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The Institute for Fiscal Studies said if government cuts taxes now, it risks being forced to raise taxes or cut spending in future.
Citadel hedge fund founder Ken Griffin has warned that higher baseline inflation could last “for decades” and urged the government to rein in spending.
A new projection shows that interest payments on U.S. public debt have climbed above $1 trillion per year, leading some economists to express concern.
The biggest driver of the tax hike is not COVID-19 responses, but a pre-pandemic desire for higher government spending, the economic research institute said.
Stockman is the author of “The Great Money Bubble: Protect Yourself from the Coming Inflation Storm.”
