It’s no secret the Biden administration has been spending far too much for the US to handle in this economy.
However, it might just get worse from here on out, as their spending agenda now has enough votes to pass the Senate.
The newly created bill, aptly named the “Inflation Reduction Act,” is set to bring back parts of the failed “Build Back Better” agenda. This comes now that Joe Manchin is finally on board with the package starting last week.
Dealing with a non-issue
The last Democrat to have held out on the bill was Kyrsten Sinema, mainly due to its tax increase provisions; she ultimately caved after a deal was struck Thursday to remove said provisions.
Two decades ago Kyrsten Sinema
was a member of the Green Party. Now she's holding climate legislation hostage to protect hedge fund managers.
— Ben Silverstein (@bensilverstein) August 4, 2022
In a public statement, Sinema said they will aim to protect advanced manufacturing and push our clean energy economy forward with the bill. Chuck Schumer announced they’ll be moving forward with the bill on Saturday.
However, it’s highly likely the budget reconciliation will be abused by Democrats who will push it along party lines, giving them some much-needed advantage ahead of the midterm elections.
In the midterms, Democrats are still expecting some major losses, due to Republicans having the high ground.
Much like the “Build Back Better” Act, this bill also includes major tax increases on billion-dollar corporations, as well as the largest amount of climate spending this country has ever seen, sitting at $369 billion.
BREAKING: Sen. Kyrsten Sinema just announced that she's signed off on Democrats' climate, tax and health care legislation after securing a handful of changes.
— Kyle Griffin (@kylegriffin1) August 5, 2022
Two more years of high inflation for the US
Oddly enough, Manchin caved to this bill, despite his vehement opposition to any bill related to climate change and tax increases. His reasoning claims this package is one of our last options to combat growing inflation.
Unfortunately, some minor research into the matter showed the “Inflation Reduction Act” may cause the exact opposite to happen, instead increasing inflation over the next two years.
Of course, a reduction of inflation would eventually come into effect, at least according to calculations, with analysts claiming by 2024, the bill will have started to reduce inflation in the US.
BREAKING: Rolling Stone just revealed Kyrsten Sinema received HUGE money from Fox News and other Republican organizations.
Whose side is she on?
— Trending Liberal (@TrendingLiberal) August 4, 2022
However, one must consider if our economy can even withstand two more years of such a high-inflation climate.
That’s especially given the Federal Reserve’s numerous attempts to get the situation under control as soon as possible by raising interest rates.
The numbers indicate by 2024, inflation would increase by 0.05% if the bill goes into effect. At that point, it would gradually start to decrease by up to 0.25%, which is demoralizing, to say the least.
While the Biden administration did “move mountains” when it comes to preventing a recession in the upcoming year (not really), it seems the inflation crisis will remain upon us, unless they choose to redefine “inflation” as well.
This article appeared in Our Patriot and has been published here with permission.