What is the role of the federal government amid spending push?
Rep. John Yarmuth, D-Ky., discusses Biden's agenda on 'Your World'
House Budget Committee Chairman and Kentucky Representative John Yarmuth, D-Ky., joined host Charles Payne on "Your World" Friday to discuss the Democrats' $6 trillion spending plan. Yarmuth contended that assisted childcare, free community college, infrastructure, and increased broadband water systems are "highly popular items."
"I, along with two-thirds of Americans, are in more support of all of the elements in the American Jobs Plan and the American Rescue Plan," said Yarmuth.
Payne proceeded to ask the chairman if he supported higher taxes on businesses, high-income people, and capital gains, to which Yarmuth answered that he supports "most of the Biden agenda."
Inflation fears have been on the minds of many consumers and financial markets in recent months as the country emerges out of the coronavirus pandemic. Democrat-led budget proposals have drawn much criticism from Republicans as many argue against the push for tax hikes on Americans in the post-pandemic economy. "People are really extraordinarily concerned about runaway inflation to the point where the Fed won't even be able to control it," said Payne.
Payne followed up asking Yarmuth if he is concerned that the federal debt is 127% of GDP. "Do you think that there is a point, a breaking point for all of this?"
"First of all, debt to GDP ratio in Japan is two hundred and forty percent, they don't have inflation. They don't have high interest rates" stated Yarmuth.
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Payne fired back mentioning that "20 years ago, Japan was going to be the number one economy in the world and for 20 years, they have just drifted. They have lost everything. Yeah, it's a great country, but they lost all that might, all that oomph! Do you want us to be in the same predicament?"
Yarmuth questioned the role of the federal government and the responsibility it has toward its citizens.
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