Senior Tennessee Sen. Marsha Blackburn decried President Joe Biden and his administration for its negligent spending, telling Newsmax TV on Tuesday, “We used to say ‘a billion here, a billion there,’ and now it’s ‘a trillion here and a trillion there.'”
Blackburn explained to “American Agenda” that she and her Republican colleagues will take the steps necessary to block legislation in regards to overspending.
However, with the Senate split 50-50, Vice President Kamala Harris can still give the nod to the Democrats if they vote in unison. Blackburn cited concerns that all trillions in what the Democrats have dubbed “COVID-19 relief,” “infrastructure,” and a “jobs act” is leading to what she called a “Biden surcharge.”
She said it would result in everything – from groceries to any number of everyday costs – being more expensive due to inflation. The senator stated that this is the “highest inflation increase in the month of April that we have seen in 25 years.”
“There is a tremendous amount of pushback coming from Democrats, Independents, and Republicans having to do with the tax increases that they are trying to push forward,” Blackburn said. “Whether it is increasing the individual rates on your annual income tax filing; whether it is increasing capital gains taxes, which of course affect every small town and community.”
Biden, according to Investopedia, “is reportedly proposing to raise taxes on long-term capital gains for individuals earning $1 million or more to 39.6%. Added to the existing 3.8% investment surtax on higher-income investors, the tax could rise to 43.4%, not counting state taxes.”
According to Business Insider Michael Burry, the manager at Scion Asset Management, who Christian Bale also portrayed in the movie “The Big Short,” the United States is heading down a similar path that Germany’s Weimar Republic did in terms of hyperinflation. Back in Feb., Burry tweeted that the stock market was “dancing on a knife’s edge,” and that we should “prepare for inflation.”
Burry tweeted the following according to ZeroHedge.
“The life of the inflation in its ripening stage was a paradox which had its own unmistakable characteristics. One was the great wealth, at least of those favored by the boom..Many great fortunes sprang up overnight…The cities, had an aimless and wanton youth”
“Prices in Germany were steady, and both business and the stock market were booming. The exchange rate of the mark against the dollar and other currencies actually rose for a time, and the mark was momentarily the strongest currency in the world” on inflation’s eve.
“Side by side with the wealth were the pockets of poverty. Greater numbers of people remained on the outside of the easy money, looking in but not able to enter. The crime rate soared.”
“When dollars might as well be falling from the sky…management teams get creative and ultimately take more risk.. paying out debt-financed dividends to investors or investing in risky growth opportunities has beaten a frugal mentality hands down.”
Source: Newmax
