Letter to the editor: Lower, middle classes will pay for Biden spending

President Biden and the Democrats are saying only the rich will pay for their spending bills. They are lying. Biden said he “will not increase taxes on the middle class.” He is simply going to let their tax cut expire, which will effectively raise their taxes.

Even if income tax is only increased on those making more than $400,000 and corporations, the lower- and middle- income household will bear the brunt of the increases. Increasing corporate taxes results in decreased stockholders’ value, decreased workers’ pay and higher prices for goods and services. Utilities, by law, have to recover tax increases. So everyone’s water, gas and electricity bills will go up. Guess who will be impacted the most when utility bills go up? Low- and middle-income families.

As prices go up, inflation will increase. It will increase further as the government prints and spends more money to pay for the “giveaways,” e.g. free preschool and child care, tax credits for children, college, etc. You may make more money, but it will buy less.

On May 10, Biden said he created 1.5 million jobs, the economy is growing at 6.4% and his plan is working. If so, why does he need to spend more money to stimulate the economy? Biden says one thing, but his actions say the opposite. So although the Democrats say they are helping those in poverty, the result will be the opposite, and the economy will sink further into debt. Don’t believe me? Listen to the economists.

Tom Cerra

Latrobe