Guest Post by: Miriam Judith
The International Monetary Fund (IMF) released a staff report last week, advising the Federal Reserve to wait to cut interest rates and instead suggests that the government raises taxes to combat the out-of-control federal debt.
The globalist-backed report mirrors the Biden Regime’s economic narrative, recommending that the FED hold the line until interest rates dip back down to their set target of 2%. As expected, there is no mention of the destructive policy – the open border, billions in foreign aid, overspending, etc. – and completely ignores the catalyst for the entire mess: the COVID lockdowns.
“Directors commended the authorities for their commitment to price stability and successful disinflation. Nevertheless, given salient upside risks to inflation and strong performance of the economy, they noted that the Federal Reserve should not reduce its policy rate until there is clearer evidence that inflation is sustainably returning to its 2 percent target. Clear communication, including forward guidance, will help guide market expectations in line with the Fed’s intended policy path,” the document stated.
The report claims that the increase in public debt poses a risk to the US and global economy and also expresses a pressing need for a “frontloaded fiscal adjustment” that could be achieved by generating “revenue” – In layman’s terms, they want the Biden Regime to put those 80,000+ IRS agents to work, and tax the hell out of the citizenry… After all, someone has to take care of the $34 TRILLION+ in debt that is skyrocketing daily, because, as we have seen, it won’t be done via government spending cuts.
From the IMF staff report:
“Directors noted that high fiscal deficits and the ongoing increase in the U.S. public debt to GDP ratio pose risks not only for the U.S. but also the global economy. They stressed the pressing need for a frontloaded fiscal adjustment, through both revenue and spending measures, while redirecting some of the fiscal savings to programs to alleviate poverty. A structural and long-term solution to address the issues related to the debt ceiling would also be beneficial…”
Under the Fiscal Policy section of the document, the IMF makes their intentions crystal clear, posing various options to achieve their “frontload fiscal adjustment”, including – you guessed it – raising taxes on citizens. And, just in case it was going to be lost on anyone, the report clarifies the tax increase applies to lower-income earners, not just the super-rich.
From the IMF Report’s ‘Fiscal Policy Section’:
“There are various options to achieve this adjustment over the medium-term including raising indirect taxes, progressively increasing income taxes (including for those earning less than US$400,000 per year), eliminating a range of tax expenditures, and reforming entitlement programs. Some of the fiscal savings from these efforts should, though, be deployed to increase spending on programs to alleviate poverty.”
In other words, the IMF, which is a global monetary organization, is suggesting that citizens should, as usual, bear the responsibility of alleviating the federal debt, rather than hold the government and the Federal Reserve responsible for their irresponsible spending habits.
In our debt-based monetary system that is not backed by any tangible means of exchange, the powerful and corrupt elites can spend unreasonable amounts of money that fund their wars, entitlement programs, and other endeavors.
Despite the government failing to represent the best interest of the people they serve and an overall lack of transparency as to where our tax dollars end up, Americans are slapped with the bill to pay off this massive debt.
Our government seems to forget that this country exists today only because Americans fought a revolution against the powerful leaders who attempted to raise taxes on the citizens that the government and their policy no longer represented.
While Americans struggle to stay afloat in this economy, the government is ushering in foreign invaders while paying their way in the US via billions in taxpayer dollars, despite being nearly $35 trillion in debt – and we will reach that milestone any day now.
The government refusing to fix one of the most prominent issues draining our economy shows their lack of effort to represent the best interests of the American people. The IMF’s report is just the cherry on top from the Biden Regime’s globalist cohorts.
The post IMF Suggests Raising Taxes to Pay off the $34 TRILLION US Federal Debt — Says the FED Should Wait to Drop Interest Rates appeared first on The Gateway Pundit.
