by Ace
They’re claiming it’s a $430 billion bill, because, supposedly, $300 billion will not be spent, but used to retired debt. $730 billion will be raised by increased taxes, $430 will be spent, $300 billion will be spent to retire debt.
Only I don’t believe that last part. I think the full $730 billion will be spent over the next several years, with a plan — an IOU — to retire $300 billion in debt in the last five years of the ten-year plan.
Which will never happen.
But this is how the score bills to Con the Rubes.
I suppose the good news is: It could have been worse.Democratic U.S. Senator Kyrsten Sinema said on Thursday she agreed to “move forward” on a $430 billion drug pricing, energy and tax bill, subject to a Senate arbiter’s approval of the bill, which Democrats intend to pass over Republican objections.The bill known as the Inflation Reduction Act…
LOL.
As mentioned yesterday, this bill increases federal spending in an already highly inflationary environment. It will not “reduce inflation.” It will increase it.
Theoretically, in the “out-years,” the years in the tail end of the 10-year scheme of the spending plan, cuts in spending will be made and that will in theory cut inflation… six, seven or eight years from now.
But 1, that doesn’t help us with the acute and unbearably high inflation we’re seeing now and 2, no one believes those cuts will ever take place. They’re an accounting gimmick to get the spending through while pretending the bill is actually “revenue neutral.”
Congress does not have to follow through on this spending cut “plan.” They announce a “plan” just to get their spending increases smuggled through reconciliation. Next year, they can pass another ten year “plan” that also increases spending — but also claims to “cut spending,” promising cuts in the out years.
And those cuts never come.
And we just keep increasing spending forever.
And increasing inflation.
This is the “Inflation Expansion Act.”… introduced last week by Schumer and Democratic Senator Joe Manchin, is a key priority for Democrats and President Joe Biden ahead of November’s election battle for control of the U.S. Congress.The act will help people save money on prescription drugs and health premiums, Biden said in a statement on Thursday.
“It will make our tax system more fair by making corporations pay a minimum tax,” he said.Is it just me, or does anyone else find your enthusiasm for protecting corporations — which not only paid to “fortify the election,” but then also bankrolled the riots and arsons and murders of BLM — falling to zero?
They’re a Democrat constituency now. They can get their favors from the Democrats.
I don’t know why we’re doing favors for people who hate us. Fuck them to hell. I don’t care if the whole Fortune 500 winds up paying 70% corporate tax rates.
This “Finish Destroying the Economy Act” is just further examples of Democrat corruption and dishonest. Their goal is to have lots of government money flooding everywhere, which makes it easier to steal. They don’t care about how much pain and misery is heaped upon the middle class taxpayers.
While we sacrifice our economy to the green energy false idol, Chine gets richer producing the components while they benefit from their cheap, polluting energy. The so-called climate crisis goes on and on, the west strangles themselves pretending to believe in it while China laughs all the way to the bank.
Corporations don’t pay taxes; their CUSTOMERS pay them. This is not a secret; anyone that understands the most basic of economics knows this. But, leftists, blinded by their vindictive jealousy of anyone that succeeds, thinks this will make evil corporations pay more taxes. They won’t; they’ll raise prices, lay off workers and move overseas to save costs and remain competitive.
But Democrats don’t care. They’ll be lining their pockets with taxpayer dollars.
I suppose it must be this way in order to show people (those who actually care about the future of this country) WHY Democrats, liberals, progressives, leftists need to be removed from control.
Bernie admits Biden’s Inflation Reduction Act WON’T bring it down and will have only a ‘minimal impact’ as bill passes initial Senate hurdle after Kamala broke deadlock
“‘I want to take a moment to say a few words about the so-called Inflation Reduction Act’ that we are debating this evening,’ Sanders, of Vermont, said on the Senate floor. ‘And I say so-called, by the way, because according to the CBO, and other economic organizations that study this bill, it will, in fact, have a minimal impact on inflation.'”
Sounds like Bernie’s angling for another beach home. Democrats are incapable of constructing legislation that benefits anyone but themselves. This does not lower inflation (it will cause it to rise) and will, with their IRS provisions, be yet another step towards their beloved totalitarian police state. Funny how Democrats defund the police that protects the citizens from crime yet will fund an army of armed IRS agents to do the same thing the criminals on the street do.