Breitbart finance director John Carney said Wednesday , on Fox Business Network’s” Kudlow” that “overspending by the federal , state” under the Biden administration caused prices, not levies implemented by former President Donald Trump.
Kudlow said,” Because Trump might raise , taxes or use tariffs as a tool , to enforce equality, they ‘re , all up in arms saying taxes will cause inflation but you say they will not”?
Carney said,” They did n’t cause inflation. They screamed about inflation , when Trump was president last , time around and we did n’t see , it. It just did n’t happen. I tracked quarter after month , these figures, everything you could imagine,  , the only thing I found went up , in value were bike. That may have actually been a , material as tax trend but , for the most part television , charges went over, car prices , went down. Under Biden, prices actually occurred. So it was n’t tariffs that caused , inflation it was an over accommodative , monetary policy from the Fed and , overspending by the federal , government. That is what led to it.
He continued,” By the way,  , economists will tell you if you , really pin them down and make , them tell you the truth, tariffs , ca n’t cause inflation unless , they raise the incomes of the , domestic population. Because where is the extra , spending energy going to come , from to help a generally , higher value degree”?
Carney added,” We saw really a lot of , manufacturing move out of China , and China suffered. There was a , Wall Street Journal report , that said China suffered three , forms as much as the U. S. from , those taxes”.
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