Democrats’ Inflation Reduction Act Is ‘Economic Bad Practice’: Economist

Democrats' Inflation Reduction Act Is 'Economic Bad Practice': Economist

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During an interview on “Fox & Friends Weekend,” American Legislative Exchange Council economist Jonathan Williams criticized the Democrats’ latest effort to fight inflation, the Inflation Reduction Act, arguing that raising taxes and increasing spending it is “an economic malpractice”.

JONATHAN WILLIAMS: And what we need is to go in the opposite direction and actually reduce spending in Washington. Clearly we don’t have a problem here with a lack of tax revenue. We’ve hit record tax revenue again and again in recent years, but we’re simply spending faster than the taxes are coming in. And that’s a big problem here. Let’s look at common sense, what is happening in all 50 states. In fact, you know, 49 of the 50 states, a lot of people don’t know, have a balanced budget amendment in their state constitution or state law.

THERE’S NO WAY MANCHIN, SCHUMER’S DREADED SPENDING AND TAXING PROPOSAL GET MY SUPPORT

Congressional spending concept
(stock)

Now, Washington needs to turn a page from the success stories of what’s happening at the state level. People see Washington as this make-believe land that says it wants to double down on everything that causes trouble. And by the way, as the economy contracts. And people like Joe Manchin have said this and Chuck Schumer in the past, let’s not mess with taxes. We don’t raise taxes. The economy shrinks. I mean, this is absolutely economic malpractice to talk about right now.

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This article was written by Fox News staff.



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About the Author: Chaz Cutler

My name is Chasity. I love to follow the stock market and financial news!