There have been fresh warnings for the US economy after Joe Biden’s policies have been branded “ignorant”.
American voters are feeling the pain of the cost-of-living crisis after the Federal Reserve was forced to introduce the highest prices in 22 years to rein in prices.
Dr. Arthur Laffer, who served on President Ronald Reagan’s Economic Policy Advisory Council, argued that the Biden administration is reducing income inequality by making everyone worse off.
He told GB News: Income equality can be achieved by making everyone poorer, but only the rich get poorer faster than the poor get poorer.
Watch now: Dr. Laffer talks about the U.S. economy
“Income inequality can be reduced dramatically by the poor and rich getting richer faster, but not by the poor getting richer faster than by the rich getting richer.” .”
The 83-year-old, known for his Laffer Curve theory of tax cuts, suggested that Biden should reduce burdens to spur economic growth.
Taking aim at the 46th president, Dr. Laffer said: “Excuse me, but where did he get his PhD?” I hate to say it, but he doesn’t know anything about economics. ”
Furthermore, “he has had a very negative impact on the American people. We see it in the polls, we see it in the numbers, we see it in the participation rate, we see it in productivity growth, we see it in the expected real rate of return per unit of capital…These numbers… All are bad.”
The U.S. is teetering toward recession, with 30-year mortgages about to top 8% and energy prices pushing inflation to 3.7%.
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However, the 46th president pushed for several pieces of legislation, including the Inflation Control Act, to help Americans during the cost of living crisis.
The Inflation Control Act promises to reduce carbon emissions, strengthen tax enforcement and increase corporate taxes.
But the 80-year-old also harshly criticized trickle-down economics.
He said, “This is the Republican plan so far: Good for big business, bad for other businesses. It’s not so good for big business anymore.”
On whether Donald Trump’s possible return is the only hope, he continued: “That’s not the only hope, but it’s a big hope. If he comes back, I think he’ll be a very good president. He was in his fourth year in office.
Edwin Lopez sorts money at the register at Frankie’s Pizza in Miami, Florida on January 12, 2022.
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“If it weren’t for the pandemic, he would have been the greatest president of all time in his first term.”
Laffer added: “Here was a man who was trying to do what was best for his country. Had it not been for the pandemic, he would have been re-elected in a landslide.” We’ll see what happens in 2024, but I’m very excited. ”
Trump is running for his third consecutive White House bid, although he faces several legal hurdles.
Recent polls show the real estate tycoon-turned-politician has a lead over his Republican rival, narrowly ahead of Biden.
The 77-year-old legislated significant tax cuts during his first term in the Oval Office, as the Tax Cuts and Jobs Act eased the burden facing Americans.
