(ReclaimingAmerica.net) – In a new striking testimony to the abject failure of Bidenomics and Democrat friendly fire, a leftist economist has blasted Joe Biden’s economic record, declaring that Americans were absolutely right to be outraged over the inflation sparked by the president’s “American Rescue Plan.”
See the video of the leftist economist’s remarks below!
Democrat businessman Gary Cohn, who served as an economic advisor to former President Donald Trump, made the remarks criticizing Biden in an interview for the CBS News program “Face the Nation.”
Cohn discussed Biden’s recent comments that billionaires evade taxes, The Daily Wire reports.
“We do a very good job in this country of taxing income. That’s what the Constitution talks about. The Constitution talks about taxing your income. There is no income in this country unless you buy a tax-free bond that doesn’t get taxed at a minimum of 20 percent. Whether it’s interest or dividends or capital gains. So, there’s no billionaire in this country that has income that is not paying at least 20 percent,” the Democrat economist explained.
Addressing Biden’s efforts to incite anger against corporations, particularly alleging exploitation of ordinary citizens, Cohn discussed inflation’s significant implications.
“Let’s talk about inflation for a minute because I think there [are] really important concepts for everyone to understand. 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 zero every year. So, if we had 6 percent inflation last year … and now we have 4 percent inflation, that’s 10 percent inflation,” Cohn said.
“So, if you take a basket of groceries at the beginning of 2020, just a simple basic basket that costs $100, it costs well over $125 today because those 4 percent one year and 7 percent one year and 7 percent the next year, they add up. They’re cumulative. So, there’s a huge cumulative effect to inflation.”
Brennan responded, “So, when people are being told, ‘consumers, you’re wrong, inflation’s heading–‘— no, they’re right, it is actually more expensive.”
“They’re completely right,” Cohn responded, stressing that consumers were “losing purchasing power” because of inflation.
“So, people got very frustrated because the costs of their everyday lives got very expensive and the cost of investing in their future by buying a home got nearly impossible,” he added.
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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