Joe Biden is losing support every single day. And it seems he has very few allies left.
And now Biden got utterly betrayed from the last person he ever expected.
In an interview over the weekend, Democratic businessman Gary Cohn, the former director of the National Economic Council under President Donald Trump, stated that consumers had every reason to be upset about the inflation brought on by President Joe Biden’s American Rescue Plan.
Cohn made the comments when discussing Biden’s recent remarks against billionaires in an interview with Margaret Brennan on CBS News’ “Face The Nation” on Sunday.
In response to Biden’s assertions that billionaires do not pay any taxes in the United States, Cohn stated that the assertion was blatantly false and that every billionaire with an income in the country pays taxes of at least 20 percent.
“We do a very good job in this country of taxing income. That’s what the Constitution talks about. The Constitution talks about taxing your income,” said Cohn.
“There is no income in this country unless you buy a tax-free bond that doesn’t get taxed at a minimum of 20 percent. Whether it’s interest or dividends or capital gains. So, there’s no billionaire in this country that has income that is not paying at least 20 percent,” he added.
Cohn then called out Biden for trying to rile up anger against companies claiming that they were “taking advantage of the little guy.”
Cohn said, “Let’s talk about inflation for a minute because I think there [are] really important concepts for everyone to understand.”
“Inflation has a compounding effect. Meaning, as you look at inflation year over year, you’re adding up those numbers. You’re not starting at a zero every year.”
He continued and expanded on this point saying, “So, if we had 6 percent inflation last year … and now we have 4 percent inflation, that’s 10 percent inflation. So, if you take a basket of groceries at the beginning of 2020, just a simple basic basket that costs $100, it costs well over $125 today because those 4 percent one year and 7 percent one year, and 7 percent the next year, they add up. They’re cumulative. So, there’s a huge cumulative effect to inflation.”
Brennan then interrupted to clarify, “So, when people are being told, ‘consumers, you’re wrong, inflation’s heading–‘ — no, they’re right, it is actually more expensive?”
“They’re completely right,” said Cohn. “They’re completely right.”
Cohn highlighted just why exactly Americans were so frustrated.
He emphasized that people are “losing purchasing power” because of the absurd inflation as well as not being able to invest because of Biden’s high interest rate problems.
“So, people got very frustrated because the costs of their everyday lives got very expensive and the cost of investing in their future by buying a home got nearly impossible,” Cohn added.
This is just one more example of Democrats turning on Joe Biden.
Americans of all political backgrounds and affiliations understand that Joe Biden has destroyed the economy in this country, and he is doing nothing to fix it.
We cannot keep living under the oppressive regime of the Biden administration any longer.
People are getting desperate.
We must rally together and vote for leaders who will help save this great nation.
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