On Monday’s broadcast of Newsmax TV’s “Rob Schmitt Tonight,” Sen. Mike Braun (R-IN) said that the tax increases and spending in President Joe Biden’s budget proposal will lead to “stagflation that’ll be just like we had back in the early ’80s, late ’70s” because the policies in the budget are similar to the ones President Jimmy Carter had at the time.
Braun said that the spending in the budget will cause inflation to last longer, and “Sooner or later, we’ll run this place into the ditch, and it’s happening with something like this.”
Later, after the discussion turned to the proposed increase in the corporate income tax rate, Braun stated, “Exactly, and what was driving the economy where we had wages going up in the toughest places, pre-COVID, and what was driving economic growth between 2 and 3%? It wasn’t any of this. This will be lackluster growth. It’ll be stagflation that’ll be just like we had back in the early ’80s, late ’70s due to policies like Jimmy Carter had. So, I don’t know what they’re thinking. They’ll drive the country into the ditch, and it’s hard to tell how we get out of it then.”