Senate Majority Leader Chuck Schumer (D-NY) has never met a tax increase he didn’t like, and now he is saying that tax increases are the solution to rising inflation.
So the answer to the pain American consumers feel at the gas pump and the grocery store is… more pain.
Somehow, I think there are better ways to deal with the inflation problem.
Guy Benson writes at Townhall:
Schumer: Let’s Face It, The Only Way to Solve Inflation is to…Raise TaxesQuestion: Is the Democratic Senate Majority Leader trying to tank his party ahead of November? Inflation is raging, Americans’ purchasing power is painfully diminished, and Chuck Schumer thinks the ‘only’ way to right the ship is to, um, confiscate more earnings from Americans and American businesses? Higher taxes and increased spending are his party’s predictably knee-jerk solutions to nearly every problem, even when those policies are glaringly and cartoonishly wrong for the moment.
Chris Enloe of The Blaze has the transcript of Schumer’s remarks:
During a press conference, a reporter asked Schumer whether Democrats plan to use the budget reconciliation process to pass legislation (without Republican support) to address the ongoing economic crisis.”Reconciliation is very, very important,” Schumer responded. “If you want to get rid of inflation, the only way to do it is to undo a lot of the Trump tax cuts and raise rates.”No Republican is ever going to do that. So the only way to get rid of inflation is through reconciliation,” he added.Earlier in the day, Schumer met with Sen. Joe Manchin (D-W.Va.) to discuss combatting inflation, which has remained at record levels for months. After the meeting, Manchin signaled support for using reconciliation to pass legislation aimed at tamping down the economic problems.
See the video below:
People have thoughts about this.
Professor Glenn Reynolds of Instapundit offers a wake up call on inflation.
He writes in the New York Post:
There are two ways to address inflation: Remove some of the money from the system, which the Federal Reserve did in the past via higher interest rates, and increase the supply of goods. At this point in 1980, when inflation soared, the federal funds rate was nearly 20%. Presently, it’s 0.33%.In the Carter era, we saw not only runaway inflation but stagflation. People normally associate inflation with an overheated economy, but the sluggish Carter economy was not even close to running hot. We had economic stagnation and inflation, which led to the coinage of the term “stagflation.”Now we’re seeing the same thing. And I suspect the reason is the same.
This will probably be an issue for as long as Democrats remain in power.
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