Former Speaker of the House Newt Gingrich (R) spoke out this week to issue a warning to Americans about Joe Biden’s hidden tax increase.
Gingrich Sounds Off
“Every American is going to pay higher taxes due to the Biden administration’s policies,” Gingrich wrote in an oped for Fox News. “Remember that inflation is a hidden tax. It is a powerful (and often unseen and unstoppable) way for a government to pay for its goods and services without raising visible taxes that make people angry.”
Gingrich went on to quote Warren Buffett, who he described as “the best long-term investor in America,” saying that he has clearly “moved from concerns about unemployment to concerns about inflation.”
“We are seeing substantial inflation,” Buffett said at the annual meeting of Berkshire Hathaway. “We are raising prices. People are raising prices to us, and it’s being accepted.”
Gingrich Doubles Down
He then quoted former Secretary of the Treasury and Ph.D in economics Larry Summers, who recently warned that inflation indicators were “flashing red alarm” and that “all the signs are for inflation starting to break out.
“We were providing demand well in excess over the next couple of years of any plausible estimate of the economy’s potential to produce, and that meant substantial price increases,” Summers said.
“Inflation will grow because the Biden administration has no other technique for paying for the massive spending its various allies require,” Gingrich added. “The Teachers Unions must be paid off. Government employees must be paid off.”
“Blue states with impossible pension burdens and enormously inefficient bureaucracies and work rules must get money from Washington,” he said. “Left-wing activists must be given federal money to increase their efforts to radically change America.”
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In the end, Gingrich feels that Biden is blatantly lying to the American people.
“Inflation will grow because the Biden administration has no other technique for paying for the massive spending its various allies require,” he said. “The Teachers Unions must be paid off. Government employees must be paid off. Blue states with impossible pension burdens and enormously inefficient bureaucracies and work rules must get money from Washington. Left-wing activists must be given federal money to increase their efforts to radically change America.”
“Most of us are already paying the hidden Biden tax every time we go to buy gasoline,” Gingrich concluded. “This is thanks to the combination of killing the Keystone XL Pipeline, restricting exploration on federal land, and a weakening dollar raising the price of oil on the world market (where it is measured in dollars and therefore goes higher when the dollar declines). As you shop, keep watching for the hidden Biden taxes.”
This piece was written by James Samson on May 8, 2021. It originally appeared in LifeZette and is used by permission.
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