Inflation Reduction Act

Mark my words. The dubiously named “Inflation Reduction Act”, which as I’ve depicted, to the extent it stands to impact inflation – would increase it. With President Biden back in D.C., his first official action was to sign the tax increase and spending plan into law. Hence why I dubbed it the...Screw Your Act. As I mentioned in breaking this down recently... Aside from the stuck on stupid maneuver of raising taxes during a recession (not that there’s ever a good time to do it), is new spending on a host of leftist wish lift items totaling $433 billion. Now, we’re already in a recession brought about by 41-year high inflation, brought about by Biden’s energy policy and last year’s American Rescue Plan Act. Yes, I know they say that mythically more revenue will be generated over many years than this will spend over the short term. But you’d have to be stuck on stupid to believe them. Remember these are the same people who said they were rescuing America with their legislation last year, told you inflation was only transitory when it hit and now will tell you we’re not in a recession when we’re in one. I’ll make this simple. Higher taxes don’t equal a better economy. Ever. More government debt spending doesn’t equal less inflation. Ever. Right, but make no mistake, the timing of this wasn’t a coincidence. Inflation peaked in June because the recession began to take a significant toll on demand in this country and around the world. So, Biden administration/Congressional Democrat policy created the inflation that created the recession that began to lead to less demand and thus a slightly lower rate of inflation. And now with the passage of this legislation – they're going to claim that their tax and spend plan – the Screw You Act – is responsible for lower inflation going forward. Mark my words. They’ve treated us as though we’re stupid right along, this will be no different. Although, given that President Biden said inflation was zero last month (when it was in fact 8.5%), he’ll have a hard time reconciling his story in the future regarding the impact of this Act. Maybe he’ll say inflation is subzero in the future?