North Carolina Representative Madison Cawthorn is the latest to scrutinize President Biden’s tax hike proposal. He believes the plan would hurt our economy and middle class and lead to a recession. On the other hand, while many economists are worried about inflation, some experts argue that investors can still find opportunities.
Fox Business/Fox Business Staff
Biden’s tax hike proposal will lead to economic downturn: Madison Cawthorn
Rep. Madison Cawthorn, R-N.C., argued that President Biden’s tax plans will hurt the U.S. economy and middle class and “lead to a recession,” on FOX Business’ “Mornings with Maria” Tuesday.
“[Members of the Biden administration] just say big lies and they continue to go on with their radical policies — starting to increase taxes on capital gains, increase taxes on income tax. This is going to hurt the middle class. This is going to hurt our economy. It’s going to take jobs away from the people he purports to help. I am happy that Democrats have finally admitted that there is not unlimited money out there in the world. In the first 100 days of the Biden administration, Nancy Pelosi and all the Democrats in Congress have spent nearly $10 trillion. We have a $4 trillion budget. And then we also have these $6 trillion spending plans. That’s $10 trillion. Money doesn’t grow on trees, as you well know.”
Watch his full interview, here.
CNN Business/Matt Egan, CNN Business
The economy is finally booming, but millions of Americans can’t feel it — yet
The American economy is roaring back to life as the once-in-a-century pandemic winds down.
The US economy just notched its fastest first-quarter GDP growth in nearly four decades. Armed with stimulus checks and tax credits, Americans are spending aggressively. Hiring is surging as broad swaths of the economy — including even New York City, the epicenter of the pandemic — prepare to fully reopen for business.
Apple, Amazon, Caterpillar (CAT) and other major companies are minting money. And the stock market is off to its hottest start to a presidency through 100 days since the Kennedy administration.
“I’ve never seen an economy that feels as good as this one today,” Mark Zandi, chief economist at Moody’s Analytics, told CNN Business. “The economy is booming. It’s busting out all over.”
The American comeback story may just be getting started. Oxford Economics is predicting US GDP will grow at an average pace of 7.5% in 2021 — a sizzling pace unseen since 1951.
The sharp recovery is being driven by the powerful one-two punch of unprecedented stimulus from Washington and the rollout of vaccines, which is a form of stimulus itself.
Continue reading, here.
How investors can find opportunity in inflation: Expert
Richard Bernstein, Advisors CEO Richard Bernstein, provides insight into economic recovery, the markets, inflation, taxes, and what to expect from America’s GDP.
You can watch the full video, here.