Pennsylvania U.S. Senate candidate John Fetterman (D) was on TV with Don Lemon this morning. During the interview, Lemon asked Fetterman, “What do you think the biggest cause of inflation is?”
Fetterman answered Lemon placing the bulk of the blame for inflation on “massive corporate tax cuts”.
Daily Wire shared a clip of the interview which also shows Fetterman struggling to get through answering questions in a confluent way.
“What do you think the biggest cause of inflation is?” Fetterman: “I think that simply is also where…let’s talk about the trillions in…in massive tax or…uh, tax…uh, cuts to the corporate, uh, tax structure as well true.”
“What do you think the biggest cause of inflation is?”
— Daily Wire (@realDailyWire) November 1, 2022
Fetterman: “I think that simply is also where…let’s talk about the trillions in…in massive tax or…uh, tax…uh, cuts to the corporate, uh, tax structure as well true.”pic.twitter.com/ak2Ykq69Rv
Fetterman doesn’t even touch the massive spending the congress has done in the last two years.
In the chart below from Statista, you can see how much the government has spent each quarter and the explosion in spending that took off in 2020.
To fairly contextualize, the government spent a lot of money during Covid-19 for that reason. Many don’t feel every dollar was spent wisely however.
House Majority Whip Jim Clyburn (D-SC) admitted that Democrats knew inflation would be coming after the $1.9 trillion American Rescue Plan.
Clyburn told MSNBC, “Let me make it very clear. All of us are concerned about these rising costs, and all of us knew this would be the case when we put in place this recovery program. Any time you put more money into the economy, prices tend to rise.”
With the midterm elections a week away, Fetterman isn’t going to acknowledge the real cause (in our view) of inflation, he is playing defense. Fetterman is trying to deflect blame from politicians’ reckless spending and instead place the blame on corporate tax cuts.
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Tax cuts don’t cause inflation.
Watering down the supply by printing money coupled with wasteful spending and more printing of money causes inflation.