Gary Cohn slams Biden's economic policies, links inflation to Biden's American Rescue Plan
'Let’s talk about inflation for a minute because I think there [are] really important concepts for everyone to understand,' the Democrat businessman stated. '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.'
During a weekend interview on CBS News' "Face The Nation" with Margaret Brennan, Gary Cohn, a businessman with Democratic affiliations and former Director of the National Economic Council under President Donald Trump, expressed agreement with consumer frustrations regarding inflation, attributing it to President Joe Biden's American Rescue Plan.
Additionally, in response to Biden's assertions regarding billionaires' tax contributions in the U.S., Cohn highlighted the inaccuracies in these claims, emphasizing that billionaires with income in the U.S. are subject to a minimum tax rate of 20 percent, the Daily Wire reported.
“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,” he said. “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.”
Brennan observed that Biden's strategy seemed to involve inciting public anger towards corporations, with claims that they were "taking advantage of the little guy."
“Let’s talk about inflation for a minute because I think there [are] really important concepts for everyone to understand,” Cohn stated. “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,” he noted. “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 added. “They’re completely right.”
Cohn further explained that consumer frustration stemmed from a decrease in "purchasing power" due to inflation, which also hindered people's ability to invest in their futures amidst the high interest rates that were a consequence of the inflation attributed to Biden.
“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:
WATCH: Gary Cohn decimates Joe Biden’s inflation narrative & Bidenomics:
— Steve Guest (@SteveGuest) March 10, 2024
“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
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