Former White House economist warns Biden's budget catalyzes an 'economic disaster'

foxbusiness.com:

Economist Kevin Hassett weighs in on President Biden's proposed 2025 budget on 'The Bottom Line.'

Tax hikes, handouts and living with debt instead of the American dream – one former White House economist is taking offense to President Biden’s latest fiscal plan.

«It’s just astonishing, this budget,» former Council of Economic Advisers Chairman Kevin Hassett said on "The Bottom Line" Monday. «What they're doing is they're borrowing to gin up GDP, but they're not really getting much GDP out of it. In fact, they're wasting a lot of the money.»

President Biden proposed an array of tax hikes in his annual budget request to Congress that would dramatically raise the rates paid by corporations and wealthy Americans.

The president laid out the tax hikes Monday as part of his sweeping budget blueprint for federal spending in fiscal 2025, which begins in October. The higher taxes would be borne largely by Wall Street and the top sliver of U.S. households.

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Altogether, the tax hikes would reduce the federal deficit by about $3 trillion. Money from steeper taxes would also help to pay for expensive new programs floated by Biden, including a monthly tax credit to help some homeowners offset steep mortgage payments, subsidies for child care and lower prescription drugs.

President Biden has put forth «economic nonsense,» according to former White House Council of Economic Advisers Chairman Kevin Hassett. (Fox News)

«Joe Biden is really creating an economic disaster. And you have to wonder, are they just ignorant or are they just lying for political power? And my guess is, it's the latter,» Hassett said.

«There were 3.3 million jobs created for illegal aliens and people who were living in the U.S.