Posted on 08/18/2022 12:09:38 AM PDT by Libloather
Left-leaning media networks, including MSNBC, ABC, and CNN, finally realized that the Inflation Reduction Act doesn’t actually reduce inflation, but not until the massive spending package had already been signed into law.
The bill, which was passed by the Senate earlier this month and the House of Representatives last week, costs an estimated $437 billion, with $369 billion going toward investments in "Energy Security and Climate Change," according to a summary by Senate Democrats.
Democrats claim the legislation will soften the deficit by raising $737 billion, imposing a 15% corporate minimum tax which is predicted to raise $222 billion, and prescription drug pricing which the Senate estimates will raise $265 billion.
One thing the Inflation Reduction Act is not expected to do, according to multiple analyses, is reduced inflation. The Congressional Budget Office said the bill will have "a negligible effect" on inflation in 2022, and in 2023 its impact would range between reducing inflation by 0.1% and increasing it by 0.1%.
These facts were hard to come by on a number of liberal media networks, with reporters and hosts parroting the talking points of congressional Democrats, or at the very least failing to press them on the bill’s perplexing name.
Four days before the Inflation Reduction Act was passed, CNN analyst Ryan Lizza called the legislation a "big deal," and said that its passage would make Joe Biden an "enormously consequential president" whose legislative win would put him in the "modern pantheon" of great leaders.
(Excerpt) Read more at foxnews.com ...
note the date. ABC Australia (and BBC etc) were calling it a “climate bill” right from the start:
12 Aug: WattsUpWithThat: Aussie Journalist Celebrates President Biden’s Climate Change Deception
by Eric Worrall
Rebranding the legislation was an obvious, but brilliant piece of marketing – it’s called the Inflation Reduction Act (IRA), but it’s in fact a climate bill with – as Paul Krugman wrote in the New York Times (LINK), a “side helping of health reform”...
Alan Kohler is a well known Aussie financial journalist, an Order of Australia recipient, but now we know he praises political deception...
Alan Kohler is a financial journalist, he should be aware that any government green energy subsidies for households will be swallowed by the skyrocketing inflation Biden’s disguised climate bill fails to address.
https://wattsupwiththat.com/2022/08/12/aussie-journalist-celebrates-president-bidens-climate-change-deception/
Kinda like the “Affordable Care Act”.
EXACTLY like it.
I’m predicting inflation will slow down, but it has nothing to do with this terrible bill. The RATs know it too so the name is a clever way to take credit for something that is about to happen anyway.
(‘Marketing’)
Yeah, that’s what it is.
Yeah, that’s the ticket.
This bill was never anything more than pork, so democrats could campaign on bringing X dollars to their district, before election day.
prescription drug pricing which the Senate estimates will raise $265 billion
HUH? Somebody needs to learn how to write. If they mean it will reduce spending by $265b, that’s one thing. But it doesn’t raise it.
It should be called the BOHICA bill...
Companies like Oxy spent a fortune pushing this legislation’s “carbon capture” nonsense because, ta da, the tax credits are substantial. Largest holder of Oxy stock, Buffett, Vangard and a couple of other institutional investors cited in another thread.
The deep state moves in mysterious ways but not against their interests.
There are over 100 uses of the word “tax” in the bill.
The bill has ZERO to do with inflation.
It’s a cash grab.
The 15% corporate minimum tax is something that accountants can work around, so the the predicted raising of $222 billion won’t happen.
These media outlets need to have to identify themselves as sponsors of the democrat party every hour. They are not a free, impartial press. They provide 24/7 infomercials for the democrat agenda.
Anybody who does not understand that investments cost money, and eventually become expenses, is not qualified to write about the cost of a spending bill. Period.
That’s because an income tax is a tax on income. If costs exceed revenue, there is no taxable income. This minimum tax is more like a tax on revenues and net assets. But I don’t expect media types to follow that, let alone explain it.
“This minimum tax is more like a tax on revenues and net assets.”
Thanks for the explanation.
You’re saying there’s aren’t ways of getting around that 15% minimum tax, correct?
A piece of legislation promising to do one thing will have the complete opposite impact of the intended purpose.
Any message concerning “climate change” will fall on deaf ears, but I don’t know if the idiot Democrats will ever understand that.
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