Democrats have created crippling inflation through massive wasteful spending and phony climate change fanaticism. Now they impose a blowout bill to throw both into overdrive. The effect this will have on inflation would be obvious to a child. In the spirit of the Democrat instruction manual 1984, they call the bill the Inflation Reduction Act.
In the same spirit, they named a bill designed to further desecrate marriage the “Respect for Marriage Act.”
The Daily Signal observes the obvious:
With inflation hitting 9.1% in June, this is a stagflationary economy. Inflation-adjusted wages for the average American worker have fallen by nearly $3,400 since President Joe Biden took office. …
The government’s policies over the last two years have been a perfect recipe for the highest inflation in four decades: trillions of dollars in government spending financed by the Federal Reserve’s printing presses coupled with lockdowns, new regulations, a war on energy, and anti-work programs that drove down supply. …
The so-called Inflation Reduction Act of 2022, in reality, only would add to the inflationary pain families are already feeling thanks to hundreds of billions in new government spending and job-destroying tax hikes.
Democrats tell us to look at the bright side: raising our taxes will supposedly counteract the inflationary spending.
Unfortunately, the Inflation Reduction Act doubles down on the same irresponsible fiscal policy that has caused inflation: All of the new government spending is upfront, while the deficit-reducing revenues are backloaded.
The result would be higher short-term deficits and higher inflation.
In the long term, the taxes will prevent economic recovery. The inevitable effect is too obvious not to be intentional. Poor people are easier to rule.
The Inflation Reduction Act would even advance the radical Green New Deal agenda, spending an astonishing $369 billion in the name of “decarbonizing all sectors of the economy.” Biden’s anti-fossil fuel policies have already cost us dearly, driving up prices.
Fossil fuels are the lifeblood of any modern economy. Without them, everything will stop and we will starve. Liberals cannot “decarbonize” the economy without provoking the violent overthrow of the government. However, they can waste enough money to drive inflation into the stratosphere. Debasing American currency makes it easier to make payments on the debt they are running up.
Because American currency was relatively sound before the likes of Joe Biden took control of the federal government, the dollar is the world’s reserve currency. Inflation forces people throughout the world to pay for Democrat spending, so long as they hold American currency — which they won’t do for long.
Calling a bill that will obviously push inflation to new heights the “Inflation Reduction Act” goes beyond Orwellian. It is a finger in the eye of regular Americans. They may as well call it the “We Are Destroying Your Lousy Country on Purpose and You Can’t Stop Us Act.”
Let me be clear.
The Inflation Reduction Act of 2022 would be the most significant legislation in history to tackle the climate crisis and to improve our energy security.
— President Biden (@POTUS) July 28, 2022