Skip to main content
Tags: peterking | economy | taxes | stimulus

Peter King to Newsmax: Economy on the Rise, but So Is Inflation

By    |   Friday, 02 July 2021 06:01 PM EDT

Former New York Rep. Peter King praised on Newsmax the current state of the economy but mentioned there were some concerns, mainly the rate of inflation and rising prices on consumer goods.

Appearing Friday on "American Agenda," King, a Republican, said if the Biden administration wants to take credit for the economy recovering, that's fine, but with inflation on the rise, there's "no need for new taxes. Also, we can cut back on some of the new spending."

According to the U.S. Bureau of Economic Analysis, GDP was up 6.4% in the first quarter of 2021.

King mentioned that while the economy is expanding, it would be very damaging to raise taxes. On Saturday, Rep. Kevin Brady said, according to The Washington Times, ''Inflation is running twice as high as wage growth.

''In fact," added Brady, R-Texas, "for Americans, their pocketbook, their paycheck has actually declined in buying power since President Biden took office. A lot of Americans are fearful of the impact of rising prices and a slow-growth economy when the sugar high from all the COVID stimulus goes away, which is exactly what President Biden’s budget will do.''

King said that he sees inflation as a "blip," adding that "I think cutting back on the Keystone pipeline, for instance, and other measures like that has made the price of gasoline go up, which raises the price of everything in the long run, so that's the concern."

Note: See Newsmax TV now carried in more than 100 million U.S. homes, on DirecTV Ch. 349, Dish Network Ch. 216, Xfinity Ch. 1115, Spectrum, U-verse Ch. 1220, FiOS Ch. 615, Frontier Ch. 115, Optimum Ch. 102, Cox cable, Suddenlink Ch. 102, Mediacom Ch. 277, AT&T TV Ch 349,  FUBO and major OTT platforms like Roku, YouTube, Xumo, Pluto and most smart TV’s including Samsung+, Sony, LG, Vizio and more – Find All Systems that Carry Newsmax – Click Here

Related Stories:

© 2024 Newsmax. All rights reserved.


Newsmax-Tv
Former New York Rep. Pete King praised on Newsmax the current state of the economy but mentioned there were some concerns, mainly the rate of inflation and rising prices on consumer goods.
peterking, economy, taxes, stimulus
345
2021-01-02
Friday, 02 July 2021 06:01 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
TOP

Interest-Based Advertising | Do not sell or share my personal information

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved
Download the NewsmaxTV App
Get the NewsmaxTV App for iOS Get the NewsmaxTV App for Android Scan QR code to get the NewsmaxTV App
NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved