Rep. Fallon to Newsmax TV: Biden's Tax Increases Will Cause Recession, Inflation (Newsmax TV/"American Agenda")
By Brian Freeman | Wednesday, 28 April 2021 04:46 PM
Rep. Pat Fallon told Newmax TV on Wednesday that President Joe Biden’s plan to raise taxes, which he is expected to unveil in detail later in the day in a speech before Congress, will result in a recession and inflation.
The Texas Republican told "American Agenda" that Biden has already spent more money in his short time in the White House than anyone else at this point in their administration.
He also said that paying for Biden's extravagant social programs cannot be done merely by taxing high net worth indiviudals and families at a higher rate, as the adminstration claims, because not enough of these wealthy people exist in the country to raise the amont of money needed to fund all these plans.
Fallon insisted that the solution to the problem is to reign in government spending.
“We don’t have a revenue problem in Washington. We have a spending problem," Fallon said. "Joe Biden has put it on steroids. This is like a big, giant heroin hit. It will make you feel really good, but eventually it is going to kill you.”
The Texas representative said that the increased spending "might have some very short-term [positive] impact, but long-term, it is going to devastate our economy…. You can’t spend your way to growth. You hve to incentivize it through the private sector."
Fallon also criticized the lack of bipartisanship in Washington in dealing with solutions to the country's problems. He said that when he was in the Texas state legislature for eight years, there was a real partnership where both parties worked together on many issues, but that he does not see anything like that happening in the nation's capitol.
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