When the Democrats pushed the American bailout plan, the Republicans warned that it was too big and would cause problems. “There are many red flags that were not of concern in the past but are undoubtedly flashing amber now,” Senator Pat Toomey said on Feb. 23, warning of “too much liquidity flowing into the system.”
Now the US bailout money is pouring into the economy, things are still going well, and Republicans are issuing … the same dire warnings about Biden’s next plans. Spending too much could trigger inflation, though Federal Reserve chairman Jerome Powell (a Trump tip) says those concerns are exaggerated. “We have had an average inflation rate of less than 2 percent for the past 25 years, “Powell told the Senate Banking Committee in February. “Inflation dynamics change over time, but they don’t change in the blink of an eye.”
Republicans also howl at the prospect of a corporate tax hike. “With this country reopening and recovering economically, why would the Biden administration propose tax policies that would end up harming the American family and millions of small businesses in trouble?” Rep. Ann Wagner asked Treasury Secretary Janet Yellen recently, during a House Financial Services Committee hearing, based on the theory that an increase in the corporate tax rate would lead to an increase in prices. Aside from the fact that none of the Republicans claim that the Trump-era corporate tax cut would lead to a spike in household income, why would anyone believe the dire warnings about what would happen if less than half the corporate tax break were withdrawn? ?
This corporation tax hike to less than 2017 is slated to fund Biden’s American Jobs plan, which is focused on infrastructure. Expect another round of Republican howls as Biden proposes increasing capital gains tax for those who earn more than $ 1 million a year and reverting the highest marginal tax rate to what it was before Trump’s tax cuts for the rich. These steps would be paid for Biden’s American Families Plan, the establishment of a paid national vacation, lowering childcare costs for most families, and the establishment of a free preschool kindergarten and community college. Just lowering childcare costs would help parents – mainly mothers – join the paid workforce.
All of Biden’s moves are aimed at strengthening the working people’s economy and bringing US infrastructure into the 21st century, and all Republicans want to do is predict fate because corporations and the richest individuals have a little more The money you would be paying for investments in schools, roads and bridges, and transit and drinking water, and a healthy and educated workforce that is not overloaded trying to look after children and elders without support . These are investments in the future of the US, but Republicans can’t see it because they believe that, indefinitely, companies will be able to get just a little more, just a little more, from a workforce that’s already up by Upheaval and beyond is stretched. Most importantly, Republicans want Biden and Democrats to fail so that a weak economy will fuel Republican victories in 2022 and 2024. They are rooted against the United States economy to attract partisans, and all of their predictions of economic fate are a reminder of this.