The White House is doubling down on its on-again, off-again multi-trillion dollar tax-and-spend agenda as a so-called solution to the 40-year high inflation that is robbing workers’ paychecks.
In an interview with CNBC’s Squawk Box, the White House’s top economic adviser, Cecilia Rouse repeated several misleading claims. Here are the facts:
CLAIM: “We continue to get record low unemployment claims. […] The bones of our economy are strong. We are best positioned to go into these challenges than most other nations.”
- In the first quarter of 2022, the economy shrunk, after falling short of projections four out of the last five quarters. Since March of 2022, nearly 40 economists have raised concerns about a looming recession.
- Despite the Administration’s repeated claim that inflation is merely part of a global trend, analysis from the San Francisco Fed finds that U.S. core inflation is higher than other nations – and attributes a part of it to Democrats’ $2 trillion so-called “stimulus.”
CLAIM: “Build Back Better is a long-run investment to increase economic capacity so that we’re better able to address inflation.”
FACT: Even a slimmed down version of President Biden’s “Build Back Better” agenda would make inflation worse by imposing more than $1 trillion in tax hikes on small businesses and working families.
- While foreign countries are cutting their corporate tax rate, President Biden is pushing for the highest tax rates in the developed world.
- Study after study has confirmed that Democrats’ $2 trillion so-called “stimulus” prolonged unemployment and stoked inflation, despite warnings from former Obama-Biden Administration officials.
CLAIM: “President Biden is focused on reducing costs for some of the most important items for Americans. Reducing prescription costs. Reducing costs for child care. Helping people get back to work.”
- Democrats Are Pushing a Dangerous Price-Setting Scheme: Americans prefer Republicans’ plan to lower costs for medicines delivered in a doctor’s office, cap out-of-pocket drug spending for seniors, and allow Americans with high-deductible plans to pay less for certain services and prescriptions, while fewer Americans support Democrats’ plan to allow the federal government to negotiate drug prices for Medicare.
- Democrats’ ‘Toddler Tax’ Would Crush Families: According to a liberal study, Democrats’ ‘toddler tax’ raises child-care costs between $13,000 to $27,000 a year for working families depending on the state.
CLAIM: “Build Back Better includes making investments to make the transition to clean energy.”
- Skyrocketing gas prices will now cost the average American household an extra $2,800 per year. Just this year, families will spend $5,000 on gas, a 78 percent increase from a year ago.
- President Biden and congressional Democrats have worsened the energy crisis, and their so-called solutions include gimmicks, $145 billion in tax hikes on Made-in-America energy, and $550 billion in green welfare subsidies to special interests and the wealthy.
ONE-PAGER: White House’s ‘Gas Tax Holiday’ is a Gimmick
CLAIM: “This President is focused on reducing the deficit. The deficit is on track to be reduced by $1.7 trillion this year.”
FACT: President Biden wants to raise taxes to increase spending (including special carveouts for the wealthy)–which would actually add to the deficit.
- Analysis from the CBO and Joint Committee on Taxation found that President Biden’s “Build Back Better” agenda would add $3 trillion to the deficit.
- CBO found that corporate tax revenue is set to hit a new record of $454 billion after Republican tax reform – showing that Democrats’ fear-mongering about lower taxes was unfounded.
ONE PAGER: Steps to Fight Biden-flation