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."
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