Democrat economist Gary Cohn supports consumer anger over Biden inflation
Democrat businessman Gary Cohn: Consumers are right to be angry about Biden’s inflation
In a recent interview, former President Donald Trump’s Director of the National Economic Council, Gary Cohn, expressed his agreement with consumers who are frustrated by the inflation caused by President Joe Biden’s American Rescue Plan. Cohn made these remarks during an appearance on CBS News’ “Face The Nation” with Margaret Brennan, where they discussed Biden’s comments about billionaires.
Responding to Biden’s claim that billionaires don’t pay taxes in the U.S., Cohn strongly disagreed, stating that any billionaire with income in the country is paying at least 20 percent in taxes. He emphasized that the U.S. does a good job of taxing income, as outlined in the Constitution. Cohn explained that even tax-free bonds are subject to a minimum of 20 percent tax on interest, dividends, or capital gains.
Brennan then brought up Biden’s attempt to incite anger against corporations, accusing them of taking advantage of the average person. Cohn shifted the conversation to the topic of inflation, highlighting its compounding effect. He explained that inflation accumulates year after year, and it’s not a reset to zero each time. Using the example of a basket of groceries that cost $100 at the beginning of 2020, Cohn illustrated how the cumulative effect of inflation can significantly increase prices over time.
Brennan acknowledged that consumers were indeed facing higher costs due to inflation, contradicting the notion that they were mistaken. Cohn agreed, stating that consumers were rightfully frustrated because inflation was eroding their purchasing power and making it nearly impossible for them to invest in their futures, such as buying a home.
Overall, Cohn’s interview shed light on the concerns of consumers and the impact of inflation on their daily lives and long-term financial goals.
Watch the interview here:
WATCH: Gary Cohn decimates Joe Biden’s inflation narrative & Bidenomics:
“Inflation has a compounding effect. Meaning as you look at inflation year-over-year, you’re adding up those numbers. You’re not starting at a 0 every year. So if we had 6% inflation last year and now we… pic.twitter.com/Q0K2QjUNRJ
— Steve Guest (@SteveGuest) March 10, 2024
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What are the concerns of American consumers regarding inflation, according to Gary Cohn?
Hen asked about the concerns of American consumers regarding inflation, Cohn acknowledged their frustration and agreed with their sentiments. He highlighted that inflation is a real and tangible problem that everyone should be concerned about. Cohn emphasized that inflation affects the purchasing power of Americans and can lead to a decrease in their standard of living.
Cohn attributed the current inflationary pressures to the American Rescue Plan implemented by President Biden. He explained that the massive amount of government spending included in the plan, coupled with the increase in the money supply, has played a significant role in driving up prices. Cohn voiced his concern that the inflationary consequences of such policies would ultimately hurt everyday Americans.
Moreover, Cohn expressed his disapproval of the Federal Reserve’s response to inflation. He criticized the central bank’s decision to let inflation run high for an extended period, arguing that it will only exacerbate the problem. Cohn stressed the need for the Federal Reserve to act in a timely manner to prevent further escalation of inflation and protect the interests of the American people.
Drawing on his expertise in economics, Cohn pointed out the potential consequences of unchecked inflation. He highlighted that inflation erodes the value of savings and investments, making it harder for individuals and families to plan for their future. Additionally, he noted that rising prices lead to higher costs for businesses, which can result in job losses and wage stagnation.
Cohn concluded by reiterating the validity of consumers’ anger towards the inflationary effects of President Biden’s policies. He called for a swift and effective response from policymakers to address inflation and protect the interests of the American people. Cohn emphasized the importance of responsible economic policies that prioritize long-term sustainability and the well-being of all citizens.
In a time of economic uncertainty and growing concern over inflation, Gary Cohn’s perspective as a Democrat businessman offers a valuable insight. His agreement with consumers’ frustrations and his expertise in economics provide a compelling argument for the need to address the inflationary effects of President Biden’s policies. As the effects of inflation continue to impact the lives of Americans, it is crucial that policymakers take into account the concerns expressed by individuals like Cohn and work towards finding sustainable solutions that promote economic stability and protect the interests of the American people.
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