Posted on 08/13/2022 5:28:00 AM PDT by Oldeconomybuyer
WASHINGTON (AP) — With inflation raging near its highest level in four decades, the House on Friday gave final approval to President Joe Biden’s landmark Inflation Reduction Act. Its title raises a tantalizing question: Will the measure actually tame the price spikes that have inflicted hardships on American households?
Economic analyses of the proposal suggest that the answer is likely no — not anytime soon, anyway.
The legislation, which the Senate passed earlier this week and now heads to the White House for Biden’s signature, won’t directly address some of the main drivers of surging prices — from gas and food to rents and restaurant meals.
Still, the law could save money for some Americans by lessening the cost of prescription drugs for the elderly, extending health insurance subsidies and reducing energy prices. It would also modestly cut the government’s budget deficit, which might slightly lower inflation by the end of this decade.
The nonpartisan Congressional Budget Office concluded last week that the changes would have a “negligible” impact on inflation this year and next. And the University of Pennsylvania’s Penn Wharton Budget Model concluded that, over the next decade, “the impact on inflation is statistically indistinguishable from zero.”
(Excerpt) Read more at apnews.com ...
Battered spouse syndrome.
Even Bernie Sanders said it won’t do much for inflation.
But it is great for sending money to your friends and associates.
Even bottom of the IQ barrel AP morons occasionally listen to Captain Obvious.
This administration doesn’t seem to be in any hurry to do anything about the nation’s problems; except to add to them. Any administration that makes as many bad(not poor, but BAD) decisions as this one has can only be doing it purposely. They have not lived up to their oath of office & according to what I read, this is good & sufficient cause for removal from that office. So when can we expect some action & I don’t see how this would apply to a man who is no longer in office.
This administration doesn’t seem to be in any hurry to do anything about the nation’s problems; except to add to them. Any administration that makes as many bad(not poor, but BAD) decisions as this one has can only be doing it purposely. They have not lived up to their oath of office & according to what I read, this is good & sufficient cause for removal from that office. So when can we expect some action & I don’t see how this would apply to a man who is no longer in office.
The 87k IRS agent recruitment is nothing more than a Nat’l Police Force. The American people have been had. Thanks Dems.
The administration is totally beholden to radical leftwing zealots who are intent on destroying all that is America. Before the new dawn, there must be destruction and disposal of the old tradition and values.
That process is underway at maximum speed. So long as there are leftist people acting the process will continue unabated.
Inflation Reduction Act may have little impact on inflation
Funny how, after energetically cheerleading for this bill for months, the MSM is trying to put a fig leaf over the lie to somehow salvage their rapidly-shrinking credibility.
It won’t stop “climate change” either. The climate is always changing. And it always gets hot in the summer.
On the contrary - the “Inflation (IN)duction Act” will have a most notable effect upon inflation, the rate of inflation will RISE, perhaps pretty sharply. This last month’s figures are purposely fudged, largely through the effect of releasing a million barrels a day from the Strategic Petroleum Reserve, a very short-term application of a Band-Aid to a growing cancer.
Shortly after Election day, the SPR will be pumped virtually dry. Then the REAL market prices will kick in.
Even bottom of the IQ barrel AP morons occasionally listen to Captain Obvious.
ADAM SCHIFF
Oh it’ll do plenty to DRIVE inflation.
Wait til the high costs of farming hits the consumer later this year.
Andersons ethanol GreenvilleOH is paying $7/BU for corn.
Adam Schiff wants to control you, ergo, 87000 armed IRS agents will do the job. You will do what you are told with or without a gun to your head. Thanks Dems.
The 87k IRS agent recruitment is nothing more than a Nat’l Police Force.
Gee, just like Obama promised when he came into office in 2009, hmm. People forget.
ADAM SCHIFF
Bkmk
May?
Inflation is caused by the expansion of the money supply. That was slowed down months ago. Equilibrium will be reached soon so it will end on its own. The RATs know this so they named this IRS thug tax and spend bill the Inflation Reduction Act to take credit for something it had nothing to do with.
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