While strolling on the beach this week, President Biden told fawning reporters he is gearing up to raise taxes on individuals and businesses.
But the economy is in peril and the last thing the country needs is a giant tax increase. Inflation just hit a record high of 8.6% year-over-year.
Biden is out of touch with Americans: 83% of workers expect a near-term recession. 81% of Americans believe the country is already in a recession or will enter one in the next three months.
CNBC surveyed 22 top chief financial officers and the results were hardly more encouraging. All 22 believe the U.S. is on its way to a recession, while 68% predicted that the recession would hit in the first half of 2023, as opposed to sooner.
Almost half of Americans have begun to implement stricter controls on how they spend their money. They are battening down the hatches. But the Biden administration together with Sens. Chuck Schumer and Joe Manchin are ready to pummel them with tax increases.
These tax hikes will make things worse