Earlier this week, President Joe Biden released his proposed $5.8 trillion budget. He also claimed credit for reducing the federal deficit and growing the economy.
One of the Republican candidates for Alabama’s fifth congressional district blasted the President’s attempt to claim credit for reducing deficits.
Thursday on WVNN’s “The Yaffee Program,” former State Sen. Paul Sanford discussed how the Biden administration’s budget proposal would add to the debt, increase inflation, and undermine any future economic growth.
“I think he is disconnected from reality frankly,” Sanford quipped about Biden. “I think some of those figures he threw out are accurate, the numbers of jobs created, but he doesn’t talk about the numbers of jobs that were destroyed due to COVID.”
Sanford then expressed disbelief that Biden could try to claim that the budget proposal is fiscally responsible.
“The whole premise that ‘oh we’re being fiscally responsible, we’re reducing the deficit,’ no he’s doing deficit spending,” argued Sanford, “He’s just claiming a little bit less deficit this year than the past year and the year prior to that. It just — it doesn’t make sense. That’s not reducing the deficit. They’re still increasing deficit spending in America and the debt that, not just myself, but my kids and my grandkids eventually would have to pay back. It’s irresponsible is what it is.”
The business owner also explained how Biden’s proposed corporate income tax hike would affect the economy.
“When something like that happens a business has to make a decision,” he continued. “You know they have to make a profit so they can reinvest in their company, give raises and whatnot, so if you raise that from 21 to 28%, then that’s less money for raises, that’s less money for research and development, that’s less money for expansion.”
The former state senator said the new taxes would just exacerbate the inflation problem.
“In order to make sure that money keeps coming in,” he explained, “you have to raise prices so you can try to continue and invest in growing your company. So the bottom line is when you raise the taxes the consumers are the one that pay it.”
Sanford said it would take a change in thinking in Washington to finally start reducing the deficit and paying down the debt.
“I think first what you have to do is you have to prioritize government. You have to look at what does the federal government do and what is its constitutional responsibility,” he concluded.
Yaffee is a contributing writer to Yellowhammer News and hosts “The Yaffee Program” Weekdays 9-11am on WVNN. You can follow him on Twitter @Yaffee
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