Biden's Inflation Reduction Act is not reducing inflation
S E E D E D C O N T E N T
Last summer, President Joe Biden and his entire White House economic team were swearing up and down that inflation was merely "transitory." They brushed off concerns that Biden's unnecessary post-COVID stimulus package was fueling the inflationary fire.
"As our economy comes roaring back, we've seen some price increases," Biden admitted. "My administration understands that, were we ever to experience unchecked inflation in the long term, that would pose a real challenge for our economy. While we're confident that isn't what we're seeing today, we're going to remain vigilant about any response that is needed."
In other words, they knew the risks they were running when they advanced inflationary policies such as Biden's so-called American Rescue Plan, borrowing and spending $1.9 trillion. They knew this year that they were doing more of the same when they advanced the farcically named Inflation Reduction Act, another inflationary bill fueled by deficit spending.
Now, everyone except Joe Biden will pay the price for his fecklessness. This week's data showing inflation stubbornly persisting at above 8% annually — a 40-year high — is a reminder of Democrats' cavalier and dishonest attitude toward this very real problem for middle- and low-income families.
For all their lip service to ideas about so-called "equity" and their feigned concern for the poor, Democrats have pursued a policy platform that brutally punishes low-income earners and disproportionately harms nonwhite Americans. Inflation, after all, is most damaging to people who rent instead of owning homes, lack access to sophisticated retirement savings vehicles, deal primarily in cash (typical of many immigrant populations), and spend a large proportion of their incomes on food, clothing, and shelter.
Biden, without congressional approval, is attempting to make things significantly worse with his plan to forgive $400 million worth of student loans without so much as a vote in Congress. Whatever else it is — you know, a bribe for college-educated voters right before an election — Biden's plan is also inflationary because it involves a massive deficit-funded cash giveaway.
With his irresponsible behavior in office and his attempts to buy the electorate with free money, Biden has set the nation up for another series of brutal interest rate hikes by the Federal Reserve. These will put working-class families even farther away from access to the credit they need. It will make home ownership impossible for an ever-growing number of families.
As they watch the prices of their groceries and gasoline rise this month, voters need to think very hard about the choice they face next month. They can start the process of fixing the nation's problems by taking as much power as possible away from Biden and his incompetent team. That requires voting as many Democrats out of office as possible. This is the only way to force some accountability and fiscal responsibility on a power-hungry president who has embraced extreme ideologies at the expense of the people he is supposed to be serving in office.
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Blaming Biden for inflation is disingenuous since the whole world is suffering from it.
When the U.S. sneezes, the world catches a cold.
Don't remember Democrats giving Bush the same courtesy. They blamed him for the world wide recession completely.
Of course Democrats had to keep the blame on Bush- the idiot they put in charge oversaw the slowest economic recovery from recession ever.
Of course the Democrats found even a bigger moron in Brandon to start; and now try to fix this current recession.
Thats\'s progress from a year ago:
No worries, inflation is just transitionary, no wait, inflation is real but we are working on it, no wait, inflation isn’t Biden’s fault but it is the worlds fault .... dot, dot, dot ....
Of course not, the act was largely named for acceptance not for accuracy of content (or effects). The label of this act was simply marketing.
It is silly to think that Biden and Congress (or any PotUS and any Congress) have the knowledge and wherewithal to produce legislation that is going to materially affect inflation. They can at best make little jabs at the many forces driving the global economy which would, over time, hopefully, reduce inflation. But that is hardly worthy of the marketing label they provided to what is in reality an environment bill.
..... so Biden’s Inflation Reduction Act must be a total farce.
Right?
The label is very misleading marketing; the bill is focused on the environment and helping cut certain costs and increasing benefits, but not on fighting inflation:
One could argue that the bill helps people deal with inflation, but the idea that this will reduce inflation (in the short term ... the implication) is entirely misleading.
Lol .... alrighty then .... so Biden policy has had no negative effect on inflation. It’s just misleading wording.
Just another Democrat give away to try and buy votes for midterms.
Increase inflation for everyone; and in return a few gain (Democrat donors) a little something. All at a steep price tag for the US taxpayer. What a great deal!
It’s only transitionary..... of course by definition it’s all just transitionary. It’s only a discussion of timeframe
You just leaped from the Inflation Reduction Act being a misnomer to Biden having a negative effect on inflation.
And you present this as if I had argued that Biden has had a positive effect on inflation.
Don't reply to me unless you are commenting on what I wrote.
If you want to leap to another angle, just post an original comment.
Nah, I just pointed out the obvious point
You missed it based on your biases.
SOSDD
It is a Biden gaffe but instead of saying it, he put it in print.
His gaffe range has certainly expanded.
And then they doubled and tripled down on it ......