August 2, 2022
Senator Portman joined FOX Business’ Cavuto: Coast to Coast this afternoon to discuss Speaker of the House Nancy Pelosi’s visit to Taiwan and the Democrats’ latest reckless tax and spending spree. Senator Portman, who visited Taiwan in April as part of a bipartisan congressional delegation, voiced his support of the visit, saying it is important to show leadership in the region and not back down in the face of China’s increasing aggression. Portman also touched on the Democrats’ new tax and spending bill, which includes $326 billion in new taxes on investment, particularly manufacturers, and will make inflation worse. Portman explained that this is exactly the opposite of what Congress should be doing right now, since the country is in a recession. This bill will inevitably burden American workers and consumers, who are already struggling due to record-high inflation, and does not address the inflationary mismatch between the demand and supply of our economy.
A transcript of the interview can be found below and you can also watch the interview here.
SENATOR PORTMAN ON SPEAKER PELOSI’S VISIT TO TAIWAN
“Jackie, I couldn’t agree more. I don’t agree with Speaker Pelosi on much, but on this one, I think she’s absolutely right. I was there just a few months ago in Taiwan. It was a very productive meeting. We talked about the military issue, obviously, and what Taiwan needs to better defend itself, and that was important. But also, we talked about the economic situation. As you know, 90 percent of the high-end semiconductors in the world are made in Taiwan. These are the chips that we depend on for our military, for our automobiles, for so many of our electronics, so it’s a very important country in many respects. But one is, as we’ve seen recently in the debate over semiconductors, Taiwan produces the high-end versions of this, and it’s very important that we protect that source of our supply chain. So, it’s really important she’s there. I think doing otherwise and backing down would have been a sign of weakness at a time when China is increasingly aggressive in the whole Indo-China area. Other countries in the region are looking to us to provide leadership and certainly not to back down. And the Speaker has every right to go to Taiwan just as we had the right to go there in April.
“Well, they’ve been punishing Taiwan as best as they can in various ways: commercially, certainly in terms of disinformation which is flooding the island. We saw some of the propaganda footage earlier of them flexing their military muscles, so they’ve already been doing military exercises in the Taiwan Straits. When we were there they flew six fighter jets over the line of demarcation and the straits, so they’re continuing to do that. And by the way, it’s not just about Taiwan. It’s so many other things in the region that are concerning to people. What they are doing with regard to the South China Sea and on a coral reef, developing a military base. The Philippines will tell you that one of those islands is theirs, and they’re in a dispute over that. But also, people are concerned what is happening in Tibet, what’s happening certainly in Hong Kong, what’s happening to the Uighurs in Xinjiang province. So, there are a number of issues that are concerning at a time when it’s an increasingly dangerous and volatile part of the world because of the China aggression in the area. It’s not a time for us to be backing down. Instead, it’s a time for us to talk to China to ensure they know we’re not escalating, but also to talk to our neighbors and our friends, China’s neighbors and our friends, our allies in the region. You know, they are increasingly looking to us for leadership.
“Well, it’s true if you saw the early responses from the administration, including from the President as you saw, saying that they did not recommend it. I think instead they should not have been opposite of what Speaker Pelosi was saying; they should have been working together so that we can have a consistent foreign policy. And I do think in this case that Speaker Pelosi made the right call. And I think the trip will be quite productive.”
SENATOR PORTMAN ON DEMOCRACTS’ $700B SPENDING BILL
“No, it won’t. It’s inflationary, and clearly, by adding $326 billion in new tax hikes, we have a substantial tax increase on the American people, and there’s no way to get around that. The nonpartisan Joint Committee on Taxation has said that half of that tax comes out of manufacturers. They also said that tax gets passed along to workers and to customers, and how much of it gets passed along depends on what analysis you look at. But it’s anywhere from 30 percent to 70 percent gets passed along to employees. This is why they say that a number of Americans, who didn’t expect to get taxed, and in fact are going to be told, “Hey, your salary is going down, your benefits are going down” because of this new tax. Fifty percent of those people, by the way, or more make less than $400,000 a year, so it’s a tax that distributes to employees. It obviously will hurt consumers. And at a time of high inflation, why would we want that, either a tax increase or a higher price for the goods that we buy? So, it’s a tax increase, and that to me is exactly the opposite thing to do right now. The Democrats have consistently put out policy, whether it was the $1.9 trillion bill that had so much stimulus in it that it increased demand dramatically at a time when it wasn’t needed that helped cause the inflationary mismatch between demand and supply. Now, this is going to, once again, hurt in terms of the supply side and make it harder for us to see investment in America, harder for us to build things, harder for us to have the ability to get out from under this inflationary spiral.”