Last week, Democrats unveiled climate and health care legislation called the “Inflation Reduction Act,” and there’s a lot of debate over the name of the proposed public policy measures. After the legislation was revealed, 230 economists sent a letter to the country’s House and Senate leaders warning that the proposed policies will actually fuel inflation. The letter stresses that there is an urgent need to curb America’s inflationary pressures, but further notes the “‘Inflation Reduction Act of 2022’ is a misleading label applied to a bill that would likely achieve the exact opposite effect.”
230 Economists Tell House and Senate Leaders That the Proposed Climate and Health Care Legislation Is Not a Good Idea While the US Faces ‘Dangerous Crossroads’
Inflation has been high in 2022 and the Federal Reserve has been trying to curb the problem by raising the federal funds rate. There’s been a lot of debate over whether or not the U.S. is in a recession after two consecutive quarters of negative gross domestic product (GDP) growth. On Friday, there was some positive news, as the latest U.S. jobs report indicated that 528,000 jobs were added in July and unemployment data slid to pre-pandemic levels.
The Inflation Reduction Act won’t just be the largest investment in clean energy and American energy security in history.
It will be the largest investment in American manufacturing as well.
— President Biden (@POTUS) August 4, 2022
Amid the Ukraine-Russia war, tensions between China and Taiwan, and a gloomy global economy, U.S. Democrats have introduced new legislation to address climate change and health care called the Inflation Reduction Act. Democrats claim that the legislation will “make a historic down payment on deficit reduction to fight inflation.” The $739 billion Inflation Reduction Act package recently got the green light from U.S. politicians Joe Manchin and Chuck Schumer. The Arizona Democratic Senator Kyrsten Sinema was the last to show support for the proposed climate and health care legislation.
As I predicted the #Inflation “Reduction” Act will not eliminate the carried interest tax loophole. The one thing #Democrats care more about than taxing billionaires is getting their campaign donations. https://t.co/OMZMTALZRd
— Peter Schiff (@PeterSchiff) August 5, 2022
The politicians sponsoring the initiative also insist the policies will “invest in domestic energy production and manufacturing, and…
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