Rep. Drew Ferguson to Newsmax: Democrat $3.5T Spending Bill to 'Kill' Small Businesses Rep. Drew Ferguson, R-Ga. (Getty Images)
By Nick Koutsobinas | Tuesday, 21 September 2021 05:37 PM
Rep. Drew Ferguson, a House Ways and Means Committee member, decried on Newsmax the Democrat's $3.5 trillion spending bill, citing it would "kill" innovation and small businesses.
"The Democrats have taken a go-it-alone stance, saying that they have the votes to pass $3.5 trillion worth spending," Ferguson, R-Ga., said Tuesday on "American Agenda." "But what they're doing to small businesses in America is just absolutely wrong. They're going to kill innovation and kill small businesses."
Inflation and taxes are two things that could hurt small businesses in the spending bill. According to a study out of the University of Pennsylvania's business school, two scenarios are likely two have macroeconomic impacts if the spending bill passes. In the first scenario, the authors write, "we find that federal debt increases by 8.9 percent, and GDP will fall by 4.0 percent in 2050 relative to the current baseline.
"Under the second scenario, we extend the proposals indefinitely beyond the 10-year budgetary window. In this scenario, we find that government debt increases by 16.4 percent in 2050 and GDP declines by 4.8 percent in the same year."
The authors' conclusions allude to a shrinking or a slowing of the U.S. economy if the bill passes.
In response to the spending bill, Ferguson said that it is "wrong to give Biden a blank check through December 2022 to run this socialist agenda. This is not what America's signed up for, and we're going to push back and fight against this every single day."
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