IN THIS ISSUE:
1. Congress Passes The “Inflation Reduction Act”
2. Inflation Reduction Act Is A Sham, Will Not Work
3. How Inflation Soared To A 40-Year High
4. Will Inflation Reduction Act Bring Down Inflation? No
5. Parting Thoughts About The Raid On Trump’s Home
Overview – Congress Passes The “Inflation Reduction Act”
The Democrats in the Senate and House of Representatives narrowly passed the mis-named Inflation Reduction Act last week, which is expected to be signed into law by President Biden this week. The new bill will not reduce inflation, just the opposite most likely, and it gives the federal government more money to waste by increasing taxes on corporations. In other words, it’s just more tax and spend. What else is new?
The 10-year spending package will raise taxes on corporations by $739 billion over a decade, but Democrats claim it will reduce federal budget deficits by around $100 billion over the same period. Their claim it will reduce the budget deficits is highly questionable, and even if it does, $100 billion is but a drop in the bucket compared to the trillions in deficits projected by independent sources over the next decade.
Democrats hailed the Inflation Reduction Act after its narrow passage in the House on Friday, and it was a win for the liberals. Yet it is likely the last major legislation they will be able to pass before the mid-term elections in November when the Republicans are widely expected to regain control of both houses of Congress.