August 2, 2022
Senator Portman Joins FOX Business Cavuto: Coast to Coast This afternoon we discuss House Speaker Nancy Pelosi’s visit to Taiwan and the Democrats’ recent reckless tax and spending. Senator Portman, who visited Taiwan as part of a bipartisan congressional delegation in April, said it was important to show leadership in the region and not back down in the face of China’s increasing attacks. and expressed support for the visit. Portman also touched on the Democratic Party’s new tax and appropriation bill. This includes his $326 billion new tax on investments, especially manufacturers, which will exacerbate inflation. Portman explained that this is the exact opposite of what Congress should do now because the country is in recession. The bill inevitably puts a strain on American workers and consumers, who are already struggling because of record-high inflation, and fails to address the inflationary mismatch between supply and demand in the economy.
The transcript of the interview is below and you can also watch the interview here.
Sen. Portman on Speaker Pelosi’s Visit to Taiwan
“Jackie, I totally agree. I disagree with Speaker Pelosi on many things, but I think she’s totally right on this one. I was in Taiwan just a few months ago. Very productive. We talked about military issues, obviously, we talked about what Taiwan needs to do to better defend itself, which is important, but we also talked about the economic situation. Like, 90% of the world’s high-end semiconductors are made in Taiwan.These are the chips we rely on for military, automotive, and many electronic devices, which are very important in many ways. But as we’ve seen in the recent semiconductor debate, Taiwan produces a high-end version of this, and it’s very important to protect the source of the supply chain. I think it was a sign of weakness to back down otherwise at a time when China was becoming more and more aggressive across the Indochina region. I hope that you will take the lead and never back down, and you have every right to go to Taiwan, just like we had every right to go to Taiwan in April.
“Well, they have punished Taiwan as best they can in a variety of ways, both commercially and certainly in regards to the disinformation that is flooding the island. They’ve already done military exercises in the Taiwan Strait because I’ve seen it unleash. By the way, this isn’t just Taiwan, it’s a lot of other things in the region that concern people, what they’re doing in the South China Sea and coral reefs, military bases. The Philippines will tell you that one of those islands is theirs and they are fighting over it, but also people are wondering what is happening in Tibet and what is happening in Hong Kong. I am concerned about what is happening to the Uyghur people in the Xinjiang Uyghur Autonomous Region, so there are many problems at this time in what has become an increasingly dangerous and unstable area due to Chinese aggression in the region. This is not the time for us to step back, instead we should talk to China and let them know that we are not escalating, but also to our neighbors, friends and It’s time to talk to our neighbors, friends and local allies as well, as you know, they are increasingly looking to us for leadership.
“Well, it’s true that if you saw the early reaction from the administration, including the president as you saw, they didn’t recommend it. Or rather, what House Speaker Pelosi was saying. I don’t think they should have been against , they should have worked together so that we could have a coherent foreign policy, and I think Speaker Pelosi made the right decision in this case. And I think this trip will be very productive.”
Sen. Portman on Democratic $700 billion appropriations bill
“No, it won’t. It’s inflation, and obviously the addition of another $326 billion tax hike will give the American people a huge tax increase and there’s no way around it. Bipartisan tax consolidation.” The commission says half of that tax comes from manufacturers, they also say the tax is passed on to workers and customers, and how much depends on the results of the analysis. But 30% to 70% of that is passed on to employees, which is why many Americans who didn’t expect to be taxed are actually thinking, ‘Hey, your money’ because of this new tax. That’s why people will say, ‘Your pay is going down, your benefits are going down.’ By the way, more than 50% of these people make less than $400,000 a year, so it’s a tax that’s distributed to employees. . It clearly hurts the consumer. And in a time of high inflation, why would we want to raise taxes or raise the price of the goods we buy? The Democrats have been consistent in their policies, but the $1.9 trillion bill contained so much stimulus that it dramatically increased demand when it wasn’t needed, creating an inflationary mismatch between supply and demand. Now, this hits the supply side again, making it harder to see investment in America, harder to build things, harder to have the ability to get out of this inflationary bottom. Do spiral. ”