The abomination that will help sink the economy even more, advance worthless climate change policies, and dramatically expand the IRS to turn us into an economic police state has passed along party lines. Kamala Harris had to cast the tie-breaking vote.
JUST IN – U.S. Senate passes $340 billion "Inflation Reduction" Act. Kamala Harris casts tie-breaking vote.pic.twitter.com/C5Dc63U94r
— Disclose.tv (@disclosetv) August 7, 2022
“I am confident the inflation Reduction Act will endure as one of the defining legislative feats of the 21st century,” Senate Majority Leader Chuck Schumer, D-N.Y., said.
If by “legislative feat” he means a codified death sentence for capitalism, then Schumer may be correct. If they think it’s going to reduce inflation, it won’t. According to Liberty Nation:
Today, the more than 9% consumer price index (CPI) is not because Russia invaded Ukraine or Republicans obstructed President Biden’s agenda. Instead, mounting inflation pressures commenced because Washington approved astronomical deficit-financed spending bills – monetized by the Federal Reserve – and injected trillions of dollars into a locked-down economy. Have public policymakers learned from this? No. They are emulating these measures and hoping for different results.
As Liberty Nation recently reported, analysis by the Penn Wharton Budget Model found that the bill would not do much to address inflation. In fact, researchers learned that it would add to the personal consumption expenditures index by 0.05% by 2024 and then decrease it by 0.25% later in the decade.
The administration recently touted “126 leading economists” who endorsed the landmark slimmed-down Build Back Better bill, many of whom got it wrong on multiple issues. In response, more than 230 economists penned a letter to the House and Senate leadership warning about the “inaptly named” bill that would exacerbate inflation, burden the economy, and worsen the global supply chain crisis.
Raising taxes during a recession is about as idiotic as trying to kill the fossil fuel industry when energy shortages are already hurting tens of millions of Americans. Leave it to Democrats to kill two birds with one vote.