Biden initially proposed his $4 trillion spending plan as an “investment in America,” but Republicans have pushed back at the price tag.
Norquist compared Biden’s agenda to that of Jimmy Carter, who was president in the late 1970s when the U.S. was facing double-digit inflation and declining economic output, a scenario that spawned the term “stagflation.”
“When you print another $4 trillion in debt, you’re going to see what Jimmy Carter saw for the same reason Jimmy Carter saw it,” Norquist said on Fox News’ “America Reports” Thursday. “This is not the third term of Obama. It’s the first term of Jimmy Carter being replayed.”
Nowadays, Norquist argued, when employers are looking to hire, they’re not just competing with other employers. They’re also “competing with welfare.”
Norquist also hit at some of Biden’s recent decisions, such as his stopping construction on the Keystone XL Pipeline, which the tax expert predicted will raise the cost of energy for “decades to come.”
“When you make energy more expensive, you make all products more expensive,” Norquist noted.
More than seven in 10 Americans have concerns about inflation, according to a recent Monmouth University poll. Forty-seven percent of those questioned said they’re very concerned that the Biden plans will lead to spiraling inflation with 24% saying they’re somewhat concerned.