Now is the time for Biden’s team to heed the advice of economists and follow the Reagan model.
Marking the 40th anniversary of the Reagan tax cuts, President Joe Biden’s team is being urged to reduce taxes in order to jump start economic growth. Economic advisers are celebrating Reagan’s tax cuts by pleading with the current president to stop deficit spending and instead reduce taxes across the board. Reagan’s Economic Recovery Tax Act of 1981 was approved by Congress when Biden was in the Senate. Instead of following Reaganomics, the Biden administration is causing a labor shortage which is crippling small businesses. Biden’s policies are also driving up inflation at a pace well above wage growth.
Reagan’s economic policies ended stagflation and unleashed a period of economic prosperity. Today, President Biden is on track to repeat the same mistakes that President Jimmy Carter made during his time in office. According to the Club for Growth, 61 percent of Democrats believe high taxes are a problem and 64 percent seek an end to deficit spending. Now is the time for Biden’s team to heed the advice of economists by following the Reagan model, which allowed Americans to keep and control more of their own money, rather than the government.
To read more about how tax cuts would help the economy visit The Washington Examiner.
The Latest from the Gingrich 360 team
- Our Latest Poll: Do America’s veterans get the care they deserve?
- Our Latest Poll: Should Congress do more to protect Jewish Americans?
- Ellis the Elephant Fun Fact: Who founded New York as a Dutch settler?
- Our Latest Poll: Should the U.S. reimpose sanctions on Iran?
- Scaling Back: Six Government Agencies Targeted for Elimination