle class

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TRANSCRIPT

Pro-abortion and pro-sodomy Joe Biden is at war with the family in more ways than one. Though he purports to be a champion of the middle class, fighting hard for hardworking American families, his economic policies will have middle-income earners footing corporate tax hikes. Church Militant's William Mahoney looks at some of the details from a former economist for the Trump administration.

Joe Biden: "No one making under $400,000 will see their federal taxes go up. Period."

Since he debated Kamala Harris for the Democrat presidential nomination, Biden's been promising not to raise taxes on the middle class. But with his reported $3.5 trillion reconciliation bill, Biden's vow to the middle class is a farce, according to former Trump administration economist Larry Kudlow.

Larry Kudlow: "More spending equals inflation, and the middle class is going to shoulder all of the tax hikes proposed by Mr. Biden and Mr. Schumer and Ms. Pelosi."

Kudlow lamented the budget resolution bill is completely divorced from economic conditions, calling it "the worst economic policy imaginable."

The economist further explained, when the Congressional Budget Office (or "CBO") scores this over the 10-year window of the budget deal, it will come to over $5 trillion, with the middle class paying for a minimum of $3 trillion.

Joe Biden: "I have nothing against millionaires and billionaires. I believe in American capitalism. ... We're going to raise the corporate tax."

Kudlow explained corporations don't pay taxes: People pay taxes, at least by reduced wages and inflated prices. And the CBO and Joint Committee on Taxation have both said corporate taxes are paid by the middle class, the bulk paid by those annually earning between $50,000 to $200,000.

Senator Pat Toomey of Pennsylvania agrees the spending will be closer to $5 trillion and calls Biden's entire economic plan a "monstrosity."

Senator Pat Toomey: "It is a massive program to make middle-class Americans dependent on government; it's a huge expansion of the welfare state; it's massive tax increases."

Writing for the Trumpet, author Abraham Blondeau views this war on the middle class as nothing other than a communist campaign to destroy the economic independence of hardworking Americans. The $5 trillion reconciliation package comes in addition to the $1.1 trillion infrastructure bill slated for a vote in late September.

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