Tag

Inflation

Browsing

(RepublicanWire.org) – Rep. Jamie Raskin (D-MD) was caught off guard and resorts to dodging a question when asked how the Inflation Reduction Act would reduce inflation.

Multiple studies on the Inflation Reduction Act, have found that it would do little to nothing to reduce inflation.

One reporter asked Raskin, “What parts of the bill do you think will put to work on lowering inflation specifically?”

Raskin was stumped and didn’t know how to respond, he stammered momentarily and said, “next question.”

Despite the bill’s title, the Congressional Budget Office (CBO) found that the legislation would not reduce inflation, and the University of Pennsylvania’s Wharton Budget Model analysis found that the bill would only reduce inflation by 0.1 percent over five years.

Breitbart News Economics Editor John Carney reported just 12 percent of Americans say the bill will reduce inflation. Forty percent say it will increase inflation. Twenty-three percent say it will do nothing. Twenty-five percent say they are not sure what the effect would be.

(RepublicanWire.org) – ABC’s Jonathan Karl on Sunday confronted White House Press Secretary Karine Jean-Pierre on the $740 billion Bidenflation scam bill.

“But let me ask you, it’s called the Inflation Reduction Act, but the Congressional Budget Office which is nonpartisan said that there would be a negligible impact on inflation this year and barely impact inflation at all next year, isn’t it almost Orwellian?” Jon Karl queried.

“I appreciate the question. We’ve actually addressed this with the CBO,” Jean-Pierre continued. “It was the top line number; there’s more in there that shows it will have the money from– remember how we’re doing this, too, it’s making sure that billionaires in corporate America are paying their fair share, making sure that the tax code is a little bit more fair, and so when you do that, put it in its totality, you will see that it will bring down, lower the deficit, which will help fight inflation.”

The $740 billion Bidenflation scam just passed through both chambers of Congress.

Not one Republican voted for the bill.

More than 230 economists wrote letters to Congress warning that the ‘Inflation Reduction Act’ will make inflation worse.

The bill will allocate $369 million for ‘green energy’ – it’s actually just one big Marxist slush fund.

The bill will add 87,000 new IRS employees to harass and abuse working Americans and their political opponents.

The CBO and Penn Wharton Budge Model confirmed that the ‘Inflation Reduction Act’ will not reduce inflation.

(RepublicanWire.org) – On Sunday, Senate Democrats passed what they labeled as the Inflation Reduction Act. The bill imposes the Democrats’ climate change agenda through billions of dollars allocated to cut greenhouse gas emissions and increase renewable energy.

Former President Donald Trump lashed out at Senate Majority Leader Mitch McConnell.

“Mitch McConnell got played like a fiddle with the vote today by the Senate Democrats,” Trump wrote Sunday on his Truth Social platform.

“First he gave them the fake Infrastructure Bill, then Guns, never used the Debt Ceiling for negotiating purposes (gave it away for NOTHING!), and now this,” the former president said.

“Mitch doesn’t have a clue – he is sooo bad for the Republican Party!” he said.

Democrats initially claimed the bill would reduce the federal deficit by $300 billion over the next 10 years, but when they rammed it through the Senate on Sunday, no estimate had yet been prepared for the final package.

The vote on the bill was 50-50, with Vice President Kamala Harris breaking the tie.

An analysis from The New York Times of the tactics used to steer the bill around many political landmines — including a gun safety component and money to boost microchip research and production — said “Democrats also got some help from Republicans.”

“Democrats said a threat by Mr. McConnell to block the microchip bill should Democrats proceed with the climate and tax bill backfired by motivating Mr. Manchin to pursue a compromise,” referencing Democratic Sen. Joe Manchin of West Virginia, who earlier this year blocked Senate passage of a more expansive bill.

“Any time you threaten a bill you support because you are not getting your way on something else, you are in a bad spot,” Democratic Sen. Chris Van Hollen of Maryland said. “It just looks bad. It was so crassly political.”

McConnell at one point defended collaboration with the Democrats.

“Just because you have closely divided government doesn’t mean you do nothing,” the Kentucky Republican said on Fox News last week. “Just because there is a Democrat in the White House, I don’t think means Republicans should do nothing that is good for the country in the meantime.”

After the bill’s passage, McConnell issued a statement criticizing the bill.

“Democrats have proven over and over they simply do not care about middle-class families’ priorities. They have spent 18 months proving that. They just spent hundreds of billions of dollars to prove it again,” he said on Twitter.

“But the working Americans they have failed will be writing Democrats’ report cards in three months’ time,” he said.

(RepublicanWire.org) – Vice President Kamala Harris cast a tie-breaking vote Saturday to advance President Joe Biden’s massive spending, tax and climate legislation in the Senate.

The 51-50 party line vote allowed senators to begin debate on the legislation, which includes $400 billion in spending and $700 billion in taxes and revenue increases.

Senator Bernie Sanders slammed the Inflation Reduction Act (IRA) negotiated by Senate Majority Leader Chuck Schumer and Senator Joe Manchin, in part because of a recent nonpartisan report that revealed the bill would do very little to actually reduce inflation.

“I want to take a moment to say a few words about the so-called Inflation Reduction Act that we are debating this evening,” Sanders said on Saturday. “I say so-called because according to the [Congressional Budget Office] and other economic organizations that have studied this bill, it will in fact have a minimal impact on inflation.”

Senate Majority Leader Chuck Schumer hailed the legislation as a “groundbreaking bill for the American people, for families struggling to pay the bills, for seniors struggling to pay for medication, for kids struggling with asthma.”

A letter sent to House and Senate leadership from 230 economists argues that the Inflation Reduction Act is expected to contribute to skyrocketing inflation and will burden the U.S. economy, contrary to President Biden and Democrats’ claims.

That in fact, passage of the bill will only add fuel to the fire making already 40-year high inflation even worse.

The 755-page bill is expected to win final approval Sunday evening.

(RepublicanWire.org) – Sen. Kyrsten Sinema’s bent the knee to Chuck Schumer and agreed to “move forward” with a nearly $1 trillion reconciliation bill, the so-called Inflation Reduction Act, that critics say is poised to beef up the IRS, decimate American manufacturing, increase the cost of energy, raise taxes on all Americans, and worsen inflation.

The bill will specifically raise $739 billion in revenue through taxation and then spend roughly half of it on the Democrats’ schemes, including one to beef up the IRS.

In a statement released late Thursday, Sinema announced that she’s decided to “move forward” with the bill despite initial hesitation because she’s won the concessions she’d sought.

“We have agreed to remove the carried interest tax provision, protect advanced manufacturing, and boost our clean energy economy in the Senate’s budget reconciliation legislation. Subject to the Parliamentarian’s review, I’ll move forward,” she said.

The carried interest tax provision would have reportedly imposed a higher capital gains tax rate on private equity and hedge fund financiers.

It’s unclear how the Inflation Reduction Act will “protect advanced manufacturing.” According to an analysis from the non-partisan Joint Committee on Taxation, 49.7 percent of the $739 in revenue raised by the bill will come directly from the manufacturing industry.

Writing for Fox Business Network on Thursday, businessman Sen. Mike Braun warned that the bill will have a “crushing effect” on American manufacturing.

As for boosting “our clean energy economy,” as Sinema put it in her statement, this will translate to higher energy costs for all Americans, according to The Heritage Foundation.

“The bill goes on for hundreds of pages and details a combination of tax credits, subsidies, and regulations for the energy choices preferred by the D.C. elite, such as wind and solar, while increasing the costs to access more reliable, more abundant energy sources like gas and oil on federal lands,” the foundation notes.

In a statement of his own, Senate Majority Leader Charles Schumer celebrated Sinema’s capitulation and vowed to formally introduce the bill on Saturday.

(RepublicanWire.org) – Fox News White House correspondent Peter Doocy pressed White House press secretary Karine Jean-Pierre about the raise in taxes in the Inflation Reduction Act of 2022.

Doocy asked Monday if President Joe Biden will rescind his support for the Inflation Reduction Act, a budget reconciliation bill proposed by Senate Majority Leader Chuck Schumer and Democratic West Virginia Sen. Joe Manchin, given that Biden promised not to raise taxes on anyone making $400,000 a year.

The press secretary confirmed the president’s continuing support for the bill.

“He promised it wasn’t going to raise taxes on anybody making less than $400,000 a year, but the Joint Committee on Taxation (JCT) says that is not true,” Doocy said.

“Well, that is incorrect,” Jean-Pierre said.

“So, the Joint Committee on Taxation, which you guys heralded as an effective body when you were selling the infrastructure package, is not to be trusted here?” he said.

The press secretary said the JCT report is “incomplete” because it does not include the benefits the legislation would provide to Americans. She added that several experts disputed the report for excluding the benefits it would have on clean energy, lowering the deficit and prescription drugs.

The bill, if passed, would mandate a 15% minimum tax on corporations making $1 billion or more in profits, Jean-Pierre continued.

(RepublicanWire.org) – All eyes are on Senator Krysten Sinema (AZ-D) as America awaits to hear the fate of the disastrous spending and tax bill agreed to by Senator Joe Manchin (WV-D) and Senate Majority Leader Chuck Schumer.

Last week, Manchin pulled a 180 on America and decided to back Biden’s new “Inflation Reduction Bill” which many claims is a retry of the failed Build Back Better deal that Manchin and Sinema shot down in December of 2021.

The bill is set to tax nearly every income bracket despite Joe Biden’s several promises that it would only tax those making over $400,000. Manchin who previously said the bill wouldn’t increase inflation further, which is why he shot down Build Back Better in the first place, just admitted that it was a mistake to suggest that it wouldn’t and that he now believes it will have a further impact on inflation in the United States.

Manchin, D-W.Va., said he plans to talk with Sinema, D-Ariz., on the Senate Monday about the bill. But her office says it may take a little longer for the senator to decide how she will vote.

“Sen. Sinema does not have comment as she’s reviewing the bill text and will need to see what comes out of the parliamentarian process,” a spokesperson for the senator told Fox News Digital Monday.

With a 50-50 Senate, and Republicans standing firm against the Manchin-Schumer bill, every vote will count for Schumer, D-N.Y., which means Sinema could single-handedly kill the bill from ever seeing the light of day.

That means Washington is anxiously waiting to see where she comes down on what may be the Democrats’ last and best chance to pass the social spending bill before the midterms. Adding to the drama, Sinema’s announcement may not come until later in the week, due to the nature of the parliamentarian process her spokesperson referred to.

According to a Fox News article, Senate Parliamentarian Elizabeth MacDonough this week will hear arguments from Republicans and Democrats over whether certain parts of the bill comport with the Byrd Rule. That process is called the Byrd Bath.

Democrats are attempting to use the Byrd Bath rule to get around the 60-vote filibuster. The Byrd rule is enforced when a Senator raises a point of order while considering a reconciliation bill or conference report. If the point of order is sustained, the offending title, provision, or amendment is deemed stricken unless its proponent can muster a 3/5 (60) Senate majority vote to waive the rule.

McDonough will rule on which provisions don’t fit that definition, making them what the rule calls “extraneous matter.” Technically, the Senate could overrule the parliamentarian, but top lawmakers haven’t indicated they plan to do so.

With a bill hundreds of pages long it could be several days before Sinema announces her final position, which could either shatter Democrats’ hopes of a significant legislative victory or power them to what could be their biggest, yet disastrous for America, win yet.

(RepublicanWire.org) – Senator Joe Manchin surprised Washington DC elites and the mainstream chattering class when he announced his support for the Democrats’ green new deal funded by nearly $800 billion in new tax hikes.

The Green New Deal will crush the coal and energy sector in his home state of West Virginia. But it will make the windmill manufacturers in China rich.

The entire spending package will be funded by new taxes on workers and producers while inflation remains at 40-year highs.

Of course, the democrats call their plan the “Inflation Reduction Act of 2022.”

Sen. Joe Manchin on Wednesday announced that he has reached a deal with Senate Democratic leader Chuck Schumer on a domestic spending bill including energy programs and tax policy changes.

Manchin, D-W.Va., and Schumer, D-N.Y., said in a joint statement that the measure, known as the Inflation Reduction Act of 2022, will receive a vote on the Senate floor next week.

“The Inflation Reduction Act of 2022 will make a historic down payment on deficit reduction to fight inflation, invest in domestic energy production and manufacturing and reduce carbon emissions by roughly 40% by 2030,” the pair said.

The bill would raise $313 billion through a 15% corporate minimum tax, $288 billion through prescription drug pricing reforms, $124 billion through IRS enforcement of reformed tax code and $14 billion by closing the carried interest loophole.

Here is the one-page agreement between Joe Manchin and Chuck Schumer.

Joint Statement From Leader Schumer And Senator Manchin Announcing Agreement To Add The Inflation Reduction Act Of 2022 To The FY2022 Budget Reconciliation Bill And Vote In Senate Next Week
July 27, 2022

Washington, D.C. – Senate Majority Leader Chuck Schumer (D-NY) and Senator Joe Manchin (D-WV) issued the following joint statement today announcing an agreement to add the Inflation Reduction Act of 2022 to the FY2022 Budget Reconciliation bill and vote in the Senate next week:

“Today, we are pleased to announce an agreement to add the Inflation Reduction Act of 2022 to the FY2022 Budget Reconciliation bill. After many months of negotiations, we have finalized legislative text that will invest approximately $300 billion in Deficit Reduction and $369.75 billion in Energy Security and Climate Change programs over the next ten years. The investments will be fully paid for by closing tax loopholes on wealthy individuals and corporations. In addition, the expanded Affordable Care Act program will be extended for three years, through 2025. The revised legislative text will be submitted to the Parliamentarian for review this evening and the full Senate will consider it next week.”

“The Inflation Reduction Act of 2022 will make a historic down payment on deficit reduction to fight inflation, invest in domestic energy production and manufacturing, and reduce carbon emissions by roughly 40 percent by 2030. The bill will finally allow Medicare to negotiate for prescription drugs and lower health care costs for millions of Americans. Additionally, we have reached agreement with President Biden and Speaker Pelosi to pass comprehensive permitting reform legislation before the end of this fiscal year. We urge every member of the U.S. Senate to support this important legislation.”

(RepublicanWire.org) – Federal Reserve Chairman Jerome Powell on Wednesday appeared to contradict President Biden’s repeated insistence that Russia’s invasion of Ukraine was the primary driver behind inflation in the U.S.

During a Senate Banking Committee hearing, Sen. Bill Hagerty, R-Tenn., got Powell to admit that inflation was high well before Russia’s Feb. 24 invasion of Ukraine. 

Hagerty noted that in December 2021, inflation has risen to 7% – up from 1.4% in January 2021, when President Biden took office. Since Russian tanks rolled across the border of Ukraine, inflation has risen incrementally to its current level of 8.6%. 

With these statistics stated, Hagerty asked Powell if he believed the war in Ukraine was the “primary driver” of inflation as the Biden administration has tried to portray.

Hagerty noted that in December 2021, inflation has risen to 7% – up from 1.4% in January 2021, when President Biden took office. Since Russian tanks rolled across the border of Ukraine, inflation has risen incrementally to its current level of 8.6%. 

With these statistics stated, Hagerty asked Powell if he believed the war in Ukraine was the “primary driver” of inflation as the Biden administration has tried to portray.

“No inflation was high … certainly before the war in Ukraine broke out,” Powell said. 

“I’m glad to hear you say that. The Biden administration seems to be intent on deflecting blame,” Hagerty said, noting that as recently as Sunday, the administration “spread the misinformation that Putin’s invasion of Ukraine was the ‘biggest single driver of inflation.’” 

“I’m glad you agree with me that that is not the truth,” Hagerty told Powell. 

Energy Secretary Jennifer Granholm was asked about Powell’s comments, and her response was to stick to the original spin no matter what — even after being informed about what the Fed chairman said earlier:

Granholm said that “the only way out of the current energy crisis is to diversify fuel sources through clean energy.”

To deflect, Granholm list the cost of gas in other countries. However, at the other end of the spectrum, Venezuelans pay just $0.08 for a gallon of gas, the cheapest prices on the planet. Libya and Iran also pay less than a dollar per gallon of gas, with petrol costing $0.12 and $0.20, respectively.

Individual countries actually have some control over their gas prices via government policies. Since countries and gasoline retailers purchase gas on the open market, the biggest factor driving prices at the pump is the amount of taxes and fees that countries place on gas, or the amount that countries subsidize gas prices.

One of the reasons gasoline costs so much right now is, the Biden administration has waged a war on fossil fuel.  Biden’s unwillingness to reverse course on his administration’s commitment to put the American oil-and-gas industry out of business is at the consumer’s expense.

(RepublicanWire.org) – “People are really, really down,” Biden told the Associated Press in an interview on Thursday.

“Their need for mental health in America has skyrocketed because people have seen everything upset,” Biden said. “Everything they’ve counted on upset. But most of it’s the consequence of what happened, what happened as a consequence of the, the COVID crisis.”

Biden says America needs a mental health intervention. And he is dutifully following the first rule of politics: deny reality. Biden spoke of the warnings by some economists that a recession was on the way.

“First of all, it’s not inevitable,” he said. “Secondly, we’re in a stronger position than any nation in the world to overcome this inflation.”

As for the causes of inflation, Biden wont take the blame for that either, “If it’s my fault, why is it the case in every other major industrial country in the world that inflation is higher? You ask yourself that? I’m not being a wise guy,” he said.

The president’s statement appeared to be about inflation rising worldwide, not necessarily whether countries had higher rates than the U.S. Annual inflation in Japan, for example, has risen in recent months though it’s still at a yearly rate of 2.4%, according to the Organization for Economic Co-operation and Development.

Biden said he was still optimistic about the economy, given the 3.6 percent unemployment rate. But with interest rates rising — the largest increase since 1994 — unemployment will once again become an issue, along with inflation, and tightening credit.

About the only thing that’s missing from the 1970s is “malaise.” Oh, wait.

Yet Biden’s remedy is not that different from the diagnosis made by former President Jimmy Carter in 1979, when the U.S. economy was crippled by stagflation. Carter said then the U.S. was suffering from a “crisis of confidence” and “the erosion of our confidence in the future is threatening to destroy the social and the political fabric of America.”

The president said he wants to endow the U.S. with more verve, fortitude and courage.

“Be confident,” Biden said. “Because I am confident. We’re better positioned than any country in the world to own the second quarter of the 21st century.”

Brave words. Empty words, but brave. Sometime in the next decade, China will surpass America as the number one economy in the world. And the Chinese government has a lot more confidence in their Communist system than Biden and his woke advisors have about American capitalism. If you’re looking for a reason for America’s decline, that’s a good place to start.

The similarities between Joe Biden and Jimmy Carter are eerie. Both men had no faith in the genius of America — its capitalists, its workers, or its ability to compete. The people aren’t inspired by leaders who whine about how unfair the criticism is, or how circumstances beyond the president’s control are the real cause of our problems.

For Carter, it was the Arab oil embargo that was the proximate cause of our economic woes. He, too, blamed the American people for not being inspired by his very existence. In a way, Biden and Carter are pathetic historical figures, lashed by forces they don’t understand. And like Carter, Biden will exit history in disgrace, leaving behind a prostrate nation needing to be inspired.