The problems keep piling up for Joe Biden’s failed regime.
Now his biggest problem yet could be on the way.
And a Trump advisor just made one prediction that could spell doom for him.
Through incompetence and socialist policies, Joe Biden has managed to ruin the economy.
Inflation is running rampant, gas prices are skyrocketing, store shelves are empty, and the stock marketing is sputtering.
Instead of changing course, Biden is doubling down on his failed socialist agenda.
His proposed $5.8 trillion budget includes the largest tax hike in American history.
36 different tax increases on everything from businesses to individuals are in it.
That includes 11 tax increases on the oil and gas industry when Americans are already facing soaring gas prices.
But these tax increases in the budget could prove to be his biggest blunder yet.
Economists are sounding the alarm that these new tax increases could send an already weak economy into a recession.
Stephen Moore was one of President Trump’s key economic advisors who helped engineer his booming economy.
He ripped Biden’s proposed tax increases.
“This would be like lighting a match to a forest fire,” Moore said. “If we were to raise taxes right now, that would have an extremely negative effect on the economy,” he added.
Biden has used the standard “soak the rich” approach with his tax increases but this could backfire in a major way.
“It’s been observed that should higher taxes fall on higher-income earners, investment capital will decline,” said economics professor Carl Schramm.
“This is exactly what no one would want going into a recession,” he added.
“If President Biden were to succeed in getting tax increases . . . it will push us towards recession much faster,” he concluded.
The Biden tax increases could actually make inflation worse, warned Moore.
“If you tax businesses more, you’re going to get less output and that’s going to make inflation worse, not better,” Moore remarked. “If you keep letting inflation linger, it becomes like a cancer cell in the body. It grows and gets bigger, and the more it lingers, the harder it is to take out,” he explained.
Economists and leading Banks are already warning about a recession coming within the next two years.
Biden’s proposed tax hikes could sink an already struggling economy.
Americans already struggling with inflation and high gas prices would be crushed under the weight of the massive tax hike.
A recession on top of the rest of the economic problems facing the country would be political doom for Biden and Democrats.
Biden has already cratered in the polls from his current economic problems.
Pushing the country into a recession could put his popularity at the level of a root canal.
Democrats could be looking at a political wipeout in 2022 and 2024 if they have a recession on their hands.
It remains to be seen if Biden’s budget passes but his economic problems aren’t going away.
Patriot Political will keep you up-to-date on any developments to this ongoing story.