{"id":1499637,"date":"2022-06-01T12:00:20","date_gmt":"2022-06-01T16:00:20","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1499637"},"modified":"2022-06-01T12:00:30","modified_gmt":"2022-06-01T16:00:30","slug":"cbo-inflation-caused-by-bidens-2021-stimulus-will-continue","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/cbo-inflation-caused-by-bidens-2021-stimulus-will-continue\/","title":{"rendered":"CBO: Inflation Caused by Biden\u2019s 2021 Stimulus, Will Continue"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fcbo-inflation-caused-by-bidens-2021-stimulus-will-continue%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1499637&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><\/div>\n<div class=\"RichTextArticleBody\">\n<div class=\"RichTextArticleBody-body\">\n<div class=\"Enhancement\">\n<div class=\"Enhancement-item\"><\/div>\n<\/p><\/div>\n<p><span class=\"ArticlePage-articleBody-firstLetter\">T<\/span>he Congressional Budget Office <u><a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/news\/white-house\/cbo-debt-estimates-undercut-bidens-big-deficit-reduction-claims\">has just confirmed<\/a><\/u> that President Joe Biden is blameworthy for the record-high inflation that is punishing workers. Further, this nonpartisan source says that Biden&#8217;s preferred fix, raising taxes, will only make the economy worse. <\/p>\n<p>The CBO&#8217;s annual <u><a class=\"Link\" href=\"https:\/\/www.cbo.gov\/publication\/58147#_idTextAnchor158\">economic outlook<\/a><\/u> adds further force to the arguments against Biden made by other Democrats, such as former <u><a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/opinion\/obama-aides-blame-biden-spending-for-inflation\">President Barack Obama\u2019s National Economic Council director, Larry Summers, and Council of Economic Advisers Chairman Jason Furman<\/a><\/u>. The CBO squarely blames Biden\u2019s 2021 COVID stimulus bill for today\u2019s high inflation, albeit for slightly different reasons. <\/p>\n<p>Like Summers and Furman, the CBO noted that the stimulus checks sent to every family significantly boosted demand, causing inflationary pressure on its own. But there&#8217;s more. By paying workers not to work, Biden\u2019s COVID stimulus artificially \u201cslowed the recovery of labor force participation.\u201d As noted by Texas Rep. Kevin Brady, the top Republican on the Ways and Means Committee, this lack of workers strained supply chains, thus providing a second source of upward pressure on prices. <\/p>\n<p>The CBO predicts that this Biden-caused inflation will persist into next year, tempered only by the Federal Reserve&#8217;s willingness to raise interest rates, which will, in turn, cause the economy to slow or even contract. <\/p>\n<p>Biden wants to make the economic situation worse by repealing the 2017 Tax Cuts and Jobs Act. Speaking of which, the CBO report also confirms that former President Donald Trump&#8217;s signature tax bill has been a boon both to the economy and to government coffers. According to the CBO, federal corporate income tax collections in 2017, before the rate cut, came in at<u><a class=\"Link\" href=\"https:\/\/taxfoundation.org\/corporate-tax-collections-2021\/\">$297 billion<\/a><\/u>. By 2021, they had jumped to $372 billion \u2014 a 25% increase in just four years, which significantly outpaces <u><a class=\"Link\" href=\"https:\/\/www.bls.gov\/data\/inflation_calculator.htm\">inflationary growth<\/a><\/u> and also amounts to a larger percentage of the overall economy. <\/p>\n<p>Far from starving the government, the Tax Cuts and Jobs Act generated so much economic growth that the entire bill has apparently paid for itself, even after controlling for the other economic factors that may have played a role. A rising payroll tax and individual income tax revenues also show that the tax cuts boosted job growth and wages as well. The CBO says that even with lower <i>rates<\/i>,<i> <\/i>total <i>revenues<\/i> in 2022 \u201care projected to equal 19.6 percent of the nation\u2019s gross domestic product \u2014 the largest annual revenues relative to the size of the economy since 2000.\u201d This is 2.3% higher than the average of the past 50 years, which includes a period in which the top income tax rate was 70%. <\/p>\n<p>This means that today\u2019s outlandishly high deficits are the result not of too little revenue but of far, far too much spending. <\/p>\n<p>Instead of making these tax cuts permanent, Biden has been pushing to undo them. Such a tax hike on families and small businesses would only make the economic damage from Bidenflation worse. <\/p>\n<p>The only two things saving the economy from even more of Biden&#8217;s disastrous economic policy are Sens. Joe Manchin (D-WV), Kyrsten Sinema (D-AZ), and their 50 Republican colleagues in the Senate. Hopefully, this bipartisan majority against bad tax ideas will be reinforced in both the House and Senate this November.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Congressional Budget Office has just confirmed that President Joe Biden is blameworthy for the record-high inflation that is punishing workers. Further, this<\/p>\n","protected":false},"author":498,"featured_media":2315279,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1499637","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1499637","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/498"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1499637"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1499637\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1499637"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1499637"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1499637"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}