Finance / Government Watch / Politics

“Inflation Reduction Act” – Pure Gibberish

inflation

There’s a difference between “putting lipstick on a pig” – and calling the pig Marilyn Monroe. The Democrat’s “Inflation Reduction Act” is actually an “Inflation Acceleration Act.” If anyone doubted whether audacity lives, it does. This is pure gibberish, worst bill since Obamacare.

What does this “kill Peter to bribe Paul” bill do? In the name of buying votes, stoking class warfare, and changing the climate, it brutally damages the US economy, eroding buying power for all Americans with higher corporate taxes and spending – for which there is no money, pushing up inflation. It raises taxes on businesses, syphoning precious dollars from growth.

Four facts say it all.

First, the bill’s contents are not benign, they are objectionable. The bill raises taxes in a recession, opposite of what 230 non-partisan economists recommended. Response: “They’re wrong.”

Understand when new taxes hit big employers struggling with energy costs twice what they were 18 months ago, the effect is to suffocate hiring, trigger layoffs. Labor is the highest cost, followed by capital – beginning with energy. Best way to kill an economy is raise energy costs and taxes, triggering cuts.

Not only does this bill slow growth and accelerate unemployment but think…How you do you survive if you run a business? If you must pay the government more, how? You cut labor, then pass higher taxes to consumers with higher prices. Does that reduce inflation? Raise consumption? Help or hurt?

Does a bill that spends money we do not have on things we do not want, giving away money that gets cheaper from this new overspending – make any sense? Even if the idea is to buy votes, who pays? You.

Does a bill that raises prices, unemployment, consumer fear, business uncertainty, reducing stock and pension values, while suggesting higher taxes pay the bill make sense – especially when it further hurts, and raises prices for, fossil fuels?

Remember, fossil fuels power 60 percent of our power grid – which then powers those clean, convenient electric cars. Hint: Do not believe all you hear from politicians. Electric cars run on electricity, which seems nifty, but it comes from fossil fuels – and milk comes from cows not cartons.

Second point. This pro-inflation bill, marketed as anti-inflation, does substantive damage to the economy in other ways. Because it raises federal spending, cost of living, unemployment and fear, the Federal Reserve will feel compelled to further raise interest rates – to control new inflation.

That will raise the cost of borrowing, slowing home sales, making credit cards and mortgages pricey, and that raises interest on the $30 trillion dollars in federal debt. In just seven years, interest on the federal debt will top a trillion dollars – for which we get absolutely nothing, but core inflation.

Inflation is already 9.1 percent – a stunning 40-year high, driven by three trillion in new spending sine Biden took office. Overspending, higher taxes, expensive energy, high interest prolong recession. Another lie in the bill is that taxes pay for this one-year splurge – no, only in ten years. 

Third, what this bill triggers is prolonged reduction in consumer confidence, a continued drop in real wages, down 5.6 percent in Biden’s term, and a figurative race to the bottom as we get a new version of Jimmy Carter’s “stagflation,” slow growth, high inflation, unemployment and interest rates.

Fourth, all this makes Jimmy Carter shine. Even Carter realized beating inflation meant cutting federal spending – the reverse.  He realized too late, acted too slowly, heard Reagan coming.

In 1978, dogged by inflation, Carter promised to “hold down government spending, reduce the budget deficit, and eliminate government waste,” cut federal programs, hiring, and workforce, open the economy up with less regulation. He could not do it but knew what was missing.

So, what can average Americans do – seeing this reckless disregard for truth, economics, and the public will? How do we stop and reverse this federal folly, fumbling and mumbling by self-satisfied, largely wealthy, out of touch, misguided national leaders?  

Even those who count themselves Democrats need to speak truth here, not buy into hogwash. This is our economy, country, dollar, jobs, and future. Truth matters. The “Inflation Reduction Act” is pure gibberish.  It promotes inflation. All the lipstick in the world does not make this pig into Marilyn Monroe, not make this bad bill good, not beautify this utter nonsense.


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Jim
1 month ago

How do 87,000 new IRS agents and lower insulin prices going to reduce inflation?
That’s roughly 1 agent for every 15 millionaires (gross 1 million+ annual income). I suggest every member of the house and senate be audited annually. Then continue random audits of the citizenry. Or maybe a simplified tax code with no deductions.

ezed2109
1 month ago

Totally agree – if you try to actually read this piece of crap the vast majority of it is gibberish! We will be feeling the fallout from this for may years. I expressed my concerns to our Congressional Representative (Democrat) and requested that he vote NO!
His response: “Our debt now exceeds $28 trillion, doubling in just the last decade alone. Our debt-to-GDP ratio-measuring the ability of our economy to sustain our debt- is at its second-highest level ever, exceeded only during World War II. 
Even with record low interest rates, gross interest outlays increased 26% over the past decade, and we are spending more on interest than key investments in our future.
I want to cut unnecessary spending and red tape across the board and work toward long-term goals to improve our nation’s fiscal health…” Yet he voted to support this Legislation that will spend more, raise taxes and talk about red tape… it will double the size of the IRS!
We need to change the way Washington does business! Sign the petition or even volunteer.
conventionofstates.com/?ref=53458

Clark Kent
1 month ago
Reply to  ezed2109

Yup, having the blue states run roughshod over the red states during a convention of states will CERTAINLY fix all of our problems! NOT!

HDR
1 month ago

Another pile of lies and garbage designed to make the Democrat swamp rats richer and destroy American families and punish ANYONE who objects, True totalitarian dictator actions!! There is NOT ONE positive shred of help for American families!!

Kay
1 month ago

Schumer is destroying our country and the future benefits of our children. These marxist democrats only know how to tax and destroy us

Chris
1 month ago

Chuck Schumer , The reason for TERM LIMITS

Clark Kent
1 month ago
Reply to  Chris

Term limits are already enshrined in our Constitution. They are called elections and are held on a regular basis. The REAL problem is most citizens can’t be bothered to get off of their collective fat azzes to bother to REGISTER to vote, much less cast a ballot. ‘We have met the enemy and he is us’ – Pogo.

Rich
1 month ago

If these hypocrites can only keep their supporters and many more people fooled a little longer, MAYBE they can pull off another victory in November. Of course that’s what they think. Problem is, Americans are waking up in record numbers. The socialist/democrats are going to experience the outrage of the voting citizens. The WORLD will be watching to look for election fraud. I for one, can’t wait.

Cheryl
1 month ago
Reply to  Rich

Oh I hope & Pray that people that count will wake up!! They (government) are destroying our beloved America!!

Clark Kent
1 month ago
Reply to  Cheryl

‘Just be glad you’re not getting all the government you’re paying for’ – Will Rogers.

Rik
1 month ago

The article’s author is correct, it’s REALLY an Inflation Acceleration Act! . . . I’ve really become untrusting of ANY politician, both parties, because I’m tired of being lied to. . . .

Robert Zuccaro
1 month ago

Brandon claimed “Zero iflation” last month. By that “logic” I didn’t gain weight last month so that means I have a 0% BFI!

Duane
1 month ago

Corruption leads to stupid and stupid is as stupid does! Why are all the wealthy global elite and their hired Kleptocrates in government forcing everybody into solar/electric? Because they have their power and money deeply invested in it. They stand to reap people control and a substantial fortune off of us based on this climate change hoax. This is a MONOPOLY that breaks antitrust laws. Where are the antitrust law suits?? Think about it, the government has the gun to arrest us, if we don’t obey! As a FREE American we should have the CHOICE of MANY different sources of energy at a reasonable price, not just one! We The People Are The Government, Sovereign and Free!

Darrell Brasier
1 month ago

You don’t curb inflation by spending any idiot knows better

Robert Zuccaro
1 month ago

But Joe isn’t just “any idiot” but an EXCEPTIONAL one!

tika
1 month ago

dems are the kids who failed at operating a lemonade stand.

Robert Zuccaro
1 month ago
Reply to  tika

Because by the time they managed to get all the permits and environmental impacts done to open one they were already in college studying for a gender studies degree.

spitfire?1940
1 month ago

Obama “start civil war then we’ll disarm them” Biden to Chuck Schumer ” you heard the man, get started,come up with something that’ll really pass em off”.

Dr Rene
1 month ago

Thus is worse, it’s like putting lipstick on China-Joe’s A**.

Cheryl
1 month ago
Reply to  Dr Rene

Boy, isn’t that the truth!!!

Hal
1 month ago

Just another tactic the politburo Commie DemocRats use to fry to fool the US citizenry that they are responding to a crisis by passing a law that is not worth the paper it is written on. The ship of state is foundering so badly that even moderate DemocRats are starting catch on to leadership crisis this Nation has.

Kitty
1 month ago
Reply to  Hal

Wish they would jump ship and maybe we can straighten her up??!

Rich
1 month ago
Reply to  Kitty

We the people will throw many of them OFF the ship in November.

Obie
1 month ago

Why aren’t the republicans filibustering this bill? Do they secretly want it to pass?

CB
1 month ago
Reply to  Obie

They are chicken-s..t pansies. There is your answer.

Dr Rene
1 month ago
Reply to  Obie

BECAUSE the Democrats Used a procedural rule to stop the Republicans from a Filabuster.

Dave
1 month ago
Reply to  Dr Rene

Not that it would have mattered anyway…it was great cover for them in the end…

Cheryl
1 month ago
Reply to  Obie

makes you wonder, doesn’t it? Maybe they are on Cheney’s side! Boy ain’t she a peach!!! NOT!

Barb
1 month ago

Thank you again Mr. Charles for speaking the truth re Inflation Acceleration Act! But WHO can stop it. They are pushing it through. Pray, only God can stop it with our prayers.

Cheryl
1 month ago
Reply to  Barb

Amen

Gary
1 month ago

No matter what name DEMOCRATs attach to their appropriations bills , ALL their legislations is about raising taxes so that the DEMOCRAT party can spread the loot around to their friends all over the country. In other words , DEMOCRAT legislation is ALL about buying votes . Nothing more .

Dr Rene
1 month ago
Reply to  Gary

DEMOCRATS, FURTHER DESTROYING THE LOWER & MIDDLE CLASSES buys votes ONLY BECAUSE of your lying MSM-FOX-SOCIAL MEDIA.

Doodlebug
1 month ago

Our son and his family were on the brink of finally making a livable wage from their BBQ restaurant when c v d hit. They managed to keep the doors open but had to cut back to bare bones and very limited employees. Then meat skyrocketed but they held on, things got worse and my son took a full time job to try and keep his dream alive. Now thanks to this horrible bill the final nail has been poised to hammer into their coffin. Walking away isn’t as easy as some folks might think, they still have a year on their lease, they still owe vendors, they have investors that have to be paid. It isn’t for lack of trying and they have been voted best BBQ in the county for 4 years running but you can’t keep raising prices to meet the costs of ever rising meat prices. People’s buying power is shrinking daily and the Ivory Tower dwellers keep telling us “to eat cake”.

PaulE
1 month ago
Reply to  Doodlebug

Your son’s experience is mirrored by tens, if not hundreds of thousands of other families all across the country. Career politicians by their very nature have never had to work in the private sector, much less own and operate a business of their own. They know NOTHING of economics, supply chains, vendors, transportation costs, etc. etc.. Most are lawyers, who could not land a high paying job in the private sector. So they opted for a public service career as a means to make serious money. They only know the detached from reality life of a public sector employee.

Members of Congress essentially makes his or her own hours, work 3 1/2 to maybe 4 days a week most weeks. They have a staff that does most of the work for them and they get to expense almost everything they do as part of their job. When that is all they have known their entire adult careers, it’s easy to see where they quickly develop the mentality that they know everything about everything and can make completely uniformed decisions about a whole array of issues with absolutely no consequences.

Hint: Americans need to stop electing and re-electing people from the professional political career class. Instead elect people that were successful in the private sector, by their own initative NOT by being handed a higher paying job by being the son or daughter of a politician. Someone that actually wants to spend a few years lending their expertise to getting America back on track, before going back to private life. Otherwise, you will continue to get the dismal government you currently receive. A government that tells you with a straight face that spending nearly a trillion dollars and imposing new taxes and regulations, along with higher costs for everything is somehow a good thing.

Kitty
1 month ago
Reply to  PaulE

Agree

Rik
1 month ago
Reply to  PaulE

That’s EXACTLY why President Trump was EXTREMELY SUCCESSFUL and EXACTLY why the Communist Indoctrinated Democrats HAD TO STEAL his Re-election Bid and even more importantly, keep Trump from running again! . . . As evidenced by their current actions against him!

Rich
1 month ago
Reply to  Rik

What has happened to President Trump is truly shameful, but, Biden’s “presidency” has shown Americans the absolute hypocrisy and corruption that exists in our government at all levels. The American people are now fired up! THAT’S a GOOD thing.

Sam
1 month ago
Reply to  Rich

I totally agree with you, and I sure hope we are right. Now, let’s hope the thievin’ Dems don’t ‘fiddle’ with the elections again. EVER.

Clark Kent
1 month ago
Reply to  PaulE

Why in the world would ANY successful businessman want to enter government service after seeing how Trump was treated?

Obie Kinney
1 month ago

Please explain why the republicans failed to filibuster this bill. When they were running things, they repeatedly said they needed 60 votes to overcome democrat filibuster threats. But here the democrats have only 50 senate votes, plus one for the VP to break a tie. Yet this outrageous bill passed with no republican filibuster, or even the threat of one.

PaulE
1 month ago
Reply to  Obie Kinney

This was dressed up as a budget reconcilliation bill, so per the agreement between Schumer and McConnell there is no filibuster requirement. Now go ahead and ask your next obvious question to Mitch why he agreed to that in the first place.

Barb
1 month ago
Reply to  PaulE

And why did Sinema and Manchin vote for it? Who bought them out? That left Harris the final vote.

PaulE
1 month ago
Reply to  Barb

All this information has been spelled out in any of the major financial newspapers. The deatils of what each Senator received in exchange for their vote is well documented. Both Democrat Senators were taken care of quite well in return for their votes.

As for Harris casting the deciding vote, read any civics book to understand what the role of the President of Senate is and when they get to vote.

Dr Rene
1 month ago
Reply to  Barb

Answer: Corp & WS Donors own Senima & Kelly. Kelly said he would never take Coro America donations, but Kelly lied. Surprised?

Rhonda
1 month ago
Reply to  PaulE

Good question—why did he agree to that in the first place?

Rhonda
1 month ago
Reply to  Rhonda

Sorry, should have read a little further down.

Dr Rene
1 month ago
Reply to  Rhonda

Because 98% of the time Kelly has been in the US Senate, Kelly has voted “YES” ON ALK DEMS-SDEMS POLICIES. THE 1% EXCEPTION WAS WHEN RINOS ALLOWED KELLY & SENIMA TO VOTE “NO”.

It’s all on the Senate .gov web.

CB
1 month ago
Reply to  PaulE

Mitch and the other 18 RINOs who voted for the original bill should be tarred and feathered then covered with honey and buried in a fire ant nest. They are as useless as tits on a bull. Then there is the ditz Liz. What more can I say. Our leadership need replaced.

Cheryl
1 month ago
Reply to  CB

Very well said!! I agree 1000%!!

Walt
1 month ago
Reply to  Obie Kinney

Obie:there is not a dime’s worth of difference between a democrat and a Republican……that is the key….they all are out to line their own pocket…..look at how many millionaires we have in congress….Washington is rife with corruption…we have a President who is corrupt not to mention being a pervert who has showered with his daughter when he is sniffing some little girl’s hair….father of a son who is a crackhead, a thief, and a President who profits from his son’s nefarious ventures….an administration made up of morons….now I ask you who is suffering fro all this……Joe lunch-bucket….the guy who goes out every and works his a*s off to attempt to support his family…..I was a police office for 20 years and had to work 3 jobs to make ends meet……..we are headed down a long slope….we need a man like Donald Trump to step in again and bring this country back…..is he perfect?……no ……..are we the American people perfect?….no…we struggle every day….but with God’s help and some luck we will save this republic….God bless American and all these hard-working people in this country we will return to the land of the free and the home of the brave

Clark Kent
1 month ago
Reply to  Walt

Why vote for Trump if there is ‘not a dime’s worth of difference between a Democrat and a Republican’?

Dr Rene
1 month ago
Reply to  Obie Kinney

Stay informed, Democrats did not allow a Filabuster. Besides, RINO McConnell is a DEMOCRAT.

Jannine
1 month ago

This administration is a ship of fools with satan’s minions stowed away in the bottom of the ship. Fools if they really believe they are helping inflation and satanic minions if they know it won’t.

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