Throughout his newest “My Take,” “Varney & Co.” host Stuart Varney discusses President Biden’s insurance policies driving U.S. inflation forward of the 2022 midterms, arguing the nation does not want extra taxes amid an financial slowdown.
STUART VARNEY: The very last thing you wish to do when a recession looms, is increase taxes. However that’s precisely the place Biden’s insurance policies are taking us.
We have already got a slowdown, and right here come the taxes. Is mindless, until you are a socialist.
Why on Earth are we doing this?
I ask as a result of the Treasury simply reported report tax revenues. Tax income within the final 11 months totaled $4,408,452,000,000. That’s a half trillion greater than final yr.
The Treasury has by no means collected as a lot as this earlier than.
MORE TAXES IS NOT THE WAY TO LOWER GAS PRICES
So why do we want extra? We don’t, however Democrats have by no means met a tax they did not like, or a spending plan they did not help.
Except in fact, it’s for the navy.
There will probably be new taxes on the rich and enterprise. That is not going to supply progress. It’ll sluggish issues down.
There will probably be numerous new spending and a half trillion in scholar mortgage forgiveness.
WILL YOUR $10K-$20K OF STUDENT LOAN FORGIVENESS COME WITH A TAX HIT?
So right here we’re with loads of indicators that inflation is operating sizzling, and the economic system is in bother.
And the administration does not wish to hear it. Would not even wish to acknowledge it.
The Biden group is galloping in the direction of stagflation, two months earlier than the elections.