https://www.foxnews.com/politics/steve-forbes-biden-presidency-return-of-stagflation
Steve Forbes predicts Biden presidency would be 'unmitigated disaster,' bring return of 'stagflation'
A Joe Biden presidency would be "an unmitigated disaster" for the American economy, Forbes magazine editor-in-chief and two-time GOP presidential candidate Steve Forbes told "The Ingraham Angle" Friday.
According to the independent Tax Foundation, Biden's policies, which include raising taxes on individuals making more than $400,000 per year, would collect approximately $3.2 trillion over the following 10 years.
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Forbes said such policies would "trash" the economy at a time when it would still be recovering from the effects of the coronavirus pandemic.
"This economy is recovering from those lockdowns, we're making some good progress, but we are still convalescing," Forbes said. "Those taxes would dry up investment at a time when Chinese companies are becoming more competitive in high tech -- we are going to hurt venture capital and the like.
Biden campaign responds to August jobs report, President Trump's denial that he denigrated US war deadVideo
"He's also going to bring back some of the ObamaCare taxes that the Republicans got rid of," Forbes added. "This tax increase is going to hit everyone. When you have a lousy economy, that hurts people, they can't get raises and wages, they don't get jobs, they can't get higher pay. This is going to be an unmitigated disaster."
The publishing magnate told Ingraham that America would "hear a word again we haven't heard for 40 years: stagflation -- inflation and a stagnant economy. That's what Biden is going to bring with this program of higher taxes and higher regulation."
Steve Forbes predicts Biden presidency would be 'unmitigated disaster,' bring return of 'stagflation'
A Joe Biden presidency would be "an unmitigated disaster" for the American economy, Forbes magazine editor-in-chief and two-time GOP presidential candidate Steve Forbes told "The Ingraham Angle" Friday.
According to the independent Tax Foundation, Biden's policies, which include raising taxes on individuals making more than $400,000 per year, would collect approximately $3.2 trillion over the following 10 years.
BIDEN WILL RAISE TAXES, 'CRATER' STOCK MARKET AND ECONOMY, SAYS KUDLOW
Forbes said such policies would "trash" the economy at a time when it would still be recovering from the effects of the coronavirus pandemic.
"This economy is recovering from those lockdowns, we're making some good progress, but we are still convalescing," Forbes said. "Those taxes would dry up investment at a time when Chinese companies are becoming more competitive in high tech -- we are going to hurt venture capital and the like.
Biden campaign responds to August jobs report, President Trump's denial that he denigrated US war deadVideo
"He's also going to bring back some of the ObamaCare taxes that the Republicans got rid of," Forbes added. "This tax increase is going to hit everyone. When you have a lousy economy, that hurts people, they can't get raises and wages, they don't get jobs, they can't get higher pay. This is going to be an unmitigated disaster."
The publishing magnate told Ingraham that America would "hear a word again we haven't heard for 40 years: stagflation -- inflation and a stagnant economy. That's what Biden is going to bring with this program of higher taxes and higher regulation."
