Is inflation Biden's fault? Could tax cuts fix it? Is corporate greed to blame? We fact check the top inflation claims
As former UK Prime Minister Liz Truss learned very quickly during her recent 44 days in office, big tax cuts might be politically appealing but are a terrible idea in an economy suffering from high inflation. That’s because tax cuts put more money into the pockets of consumers and businesses, funneling more money into an economy that already has too much money chasing too few goods.“This idea of tax cuts to fight inflation is absurd,” says Benjamin R.
In the UK, for example, the Bank of England’s chief economist, Huw Pill, warned last month that the bank would have to make “significant” increases to interest rates to offset Truss’ proposed tax cuts because the tax cuts would “act as a stimulus to demand in the economy.” “It’s gross, and deeply unpatriotic, for the big corporations to be rolling around in cash while charging us record high prices for gas and groceries,” John Fetterman, the Democratic candidate for Pennsylvania’s U.S.
Not even Treasury Secretary Janet Yellen seems to buy into the corporate greed explanation. In June, when the New York Times’ Andrew Ross Sorkin asked her whether she agreed with comments made by others in the Biden administration that corporate greed was the reason for inflation, Yellen responded that “I see supply and demand as largely driving inflation.”
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