Is the economy already out of the woods? I don’t think so: Jonathan Williams on NTD News – American Legislative Exchange Council

There’s just too much uncertainty and too much risk to say we’re in for a soft landing.

ALEC Chief Economist and Executive Vice President of Policy Jonathan Williams spoke to NTD News about Treasury Secretary Janet Yellen’s comments on the economy, reassuring Americans that there is no recession.

We’ve had a couple of painful quarters of record high inflation. Is the economy already out of the woods? I don’t think so, and there are some big problems emerging. One of them is the massive tax increase that will hit our economy. We’ll see if anything is done in Washington as the Tax Cuts and Jobs Act of 2017 signed into law by President Donald Trump is already beginning to phase out some of its business provisions.

All of the individual subsidiary protections under the Tax Cuts and Jobs Act will lapse or be repealed if no action is taken by December 2025. That means we’re facing one of the largest tax hikes in American history. If nothing is done in Washington, it is a major threat.

The other is our national debt of over $32 trillion and what that means for future tax increases and borrowing costs. In addition, we see many potential contracts in commercial real estate in the coming months. While I do hope that Janet Yellen is right on that score, and I think we can all agree that there’s just too much uncertainty and too much risk over the next few years, given the political environment for it conclude that we are in for a soft landing or avoiding a recession.