President Biden should follow the advice of former President Barack Obama and current Senator Joe Manchin: No tax hikes during a recession.
81% of U.S. adults believe a recession will hit in 2022, according to a recent CNBC survey. The U.S. already has one quarter of negative economic growth and numerous economists have warned of the risk of a recession. Biden himself said he is “concerned” about a 2023 recession.
So Biden should drop his push for 36 tax increases totaling $2.5 trillion, and congressional Democrats should drop any plans to raise taxes in their son-of-BBB reconciliation talks.
Let’s roll the tape:
In August 2009, Obama said: “The last thing you want to do is to raise taxes in the middle of a recession.”
In October 2010, in a nationally televised debate, Manchin said: “I don’t think during a time of recession you mess with any of the taxes, or increase any taxes.”
Biden not only continues to push for a tax hike: He recently claimed tax increases “will not hurt the economy at all.”
He really said that. Obama and Manchin know better: