You know the economy is bad when Barack Obama’s former chief economist is coming forward to warn the country that Biden’s plan to save the economy is actually going to make it worse.
That’s the report from Jason Furman, who recently appeared on “Face the Nation” on CBS to discuss Biden’s latest plan to reduce inflation. When asked if he thought the plan to tax the wealthy would help, Brennan said the tax as well as the left’s anti-price gouging bill are essentially useless.
Worse, the bill could make shortages even more severe. In addition to inflation, there’s the concern with corporate greed that could drive up prices and profits even more.
Furman noted that a similar strategy was used in the 1970s and ended in total failure. The Biden plan is not an answer. It’s more of a band-aid to cover a major wound that is insufficient to address the need.
Instead of legislating the economy, how about getting out of the way of businesses so oil and gas companies can operate freely, small businesses can operate with fewer regulations and we can actually get something done as a nation?
That’s the real progress we need, but it doesn’t look like it’s going to come from the progressives in Congress. Watch now for the full report and how it will impact you.