Chuck Schumer: ‘Only Way’ To Reduce Inflation Is To ‘Raise Taxes’ & Undo Trump Tax Cuts
No Republican is ever going to do that, so the only way to get rid of inflation is through reconciliation,” he added, referring to a procedure whereby Democrats would force through legislation with their narrow simple majority in the Senate.
Schumer’s explanation is ignorant at best and dishonest at worst, as there are several ways to reduce inflation.
Schumer conveniently omitted that reducing the federal government’s excessive entitlement spending facilitated by the Federal Reserve’s money-printing policy known as “quantitative easing” would more efficiently reduce inflation.
In fact, just raising taxes on Americans would not actually tackle the inflation problem at all due to the sheer size of the national debt and its accompanying interest.