To Sell Tax Increases, Team Biden Tries to Rewrite Pre-Pandemic Economic History

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Posted by John Kartch on Monday, January 18th, 2021, 1:12 PM PERMALINK

As President-elect Joe Biden prepares to impose tax increases on the American people, his top economic adviser Brian Deese is attempting to rewrite pre-pandemic economic history.

Deese, tapped by Biden to serve as director of the National Economic Council, appeared for an interview on Fox News Sunday hosted by Chris Wallace. When Wallace questioned the wisdom of raising taxes, Deese said the pre-Covid economy wasn't working for most Americans:

WALLACE: "Unemployment was 3.5% before Covid hit back in February. Is raising taxes and increasing regulations -- both of which President-elect Biden has talked about -- is that really the answer to get back to what was a pretty strong economy before the pandemic?"

DEESE: "I think if you ask most American people, was that an economy that was working for them? The answer would be no."

WATCH:

Nice try, Mr. Deese.

Before the pandemic:

  • 3.5% unemplyment, a 50-year low.

 

  • In 2019, real median household income increased by $4,000 or nearly 7%. This wage growth exceeded the gains made throughout the eight years of the Obama-Biden administration, where wages increased by just $3,000 or 5%.

 

  • African American and Hispanic Americans saw their median income hit record levels.

 

  • The poverty rate declined to 10.5%, the lowest rate in decades.

 

  • The bottom 25% of wage earners experienced wage growth faster than the top 25% of wage earners.

 

For more information about Biden's proposed tax increases, visit ATR.org/HighTaxJoe

 

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