Harf

The Inflation Reduction Act of 2022. Will it reduce Inflation

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If so at what cost to us Regular folks?  Will taxes go up?  if so for who?

BTW - what's 248 billion worth in 10 years at this pace:dismay:

The National Desk’s Fact Check Team is taking a closer look at the Biden administration’s claims that it will lower inflation.

The name of this bill has a lot to do with messaging but to be fair, there are goals in the legislation aimed at lowering the prices of things like prescription drugs and offering tax credits to U.S. businesses making “clean” choices to fight climate change.

But these lower prices don’t necessarily mean inflation will be lower — at least not for a while.

Economists have had a wide array of opinions but nearly all of them can agree on one thing: this more than $700 billion package will raise inflation in 2024 before it has any impact on lowering it.

On top of that, the country's top business school, Penn Wharton, says they have low confidence the package will have any impact on prices at all and if there is, the inflation impact would be incredibly minor, even in the long term.

However, there may be some good news. Penn Wharton has a smaller estimate and predicts the package would reduce deficits by $248 billion over 10 years.

by KONNER MCINTIRE | The National DeskMonday, August 1st 2022

 

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Remember when Obama told us we need to spend ourselves out of a recession? Then the recovery took almost 6 years! 

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28 mins ago, Markushook said:

Remember when Obama told us we need to spend ourselves out of a recession? Then the recovery took almost 6 years! 

Not to mention how many "Solyndra's" he funded with his boondoggles

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58 mins ago, Harf said:

If so at what cost to us Regular folks?  Will taxes go up?  if so for who?

BTW - what's 248 billion worth in 10 years at this pace:dismay:

The National Desk’s Fact Check Team is taking a closer look at the Biden administration’s claims that it will lower inflation.

The name of this bill has a lot to do with messaging but to be fair, there are goals in the legislation aimed at lowering the prices of things like prescription drugs and offering tax credits to U.S. businesses making “clean” choices to fight climate change.

But these lower prices don’t necessarily mean inflation will be lower — at least not for a while.

Economists have had a wide array of opinions but nearly all of them can agree on one thing: this more than $700 billion package will raise inflation in 2024 before it has any impact on lowering it.

On top of that, the country's top business school, Penn Wharton, says they have low confidence the package will have any impact on prices at all and if there is, the inflation impact would be incredibly minor, even in the long term.

However, there may be some good news. Penn Wharton has a smaller estimate and predicts the package would reduce deficits by $248 billion over 10 years.

by KONNER MCINTIRE | The National DeskMonday, August 1st 2022

 

No.

Spending is front end loaded and tax increases spread out over ten years.

It's also a very optimistic expectation on tax revenue.

This bill caused a false sense of budget control.

This, along with the CHIPS and about to be passed veterans bill, will add another $1T to the national debt.

 

Joe not only has a war on oil, but he has a war on the dollar.

Which amounts to a war on the citizens.

I bet Joe has all his Chinese yuan hedged.

 

 

 

 

 

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The Dems are the only ones who think printing more money to fund a bill then taking some of this funny money and say here’s some to pay down the debt we just increased? WTF!!! Then they have the nerve to call this bill a inflation fighting bill. Did they ever take Econ 101? 
 

I could make a fortune of Dems asking them to make change for a $100 with thinking like they have. Law degrees should include business courses if they are going to end up in law making politics. 

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Posted (edited)


 

It is absolutely impossible to turn this freight train to hell around without EVERYONE feeling severe pain.  It can’t be done.  And if the government tries without putting permanent caps on their power to do this to us again, they need to be torn down.  Along with every simpering, free-stuffing, entitled coward that begged them to do this.

Edited by Nessmuk

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1 hour ago, Markushook said:

Remember when Obama told us we need to spend ourselves out of a recession? Then the recovery took almost 6 years! 

Love the collective recollection of the Obama years being dark and destitute by you jokers.   If you recall, we were in a pretty deep hole when he started.      

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1 min ago, dwyak said:

Love the collective recollection of the Obama years being dark and destitute by you jokers.   If you recall, we were in a pretty deep hole when he started.      

Longest recovery in history.

Great record.

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1 min ago, dwyak said:

Love the collective recollection of the Obama years being dark and destitute by you jokers.   If you recall, we were in a pretty deep hole when he started.      

And it only took 6 years to rebound.  

:dismay:

 

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1 min ago, JimG said:

And it only took 6 years to rebound.  

:dismay:

 

Makes you wonder why he didn't flip the "recovery" switch as soon as he hit office.  Why stretch it out?  

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1 hour ago, Markushook said:

Remember when Obama told us we need to spend ourselves out of a recession?

You're thinking of Keynes.

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39 mins ago, Steve_in_PA said:

It's also a very optimistic expectation on tax revenue.

You guys told us that the Trump tax cuts would increase revenue, now you are complaining actual tax increases won't increase revenue.

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Posted (edited)

Because we all know spending billions that we don't have today will always make things better tomorrow. 

 

Their answer to our debt problem is always the same.

Spend more effin money.     :kook:

Edited by Gotcow?

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1 min ago, Nicky Da Fish said:

You guys told us that the Trump tax cuts would increase revenue, now you are complaining actual tax increases won't increase revenue.

You should start a seperate thread about what Trump did.

We are trying to figure out why Team Biden wants to step on the gas towards more inflation? 

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