Red Flags in Biden Economy Point to Recession: Inflation, Looming Tax Hikes, Labor Shortage
“President Biden is small business’s worst nightmare and they’re facing these challenges every day,” Republican Leader of the Ways and Means Committee Rep. Kevin Brady (R-TX) said on “Maria Bartiromo’s Wall Street” on Fox Business, warning that the threat of President Biden’s crippling tax hikes have sent Main Street’s optimism plummeting.
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On the false claim that Republicans in Congress want to raise taxes, which received three pinocchios by the Washington Post’s fact checker, Rep. Brady said:
“It is, in a word, nonsense and easily debunked by independent sources. Both are claims about Republicans who, as everyone in the world knows, cut taxes, and are looking to make those lower taxes permanent. Plus their claims about the Republican tax hikes in the past have been repeatedly debunked, even called a zombie claim.
“The truth of the matter is: right now, President Biden’s proposed two and a half trillion dollars of higher taxes lands mainly on Main Street, small business people, and on those most likely to invest in America rather than overseas. The President’s got a real inflation problem, an economic problem, and he’s got a tax hike problem, because his own Build Back Better raises taxes on low and middle income families.”
READ: The Pinocchio Six: Myths, Lies, and Debunked Claims About Taxes
As economists warn that tax hikes and inflation may prompt a recession, Rep. Brady said:
“There’s a big red flag here. I don’t think the White House, or economists of the Fed, listened to small businesses closely enough. They were the first ones to tell us about rising prices. The first to tell us about the worker shortage. They’re the first to tell us how dangerous these looming tax hikes are.
“Right now, small business optimism has plummeted to the lowest on record. And a new report shows about six out of ten small businesses fear that higher prices will drive them out of business. And so I think in short, President Biden is small business’s worst nightmare and they’re facing these challenges every day. It’s been tough for them and in some ways may get tougher under this President.”