Top Senator Warns America of Biden's Spending Plan: 'You'll Pay More for Everything'
Sen. John Barrasso (R-WY) issues warning about Biden's 'Build Back Better' plan
A top U.S. senator has issued a dire warning to the American people about the reckless spending in Democrat Joe Biden's "Build Back Better" plan.
During an interview on Sunday, Sen. John Barrasso (R-WY), chairman of the Senate Republicans, warned that Biden’s massive social spending agenda is going to hurt everyday Americans.
Biden's plan, known as the "Build Back Better Act," will cause Americans to pay more "for just about everything" as inflation and taxes soar, Barrasso said.
"I look at this, this will break the back of the American people with taxes, with spending, with all of the mandates,” Barrasso told Fox News host Maria Bartiromo.
"People will end up paying more for just about everything, it will make inflation worse, taxes will go up," he explained.
"All the tax experts will tell us that at least a third of middle America will pay a lot more in taxes, and the impact of inflation on people’s lives now, whether you want to call it a hidden tax or not, people’s paychecks are not keeping up."
"People are hurting, and it’s the Biden policies that have made it worse,” Barrasso continued.
"We’re now at a 40-year high on inflation,” Barrasso later said.
He also warned of the “true cost” of the Build Back Better Act.
"When you get rid of the accounting gimmicks, we’re talking close to $5 trillion, $3 trillion added to the debt," he revealed.
"Joe Manchin and Kyrsten Sinema are going to have a lot to say with this, about this.
"But you talked about these temporary programs, you remember Milton Friedman said there is ‘nothing so permanent as a temporary government program.’
"Once they get in there, they stay forever.”
Aside from top lawmakers, key figures in the banking sector are also raising concerns about Biden's spending.
As Neon Nettle reported last month, American multinational investment bank Goldman Sachs has issued a warning that soaring inflation in Biden's economy is the greatest threat facing the United States and the global economy.
According to a new analysis from the bank, inflation will eclipse anything else, such as pandemic-induced lockdowns, as the primary threat to economic growth.
The report from Goldman Sachs states that the Federal Reserve will soon start hiking up interest rates as inflation continues to throttle America.
"Higher-than-expected US inflation recently prompted us to pull forward our forecast for Fed liftoff by a full year to July 2022," the bank's report reveals.
In September, Jamie Dimon, the CEO of JPMorgan Chase & Co., issued a stark warning that America is heading for a "catastrophic" event as he predicts the United States will default on its debt.
Dimon revealed that JPMorgan, the largest bank in the U.S, is preparing for America to default on its national credit.
Dimon told Reuters that JPMorgan Chase is preparing for how to conduct business if the U.S. defaults on its credit, a possibility that would cripple the U.S. economy.
"This is like the third time we've had to do this, it is a potentially catastrophic event," he said.
Last week, the Labor Department published a report showing inflation in the United States has soared to a 40 year high, solidifying the hallmark of Joe Biden's presidency.
The consumer-price index rose in November by 6.8 percent from 2020, according to the report.
The figure is the fastest 12-month pace since 1982, and the sixth month of inflation above 5 percent.