Inflation Reduction Act of 2022

[Anonymous]

Anonymous wrote:

Anonymous wrote:Over 230 economists have written a letter to sound the alarm.

Dear Leader Schumer, Leader McConnell, Speaker Pelosi, and Leader McCarthy,

The U.S. economy is at a dangerous crossroads. Forty-year high inflation is causing immense strain for households and small businesses, and it is prompting steep interest rate hikes that, while necessary to counter fiscal policy excesses, increase the chance of a deepening recession.

As such, taming inflation must be the top short-term economic priority to avoid further economic decline and hardship. Unfortunately, the inaptly named “Inflation Reduction Act of 2022” would do nothing to the sort and instead would perpetuate the same fiscal policy errors that have helped precipitate the current troubling economic climate.

At a time when the economy already faces supply/demand imbalances, the residual effects of stimulus, labor shortages, and supply chain disruptions, this bill would compound rather than alleviate many of these problems.

In particular, its $433 billion in proposed government spending would create immediate inflation pressures by boosting demand, which the supply-side tax hikes would constrain supply by discouraging investment draining the private sector of much-need resources.

Of particular concern, the corporate minimum tax would fall heavily on capital-intensive manufacturing, thereby undercutting efforts to shore up the resilience of America’s supply chains.

In addition, the prescription drug provisions would impose price controls that threaten healthcare innovation, creating a human health toll that would add to the financial woes that Americans are already experiencing. Even the one superficially appealing aspect of the bill–deficit reduction–is likely to prove illusory due to implausible spending phaseouts.

In summary we agree with the urgent need to reduce inflation, but the “Inflation Reduction Act of 2022” is a misleading label applied to a bill that would likely achieve the exact opposite effect.

https://www.masterresource.org/inflation-reduction-act-of-2022/economists-letter-inflation-reduction-act-2022/

Yes , and not just any economists. Look at the list of the signers. Wow. Schumer is an idiot to say he knows more than they do about economics. This bill is just BS. It’s a climate bill to please AOC and a bill to hire 60k more IRS agents and a tax increase. It’s total BS.

Where is the full list of signatories? I only found a few of the signatories, and they're all either heterodox economists or transparent partisans, which is completely unsurprising, but perhaps the full list is more promising.

[Anonymous]

That’s it!

CBO says “Inflation Reduction Act” will not reduce inflation!!!!!!

Time to call it what it really is, Tax Increase and Green New Deal Bill.

https://www.budget.senate.gov/ranking-member/newsroom/press/cbo-confirms-to-graham-dems-inflation-reduction-act-wont-reduce-inflation

[Anonymous]

Anonymous wrote:That’s it!

CBO says “Inflation Reduction Act” will not reduce inflation!!!!!!

Time to call it what it really is, Tax Increase and Green New Deal Bill.

https://www.budget.senate.gov/ranking-member/newsroom/press/cbo-confirms-to-graham-dems-inflation-reduction-act-wont-reduce-inflation

Yes,

It says it may reduce inflation by .1% or Increase inflation up to .1%. So basically it does nothing!

[Anonymous]

Covid doesn't matter if you are protesting some approved social justice cause or if you are voting to pass some climate legislation......

[Anonymous]

Anonymous wrote:Covid doesn't matter if you are protesting some approved social justice cause or if you are voting to pass some climate legislation......

This is 2022.
Covid is over.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Covid doesn't matter if you are protesting some approved social justice cause or if you are voting to pass some climate legislation......

This is 2022.
Covid is over.

Really? Then Biden shouldn't be quarantining......

[Anonymous]

"Country over party," my foot.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Covid doesn't matter if you are protesting some approved social justice cause or if you are voting to pass some climate legislation......

This is 2022.
Covid is over.

Really? Then Biden shouldn't be quarantining......

He’s quarantining because he can’t read teleprompters properly, asks permission (on camera) to sign papers, tries to shake hands with no one and sometimes says he will “get in trouble” if he addresses certain things.

This is a convenient excuse to keep him out of the public eye for awhile.

[Anonymous]

From wharton school upenn, one of the most trusted institutions when it comes to economic policy.

The Act would very slightly increase inflation until 2024 and decrease inflation thereafter. These point estimates are statistically indistinguishable from zero, thereby indicating low confidence that the legislation will have any impact on inflation. (https://budgetmodel.wharton.upenn.edu/issues/2022/7/29/inflation-reduction-act-preliminary-estimates)

Lets stop this bullshit pretending. They are saying this will have an immediate impact and that's a lie, just like a lie from trump. dems are the same type they complain about, its all about their agendas, like everyone else! get over it now, end of conversation.

[Anonymous]

Anonymous wrote:From wharton school upenn, one of the most trusted institutions when it comes to economic policy.

The Act would very slightly increase inflation until 2024 and decrease inflation thereafter. These point estimates are statistically indistinguishable from zero, thereby indicating low confidence that the legislation will have any impact on inflation. (https://budgetmodel.wharton.upenn.edu/issues/2022/7/29/inflation-reduction-act-preliminary-estimates)

Lets stop this bullshit pretending. They are saying this will have an immediate impact and that's a lie, just like a lie from trump. dems are the same type they complain about, its all about their agendas, like everyone else! get over it now, end of conversation.

Ultimately, this helps advance the green economy and curtail prescription drug prices - both wildly popular. So regardless whether does anything for inflation (the part that is actually deflationary was removed by the Koch brothers) it is still an important bill.

[Anonymous]

Anonymous wrote:

Anonymous wrote:From wharton school upenn, one of the most trusted institutions when it comes to economic policy.

The Act would very slightly increase inflation until 2024 and decrease inflation thereafter. These point estimates are statistically indistinguishable from zero, thereby indicating low confidence that the legislation will have any impact on inflation. (https://budgetmodel.wharton.upenn.edu/issues/2022/7/29/inflation-reduction-act-preliminary-estimates)

Lets stop this bullshit pretending. They are saying this will have an immediate impact and that's a lie, just like a lie from trump. dems are the same type they complain about, its all about their agendas, like everyone else! get over it now, end of conversation.

Ultimately, this helps advance the green economy and curtail prescription drug prices - both wildly popular. So regardless whether does anything for inflation (the part that is actually deflationary was removed by the Koch brothers) it is still an important bill.

And, yet... it is titled, "Inflation Reduction Act." Total Bull$hit. I agree with pp. This whole bill is one big lie.
And, I am willing to bet.... whatever it does to "advance the green economy and curtail prescription drug prices" will be detrimental to individuals and our economy in general in the short run and long run. That is what most of these Democratic bills do.

[Anonymous]

Anonymous wrote:"Country over party," my foot.

Haha I love it. The PRIORITY is increasing healthcare and prescription drug access to millions, climate change and funding the government through taxes. Not your social welfare bullcrap.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:From wharton school upenn, one of the most trusted institutions when it comes to economic policy.

The Act would very slightly increase inflation until 2024 and decrease inflation thereafter. These point estimates are statistically indistinguishable from zero, thereby indicating low confidence that the legislation will have any impact on inflation. (https://budgetmodel.wharton.upenn.edu/issues/2022/7/29/inflation-reduction-act-preliminary-estimates)

Lets stop this bullshit pretending. They are saying this will have an immediate impact and that's a lie, just like a lie from trump. dems are the same type they complain about, its all about their agendas, like everyone else! get over it now, end of conversation.

Ultimately, this helps advance the green economy and curtail prescription drug prices - both wildly popular. So regardless whether does anything for inflation (the part that is actually deflationary was removed by the Koch brothers) it is still an important bill.

And, yet... it is titled, "Inflation Reduction Act." Total Bull$hit. I agree with pp. This whole bill is one big lie.
And, I am willing to bet.... whatever it does to "advance the green economy and curtail prescription drug prices" will be detrimental to individuals and our economy in general in the short run and long run. That is what most of these Democratic bills do.

No one cares what you Trumpsters think.

[Anonymous]

Wow - even Gillibrand is in. I remember when she supported adding a 12-week paid leave amendment to the build back better act, ranking it at the last second.

[Anonymous]

Hello reconciliation is a go!!