As the economy continues to go in to a downward spiral, Biden got in to an argument with his own Treasury Secretary today about if the U.S economy is headed for a recession.
On Sunday, Treasury Secretary Larry Summers said his “best guess” was that we were heading in to a recession. Earlier today, Biden contradicted Summers, saying that there is nothing ‘inevitable’ about a recession after having a conversation with him Monday morning.
Biden offered a number of solutions that he believed could reduce ‘inflationary pressures’ and prevent a recession.
One solution was to increase taxes on the wealthy, a proposal he made after threatening to undo the Trump tax cuts because they solely benefited high-earners.
Biden, per usual, is lying to the American people as the Trump tax cuts reduced taxes for the vast majority of American taxpayers. As many as 82% saw their taxes go down.
The Hill Reports–
Biden: We are going to "increase taxes" on "individuals as it relates to Trump's tax cut, which is inflationary. People going out and buying a yacht doesn't help the economy a whole lot."
82% of middle class taxpayers received a tax cut under the Trump tax cuts. pic.twitter.com/8tCogodTnK
— Greg Price (@greg_price11) June 20, 2022
“No, I don’t think it is,” Biden said when asked if a recession is more likely than ever. “I was talking to Larry Summers this morning and there’s nothing inevitable about a recession.”
He has called on Congress to pass tax reform to make the wealthiest Americans and big corporations pay what he argues is their fair share as a way to reduce inflationary pressures.
“I think we’re gonna be able to get a change in Medicare and a reduction in the cost of insulin,” Biden said. “We also can move in a direction that we can provide for tax increases … on those in the corporate area as well as individuals as it relates to [former President] Trump’s tax cuts.”
Biden is essentially pushing back at remarks Summers made the previous day.
Summers said Sunday that his “best guess” is there will be a recession in the U.S.