You won’t believe what this Democrat representative said when asked how their new ‘Inflation Reduction Act’ will actually reduce inflation. It is absolutely ridiculous. We’re here today to talk about the Dems new ‘Inflation Reduction Act’, but instead of giving us a straight answer, he just dodges the question. How are we supposed to trust them if they can’t even be honest with us?
Democrats are touting the new “Inflation Reduction Act” as a win for America’s… but some of them have trouble talking about it intelligently
According to The Daily Caller, Congressman Jamie Raskin was more than happy to talk about the recently-passed Inflation Reduction Act — until a reporter dared to ask him what specifically the package might do to lower inflation and thus reduce the strain on Americans’ budgets.
Raskin spoke to reporters, touting the passage of the act and saying that the sooner its provisions could be implemented, the sooner Americans would start seeing some relief — but when a reporter asked him to point to a specific provision that would act to lower inflation, Raskin made it clear that he was no longer interested in continuing the conversation. Watch
The Inflation Reduction Act passed both the Senate and the House along party lines late last week — which has been touted as a climate, health, and tax bill that will massively inflate the size of the Internal Revenue Service — but very few Biden surrogates have been able to explain how exactly it’s passage and the billions in new spending it represents will work to bring down inflation.
White House Press Secretary Karine Jean-Pierre struggled with a similar question over the weekend while speaking to Jonathan Karl on ABC’s “This Week.”
On Inflation Reduction Act, Jean-Pierre tells @JonKarl: “It's going to lower costs for Americans. Prescription drugs, energy costs…13 million Americans on the ACA who are now going to continue to see their premiums go down. That is important.” https://t.co/s4vGyjQKTX pic.twitter.com/zuJREOUiXe— This Week (@ThisWeekABC) August 14, 2022
According to the Penn Wharton Budget Model, an analysis compiled by a group of economists and data analysts at the University of Pennsylvania, the impact of the Inflation Reduction Act will likely be “statistically indistinguishable from zero.”
Other economists are saying similar things which is that the act won’t have ‘big effects on either growth or inflation
According to Yahoo Finance, The Tax Foundation forecasts -0.2% long-run GDP and the loss of 29,000 full-time equivalent jobs.
Revenue raisers included in the bill are also expected to take substantial time to kick in, meaning a wider budget deficit and worsening inflation.
JPMorgan Chief U.S. Economist Mike Feroli discussed the economic implications of the Inflation Reduction Act and his outlook for the U.S. economy.
Feroli notes that the legislation’s provisions do not target consumers.
Feroli explained, “A lot of things are not going to affect consumers all that much. The taxes will mostly be at a corporate level, of course, and spending will, you know, take place over quite some time. Some of that will come in the form of tax credits, but most of that is directed at businesses,”
The Inflation Reduction Act does impose a 15 percent corporate minimum tax on corporations earning $1 billion or more in profit. However, the Joint Committee on Taxation estimates that only 150 taxpayers would be targeted and projects a 1.4% average increase in federal taxes for ALL income brackets.
When the politicians who voted for the bill can’t even explain how it will help, you know its not going to be good. Hopefully somebody has a better understanding of the Bill than Raskin because by the looks of it, this Bill does NOT look good for everyday Americans