Aug. 11, 2022
President Biden and Democrats in the United States Senate have reached a deal on another massive and wasteful spending bill, falsely calling it the Inflation Reduction Act.
According to one non-partisan and trusted analysis, the bill will have zero impact on inflation.
In fact, the analysis shows that inflation will increase in the short term because, again, the federal government is printing new money to pay for all this unnecessary new spending we cannot afford.
The Inflation-Inducing Act, as it should be called, will also increase taxes on the poor, the middle class, and businesses — in the middle of a recession.
Taxpayers with incomes below $75,000 will pay $136 billion in higher taxes.
The manufacturing industry, and all the family-supporting jobs manufacturing provides, will be hit the hardest with $73 billion in higher taxes.
Hang on everyone, Mr. Biden’s Wild Ride is about to get worse.