ICYMI—Hagerty joins Kudlow to talk Democrats’ Reckless $3.5 trillion Tax-and-Spend Spree

August 3, 2021

WASHINGTON— United States Senator Bill Hagerty (R-TN) today joined Kudlow to discuss the infrastructure bill, as well as Democrats’ reckless $3.5 trillion tax-and-spend spree.

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Partial Transcript

Hagerty on the infrastructure proposal: “I think it could be a real problem, Larry. I think that the stated goal has been not to increase the deficit, not to increase taxes, but if you think about what’s included first in this infrastructure bill that has been worked on in a bipartisan basis. It’s a 2,700 page bill. I’ve got a King James Bible on my desk, it’s more than a thousand pages longer than the King James Bible. There’s a lot there to digest a very short period of time. And the scoring, I think, is an issue here, but the bigger issue is this $3.5 trillion tax-and-spending spree that Joe Biden wants to push through on us.”

Hagerty on Democrats’ $3.5 trillion tax-and-spending spree: “This is the transformational component of what Joe Biden has promised America will be a transformation into socialism. And everything that we’ve heard that will go into this $3.5 trillion bill—and I think that’s the low number—a lot of what I’ve heard is the way they use budget gimmicks here in Washington is actually a much higher number, it could be north of $5 trillion… They’re talking about ‘stimulating the economy’ where it’s going to be massively inflationary. That’s the most pernicious sort of tax that we can impose on America, particularly on the retired folks and the people that are in the lower and middle income.”

Hagerty on Biden’s inflationary spending: “It’s amazing. You set Economics 101 aside if you’re going to believe the claims that Joe Biden is making that this won’t have an inherently inflationary impact on the economy. The vast majority of what this total spending is, and again, I’m including the $1.9 [trillion] that came through in March. All of it getting to somewhere in the $6 to $8 trillion vicinity, this is spending that’s going to be inflationary. We’ve already seen it. Larry, you know that you saw the shift from May to June. If you annualize that shift and inflation, that annualizes to 12 percent. That’s so far beyond the 2 percent target that the Fed has set. It’s way overshooting right now. And we’re talking about dumping a lot more money into the economy.”

Hagerty on Biden’s devastating tax hikes: “You think about the tax impact. They’re going to raise corporate taxes. They’re going to make us less competitive, again. Raise personal taxes, taxes on small businesses. The death tax, they’re going to raise that, making it impossible for farmers and small businesses to pass their business along. And you’ve seen that the talk about what they plan to do with capital gains taxes. That will kill a capital investment here in America.”

Hagerty on the devastating economic costs of Biden’s socialist wish-list: “It requires a redistribution to obtain that that sort of result. Inherently socialist, again. And it’s going to be devastating to the economy. It’s going to kill the incentive to grow the economy. And as you said, it’s going to put us on a path to see greater inflation, lower revenues here in America. We’re going to see our GDP trimmed. We’re going to see job losses just as you say. So all of this makes complete sense when you think about it from the perspective of a business person like you or me. But to the people that are gonna vote for this, they’re looking again for this sort of socialist utopia that’s going to have devastating economic consequences.”