Conservative org blasts Biden admin's claim that it's 'unfair and absurd' to raise prices due to higher taxes

President Biden hosts a meeting with business leaders on the need to address the debt limit

FIRST ON FOX: A conservative advocacy group is launching a new ad blasting the Biden administration’s "Bidenomics" approach to economic policy.

Club for Growth, a group advocating for conservative economic principles, criticized the Biden administration in a new ad focused on White House press secretary Jen Psaki's claim it is "unfair and absurd" for companies to raise prices for goods and services in response to higher taxes.

The ad, "Econ 101," obtained exclusively by Fox News, focuses on Psaki’s claims during a press briefing last week where she called the economic concept of businesses raising prices due to a raise in taxes "unfair and absurd."

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"There are some — and I’m not sure if this is the case in this report — who argue that, in the past, companies have passed on these costs to consumers," Psaki said in the briefing. "I’m not sure if that’s the argument being made in this report. We feel that that’s unfair and absurd, and the American people would not stand for that."

In the ad launched Wednesday afternoon, the narrator asks: "Say, Jen Psaki, when President Biden increases taxes on business, won’t those costs just get dumped on customers?"

"That’s unfair and absurd," the clip of Psaki says before repeating. The ad ends by dubbing Psaki’s claim "Bidenomics," adding that the administration’s economic school of thought is "not too smart."

"Rarely does the arrogance and incompetence that embodies the modern radical Democrat Party converge so perfectly in a single soundbite," Club for Growth President David McIntosh told Fox News in a statement. "What’s even more amazing is that she’s probably the best they have."

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"The purpose of this ad is to remind Democrats, lobbyists, and the media of what the Biden Administration is doing to the economy and just how out of touch their policies are with their constituents," McIntosh continued. "It’s long past time to stand up to this angry and entitled socialist nonsense."

The roughly $15,000 social media ad buy, running on Facebook and Instagram, comes as the Biden administration continues to define its economic agenda and work with Congress to get his $3.5 trillion spending bill passed and a debt limit increase.

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Biden is expected to meet with large bank leaders Wednesday about the debt ceiling, as the mid-October funding deadline gets closer.

Treasury Secretary Janet Yellen, Commerce Secretary Gina Raimondo and White House senior adviser Cedric L. Richmond are expected to attend the meeting alongside Bank of America CEO Brian Moynihan, JPMorgan Chase CEO Jamie Dimon and other financial leaders.