White House Economic Adviser Warns Socialism Greatest Threat to US Economy

Kevin Hassett serves as the Chairman of the Council of Economic Advisers for the White House.

Prior to his current position, Hassett was an economic adviser to the presidential campaigns of George W. Bush, John McCain and Mitt Romney.

Hassett recognizes the economic dangers that would result from the agenda of socialist Democrats like Sanders and Ocasio-Cortez.

Last week, Hassett warned that the greatest danger to the US economy is the socialist agenda of Democrats, starting with a huge tax increase that will impact everyone.

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The Epoch Times – Socialism Is Biggest Risk to US Economy, White House Economic Adviser Warns – Socialists, and their policy proposals that deter growth in the business world, are the greatest threat to the U.S. economy, according to Kevin Hassett, the chairman of President Donald Trump’s Council of Economic Advisers.

“I think the challenge going forward is to sort of respond to these proposals that are getting further and further to the left,” he said March 29 at the National Review Institute’s 2019 Ideas Summit.

If entrepreneurs start worrying that Trump’s pro-business policies would be reversed soon, Hassett said, they would stop investing now, as businesses tend to take the long view when making decisions.

“If in two years, there is going to be a 70 percent marginal tax rate on everything—there are people who are advocating policies like that—then maybe you should put your plans on hold right now if you are a forward-looking, rational firm,” he said…

In addition to the 70% marginal tax rate on everything, socialist Democrats will further destroy the US economy by raising the federal minimum wage to $15 per hour.

They will add further negative economic impact by passing their free Medicare for all plan that comes with an estimated cost of $3 trillion a year.

Add to that their free college tuition which could cost another $3 trillion a year.

Then their Green New Deal will put tens of thousands of oil and coal industry workers out of work which will have a huge negative impact on the economy.

The Green New Deal will also result in much higher energy costs at home and businesses along with higher prices for vehicles and more.

The US budget is less than $4 trillion but if socialist Democrats gain control, they will spend more than an additional $6 trillion, pushing the annual budget well over $10 trillion.

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