Democrats finally pushed another radical spending spree through the U.S. Senate. Joe Manchin, the same Joe Manchin who insisted more spending would be a terrible idea, helped write the new “Inflation Reduction Act”.
The bill, which squeaked across the finish line courtesy of VP Kamala Harris’s tie-breaking vote, will do nothing for inflation. In fact, most economic experts believe the bill will make things worse. The Democrats’ reasoning is that the legislation will help everyday Americans financially.
It will not. It is a massive spending package that leverages hidden tax powers to target virtually every American. The Inflation Reduction Act is a big lie. The bulk of the bill hands the Democrats’ radical climate change donors boatloads of cash and incentives.
The bill gives rebates for all sorts of climate change expenditures. But none of these are within the affordable range of everyday Americans. Again, the middle class is going to foot the bill so that Democrats can implement their radical climate change agenda.
Republican lawmakers insist that Democrats will pay the price for passing the so-called Inflation Reduction Act. First, according to the Institute for Energy Research, the Manchin-Schumer bill will inflate fossil fuel costs for Americans.
That’s where Joe Biden’s claim that the legislation “does not raise taxes on anyone making under $400,000 a year” is a gimmick. While the actual tax rate may not go up, middle class Americans are going to pay more for everything, especially energy.
The bill also “supersizes” the IRS, meaning more middle-income Americans can count on being audited. Middle-class Americans, unlike the extremely wealthy, cannot afford to hire attorneys to fight the IRS. They will settle, and yes, pay up.
But the biggest transfer of costs from the Inflation Reduction Act will be because of what it doesn’t do. The bill will not reduce inflation. Most experts, including a report by the liberal University of Pennsylvania Wharton School of Business, insist it could make things worse.
Gas prices have dropped slightly over the last 30 days. It’s a mirage. It’s difficult to fathom how some Americans could feel happy about a national average of over $4.00 a gallon for fuel. These are the same Americans who were filling up for less than $2.50 a gallon one year ago.
This has been the ploy all along. Set the bar for energy regulations so high, it drives the price of gas above $5.00 a gallon. Then, allow a few policy tweaks to bring the price down a few cents, and proclaim yourself the savior of the American fuel crisis. What a sham.
By passing the Inflation Reduction Act, the radical left is once again targeting America’s fossil fuel industry. Prices are going to begin to climb. As fuel costs rise, so too will the price of goods. There is no way around it. The economy will not improve. It’s going to get worse.
It is the mathematics of how products are made and how these products get to our shelves. Inflation is going to continue, so interest rates are going to get higher. Americans are going to continue to pay more for everything they buy, a lot more for many things.
This is going to cost the average American household thousands of dollars more per year. While the spending spree legislation doesn’t have direct language that taxes America’s middle class, the bill targets these struggling Americans the most.
The Inflation Reduction Act is a sham. It is going to pass and be signed into law. There will be a few freebies; handouts which make some people feel all “gushy” about Democrats. However, the bulk of the country is going to continue to struggle, with most struggling even more.
Americans need to be certain we do one thing come November. Keep enough gas in the tank to get to our local polling location. Once we get there, we need to show these radical Democrats what we think of their happy-go-lucky tax and spend schemes. Vote them out of office!