President Joe Biden | whitehouse.gov
President Joe Biden | whitehouse.gov
Timothy Favero, a property tax reduction consultant, fears what the country could come to resemble if President Joe Biden keeps getting his way.
“We are going to experience hyper-inflation like we did under the Carter Administration back in the 1970s,” Favero wrote in a post on the Lake County Illinois Republicans Facebook page. “Biden is turning the country into a banana republic with his irresponsible spending.”
With Democrats now working on a $4 trillion infrastructure bill, some like Favero worry inflation could be just around the corner.
Republican lawmakers argue there already isn’t much wiggle room given what they call all the damage the $1.9 trillion Biden American Rescue Plan caused earlier this year when it was enacted.
Senate Minority Leader Mitch McConnell (R-Ky.) recently accused Biden of engaging in the same reckless spending in promoting a $3.5 trillion budget "reconciliation" plan on top of the infrastructure proposal.
"Inflate our way out of inflation?" he said during a Senate floor debate earlier this summer. "Runaway costs and surging inflation are a huge worry for middle-class families."
Investor Stanley Druckenmiller is likewise sounding the alarm, warning such an approach ultimately stands to hurt many of the people the president says he wants to help.
"Further spending in the aggregate, in my opinion, is going to cause a financial crisis," Druckenmiller told MSNBC's Stephanie Ruhle. "It's going to cause inflation, and nothing is going to hurt the poor more than that."
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