The Vice Presidency, which as you know surprised him, he always respected the role of the press. All right. Andrea mitchell joining us by phone. Andrea, appreciate that. And again, just continuing our coverage here. It is 1 00 in the east. We continue our coverage of the death of former president George Herbert walker bush, americas 41st commander in chief. He has died at the age of 94. That word came to us now just over an hour ago, the word being passed from a statement from his son, george w. Bush. We are joined by Hallie Jackson. Let me start with you because we have heard from the current im sorry. That is my mistake. We will be hearing from her in a minute. We are going to pause here just for a few seconds because were going to be joined by our Network Affiliates and pick up the network coverage. This is an nbc news special report. Steve kegeorge h. W. Bush has away at the age of 94. That word coming to us just over an hour ago. A Statement Released by his son, the 43rd president
inflationary because the democrats are so much on focused of taxing more out of the wealthy and giving more benefits, again, moral judgments, when you tax the jeff bezos, that money wasn t getting spent on much. and if you give it to people whether through dental benefits or whatever, that s consumption. and right now since we re not in a recession, we have an excess of consumption, and that is going to be inflationary. it s the opposite of a trickle down supply side. in a boom economy where there s too much demand, you don t want to give more [audio difficulty] neil: yeah. i m just wondering if that compound itself though. if spending begets more inflation and the inflation only gets worse with more spending, what are we looking at here? you might be at point, brandon, where even if they hold the line on increases to the super rich like jonas, then that s one
would react to that? well, that s an interesting question because the markets have gotten kind of addicted to deficit spending, to the federal reserve artificially keeping rates low to finance the spending, and this has been going on for years. to so to kind of end that might be dramatic to the market. but, you know, what s worse is if inflation isn t transitory, then because the federal government is not going to do anything about it, which would be raising taxes and cutting spendings, then the federal reserve has to do the heavy lifting, and that s harder on the markets. it increasing the borrowing cost on our government, makes mortgages go hire. kicking the can so the federal government can t get anywhere near balancing a budget during a boom economy is going to cause more harm to the market. to keep this to the inflation thing, yeah, i would argue we d have to have even more tax revenue than it spends to be not
i think the question now is whether the biden administration will protect or support any of those assertions of executive privilege. it s their privilege to defend at this point. but i think the instinct, of course, by president trump shouldn t be surprising. he hasn ts to hide what he did and didn t do and i don t think that s going to stand. what about on covid in we re seeing cases rise. the president obviously on the right side of science here. and yet there s some things he cannot stop and that are going to affect his agenda. well, that s right. and when we were talking before, the big bets he s making on the economy, right, are the fact that the biden presidency is the middle of a boom economy and there s a bet that he s making which is that americans will support a big intervention by the government in the economy to make big-time societal change where it s necessary. that s a bet he s making. there s not bipartisan agreement about that but he thinks he has the ability to do
4/25/2021 3:43:45 PM GMT
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Welcome to the Biden boom. “Forecasts” of real economic growth now run in the 7% to 8% range… If that happens it will mark the fastest four-quarter growth spurt since 1984.”– Alan S. Binder, “Welcome to Joe Biden’s Boom Economy,” Wall Street Journal, April 22, 2021.
On Thursday Biden officials leaked that they will soon propose raising the federal tax on capital gains to 43.4% from a top rate of 23.8% today. The midday leak managed to tank stocks with the S&P falling the most in more than a month. Treasury yields also fell on the news as investors discounted the prospect for growth. “A 43.4% Capital Gains Tax?” Opinion Page, Wall Street Journal, April 23, 2021.