Posted on 07/28/2022 10:40:09 AM PDT by Pollard
After more than a year of expressing his concerns about the impact of inflation, Sen. Joe Manchin, D-W. Va., has signed off on a massive tax and spending bill that only would push prices for working families even higher.
The deal, which Manchin made with Senate Majority Leader Chuck Schumer, D.-N.Y., was reached only hours before the Department of Commerce announced that the economy shrank for the second quarter in a row, which most economists consider a recession.
With inflation hitting 9.1% in June, this is a stagflationary economy. Inflation-adjusted wages for the average American worker have fallen by nearly $3,400 since President Joe Biden took office.
Inflation happens when too much money is chasing too few goods and services. The government’s policies over the last two years have been a perfect recipe for the highest inflation in four decades: trillions of dollars in government spending financed by the Federal Reserve’s printing presses coupled with lockdowns, new regulations, a war on energy, and anti-work programs that drove down supply.
Biden’s $1.9 trillion American Rescue Plan Act, a stimulus spending bill in March 2021, proved to be the match that lit the inflationary fire.
Biden and his big-spending allies in Congress are now back for more.
The so-called Inflation Reduction Act of 2022, in reality, only would add to the inflationary pain families are already feeling thanks to hundreds of billions in new government spending and job- destroying tax hikes.
(Excerpt) Read more at dailysignal.com ...
They are economic buffoons. Deserve to lose their jobs over this.
Spend money to reduce the deficit. Just brilliant.
take the pain
the incredible transition is more important
when you lose your job and cant afford to eat
buy an EV
Won’t this need a 2/3 vote in the Senate to pass?
How will Sinema vote?
I don’t think so-—because it is a “budget” issue....
I think they’re shooting for an Inflationary Depression like the 70’s.
I feel a Disco Fever coming on.
I’ve got a Burnin’, Burnin’ disco inferno in my stomach.
The title of the bill is yet more propaganda and lies. The dems are desperate to get more tax and spend done before the 2022 elections in case things don’t go their way.
Given the dems’ ability to cheat and get away with it in 2020 I am not convinced yet it is necessarily doom and gloom for the dems in 2022 - particularly in the Senate.
Ping
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