Democrats have penned the “Inflation Reduction Act” which is legislation that Democrats call a fix, but Republicans, and a notable Democrat, are arguing will not fix economic problems in the U.S. that American face every day, namely inflation.
The Democrats have touted that the legislation would, for instance, give Medicare the ability to negotiate drug prices with pharmaceutical companies, but that provision does not start for four years at which time only 10 drugs will be covered.
The bill is also packed full of initiatives to invest in “domestic energy production” while promoting “clean energy solutions” such as investments in climate protection.
Included are also expansion plans for the IRS and expansion of the Affordable Care Act, notable parts of Biden’s Build Back Better Plan that did not make the cut.
In regard to the so-called Inflation Reduction Act, 230 economists said in a letter that it will definitely not reduce inflation.
Fox News reported:
The economists wrote in the letter first obtained by Fox News Digital that the U.S. economy is at a “dangerous crossroads” and the “inaptly named ‘Inflation Reduction Act of 2022’ would do nothing of the sort and instead would perpetuate the same fiscal policy errors that have helped precipitate the current troubling economic climate.” …
The economic experts point to the $433 billion in proposed government spending, which they argue “would create immediate inflationary pressures by boosting demand, while the supply-side tax hikes would constrain supply by discouraging investment and draining the private sector of much-needed resources.”
They also write that of “particular concern” is the corporate minimum tax that they say will undercut efforts to restore functioning supply chains.
Some of those who signed the letter included “Nobel laureate Vernon Smith, former Chair of the Council of Economic Advisers Kevin Hassett, former Director of the Office of Management and Budget Jim Miller and Robert Heller, former president of the Federal Reserve Board 1986-1989.”
Reiterating the feedback, Senate Minority Leader and Kentucky Sen. Mitch McConnell said Democrats “are misreading the American people’s outrage as a mandate for yet another reckless taxing and spending spree.”
He argued that the Democrats “have already robbed American families once through inflation and now their solution is to rob American families yet a second time.”
Senate Majority Leader and New York Sen. Charles Schumer had another opinion.
“The time is now to move forward with a big, bold package for the American people,” he said. “This historic bill will reduce inflation, lower costs, fight climate change. It’s time to move this nation forward.”
Given the differences between liberal and conservative views on financial matters, the opinions of each of these two political leaders is not surprising.
But is was surprising to hear a very liberal Democrat voice opposition to the debated act.
Senator Bernie Sanders chastised both Republicans and Democrats for arguing about the act instead of coming together on legislation that would address the needs of all Americans, and really fix the problems that America faces.
“The American people are tired. They are hurting and they are begging their elected officials to respond to their needs,” Sanders said.
“The wages for the average American worker are lower today than they were 49 years ago, and clearly, the inflation of today is pushing the average person even further behind,” the senator said.
In a surprise statement, Sanders either intentionally or inadvertently addressed the elephant in the room, injecting some common sense into the discussion.
On Saturday, as the Senate debated the legislation that they decided to name the Inflation Reduction Act, the 80-year-old senator said the quiet part out loud.
“Madam President, I want to take a moment to say a few words about the so-called inflation reduction that we are debating this evening,” the senator said as he tore into the legislation that he is, by all accounts, still going to vote for.
“And I say so-called, by the way, because according to the CBO, and other economic organizations that study this bill, it will, in fact, have a minimal impact on inflation.”
“If anybody thinks that as a result of this bill we’re going to see lower prices for Medicare, you are mistaken. It ain’t going to happen next year, the year after, or the year after,” he said.
“And by the way, given the incredible power of the pharmaceutical industry, I would suspect even money that they will figure out a way to get around this provision if it takes four years to implement.
So this provision will have no impact on the prices for those Americans. Furthermore, this provision will have no impact on the prices for Americans who are not on Medicare,” Sanders stated.
Conservative Brief noted, “Sometimes politicians talk so incessantly that they allow the truth to slip from their lips from time to time, and that is precisely what Vermont Sen. Bernie Sanders has done.”
BREAKING: Bernie Sanders just admitted Biden’s Inflation Reduction Act won’t reduce inflation pic.twitter.com/AFBzXfzg3R
— Jack Posobiec (@JackPosobiec) August 7, 2022
Everything is explained by:
1) Democrats are evil;
2) Republicans are cowards (or bought); and
3) Official experts don’t know shit.
I would say that number 3 could say: Official experts don’t know shit, but mostly they’re simply bought-and-paid for or complicit in the destruction of America agenda.
The rest, I mostly agree with.
Where they getting the money???
90% of the population is up to thier eye balls in Debt & no other country will front them anything amymore!!
Bad luck COMMIES
Better get to the polls in November ah damn I forgot it’s monkeypox time so the crooks and Democrats will demand mail in voting ain’t gonna work this time
After my Dad died I found a newspaper clipping from my local paper with a letter they had published he had written on the opinion page about the sky rocketing prices of Rx drugs. In the same column was another letter about the threat China poses to the world. The year was 1954. Almost 70 years ago. How many years have Biden, Pelosi, Schumer, Feinstein, McConnell and countless others had to address just these 2 issues and they’ve done nothing. This bill they passed is a lame attempt to buy votes in November. We’ve all been played, while the corrupt politicians figured out how to work in deals to line their pockets like they always do, on the backs of the taxpayers. When are you people going to wake up and realize this? They don’t care about the American people. They only care about what they can take from the American people. Both sides do. It’s time to send these career leeches packing and bring in New blood that will restore government back to the people. If they aren’t for America First and Conservative values, send them packing. That includes every Rino that has aided and abetted the Democrats in this theft of future generations wealth.