“CBO notes that any improvement to Medicare’s fiscal situation is the result of higher payroll taxes following passage of TCJA and in fact, the latest CBO report incorporated the huge surge in tax revenue, accounting for $800 billion or nearly half of the $1.8 trillion dollar improvement in the FY ’22 budget deficit. The rest of it comes from expiring COVIDÂ emergency spending,” Larry Kudlow says in the clip below.
“You can bet that those Trump tax cuts contributed a big chunk to that revenue pick-up, and what limited overall prosperity we have today.
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“The CBO, by the way, also tip their hat to two other supply-side criticisms of Bidenomics.
“All those so-called emergency government checks boosted demand and contributed to the rate of inflation. The CBO also reluctantly admits those checks might have slowed the recovery of the labor force.”
Democrats paid people to stay home, dragged down the recovery, and increased inflation. There is no real growth to cover the costs of all this spending.
Their socialist policies are a disaster.
THEY PAID PEOPLE TO STAY HOME
“In other words, as the Democrats ended workfare and paid people not to work with massive assistance payments of all kinds, it postponed job recovery and increased inflation. In other words, big government socialism didn’t work. Delighted to have the CBO on board,’ Kudlow said.
“That makes almost no one left who approves of Biden’s radical progressive woke economics, but that’s about as much cheering of the CBO report that I can muster because based on current law, we still have multi-trillion deficits as far as the eye can see over the next 10 years, he continued.
The government is still slated to spend astronomically, while growth is negligible. Even without the emergency spending, the federal debt held by the public is expected to rise to 109.6% of GDP or 40.2 trillion. With government transfers, it’s 45.3 trillion.
Growth is predicted at only 1 and 1/2%. “You know what? That’s a scandal,” Larry Kudlow says. It’s the result of WOKE Progressive policies.
WOKE Progressives stand for no growth. They are a failure.
wpDiscuz
