Fact Check: Treasury Downplays Biden Policies Role in Inflation - Ways and Means Republicans
Democrats are in denial about how their policies have fueled 40-year high Biden-Flation and continue to try to pass the buck for higher prices. Worse, they are promising to make matters worse, with their plans for crippling tax hikes and more inflationary spending.
Here are a few misleading claims that were repeated during the Ways and Means Committee hearing on President Biden’s FY2023 Budget.
READ: WRAP-UP: President Biden’s Budget Proposes More Tax Increases That Cripple the Economy
READ: Brady: Under President Biden, Life is Harder for American Families and Small Businesses
FALSE CLAIM: Democrats’ $2 trillion “stimulus” only modestly contributed to inflation.
FACT: Democrats $2 trillion so-called “stimulus” prolonged unemployment and stoked inflation, despite warnings from former Obama-Biden Administration officials like former Director of the National Economic Council Larry Summers and former Chairman of the Council of Economic Advisers Jason Furman. (In fact, Furman attributes at least 2.5 percent of current inflationary pressure to the massive bill.)
- When GOP states opted to end Democrats’ lavish unemployment benefits early, more Americans joined the workforce, according to experts at the St. Louis Fed. Analysis from the San Francisco Fed also attributes Democrats’ spending to the sustained increase in inflation.
- This report echoes the findings of a similar study that found ending the unemployment benefits boosted return to work by 14 percentage points, further...
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