White House stands by Inflation Reduction Act after CBO warns inflation won't drop as a result

https://www.foxbusiness.com/politic...ct-after-cbo-warns-inflation-wont-drop-result

this has been looked at by economists and now the non partisan CBO and many of which agree it actually may even increase inflation by taking money out of the private business sector. I guarantee if this has a positive effect on inflation it will barely be measurable

 

She is such a tool. Has anyone asked her if these are the same experts telling the administration last year that inflation was a right wing lie?

 

Who was telling the administration that? Can you cite it?

 

The CBO is telling the administration that this bill will do pretty much nothing at all. You have much to say about that?

 

The FED is rapidly addressing inflation after massive QE and monetary injections to prop up the previous failed and removed administration. Even I predicted this was coming in 2019.

Care to answer the question you were asked? I’m interested in reading it.

 

I wasn’t asked a question

 

Ok, this will indeed stop inflation by taking money out of the economy. What did you expect? Too much money causes inflation. Taking away the money means taking away inflation. This is the shovel the money into the incinerator method. I made that up on the spot, but it should make it clear what's going on.

Combine this with the Fed's end of QE, and this is a policy that heads us straight towards the direction of lowering inflation.

Plus, it lowers the deficit, something I thought the right was all for.

 

OK…then please explain how ANY US law/act/bill will lower inflation that is driven by GLOBAL supply chains ?

 

You can search right. Just about everyone said inflation was here since last year. Yet the administration continue to deny while having these so called idiotic experts go on CNBC saying there’s no inflation month after month until they couldn’t contain the lie. Psaki, the turd polisher, told us that inflation was a right wing with megaphone talking point.

 

Democrats are celebrating after printing out $430 billion of handouts. Where have we heard this before about printing excessive money during inflation? Oh yes, the late Robert Mugabe and Hugo Chavez’s economic advisors said the method will work without question.

 

Oh, it was "just about everyone" OooK

 

First thing I wouldn’t do is increase taxes to take money away from the private sector. That will most definitely slow any response to supply chain issues.

 

The Inflation Reduction Act isn’t just misnamed because it won’t do what its title promises — it will likely make inflation worse.

https://www.nbcnews.com/think/opini...ma-manchin-senate-horribly-misnamed-rcna41712

I don't usually quote NBC, but at least they know the Inflation Reduction Act is BS.

 

Go Biden!

"Gas Prices See Fastest Decline in over a Decade"

https://www.caranddriver.com/news/a40784291/gas-prices-dropping-fastest-rate-decades/

 

gas prices coming down and deflation is in the air, the right not happy with that, they hoped it would last past the election

 

200 economists have disagreed that this spending bill will do anything like its name.

 

Good thing he isnt doing that then right ?

He is raising corporate taxes, and on those who make more than $400,000 per year. The republican claim is that because Biden is taxing corporations (actually closing loopholes), that the lower stock values that will come from that will actually hurt the working class.

You have to get ahold a Rand McNally to show us how the right got there, but thats the claim

 

You think this tax and spend bill affects inflation? Lol, that's cute and the politicians are pulling wool over your eyes so let me do the math for you.. They're going to spend 400 billion dollars in new spending, followed by 700 billion in 'cuts'(this is a old parlor political trick). So here's where you need to pay close attention: Because of the 400 billion in new spending, this is not a 700 billion dollar cut. And it's not exactly a 300 billion cut from the 'old budget' per se.

It's a 300 billion cut to be precise from what would've happened if the 700 billion weren't cut at all. So while they can claim that there's savings, the budget will still likely be over 1.2 trillion dollars. It's a lie. Now, if they had cut 1.2 trillion and only spent 400 billion, now that would actually be real deficit reduction. But this is paltry and a lie, it deserves 4 pinnachio's.

 

I am doubtful that there will be $700 billion per year in savings from Medicare drug prices negotiations and new taxes, just as I was doubtful that Trump's "tax cut and jobs" act would stay within the $1.5 trillion additional deficit limit (it didn't) and sustainably would create a lot of new jobs (it did only for a year).

I would vote (if I could) for a politician who, for once, keeps things like taxes, spending etc the same, instead of having this whiplash every four years that everyone has to adapt to, with the ensuing uncertainty.

 

Those are the people that create the supply chains. You think a 40k a year worker for Walmart creates supply chains?

 

anything for the corporate overlords…..

Now you should easily be able to explain the increased corporate profits for the oil companies, and their relationship to prices…….

Based on your position, since they were making so much money, the prices should have come down right ?

 

Or you can decrease demand like Biden did by causing a recession. Raising taxes during a recession and supply chain issues is absolute lunacy. You can raise taxes to fight inflation but that tax raise should be on everyone if you expect it to work. Specially the consumer class.

The oil companies need profits to start to invest in the infrastructure needed to meet the demand. That was something the Biden administration clearly did not want to happen and proved it by increasing costs on them as much as they could.

 

With all dues respect, you watch way too much Fox News.

Demand decreased in 2020 due to Covid lockdowns…..Biden didnt take office until 2021…..THAT is when demand increased due to the lockdowns being removed. Demand INCREASED in 2021 but the US didn't have the refining capacity to meet the demand….and that was very early 2021….geee, I wonder who was the president prior to that that presided over that decrease in refining capabilities……

Oil companies were making more than enough profits to invest in infrastructure. But since you claim they didn't, then please explain who was the president when they didn't have the money for those investments ?

Oil company profits since Biden took office have been almost double what they were under Trump. So by your standard, Joes was a much better president for the oil companies…

 

Lol.. more tax breaks for corporations and moving jobs to China but nothing for the little people. Master Xi got his money’s worth from Beijing Biden. First free money for semiconductor companies. Now free money for solar companies. Average folks, Brandon gave you the middle finger.

 

I think damn near 90% of Americans, myself included would vote in favor of a fixed budget amendment. I would keep the budget the same, subject to renewal every 10-15 years. That way, there can be no more politics with the money and government spending is under control.