Assessment #1: Vance Ginn, Ph.D., is the Chief Economist at the Texas Public Policy Foundation: “Inflation Reduction Act” will make the bad economy worse by: 1) Deepening recession with massive tax hikes that won’t collect expected tax rev 2) Raising inflation from Fed monetizing deficit spending 3) Destroying reliable energy sources …
Sen. Joe Manchin (D-WV) on Wednesday announced that he’s reached a deal with Sen. Chuck Schumer (D-NY) to advance legislation aimed at combating inflation by lowering healthcare costs and paying down the national debt.
“We must be honest about the economic reality America now faces if we want to avoid fanning the flames of inflation,” he said in a statement. “At its core, the purpose of reconciliation is to get our economic and fiscal house in order. Contrary to foolish talk otherwise, America cannot spend its way out of debt or out of inflation.”
“He takes away the understanding of the chiefs of the people of the earth, And makes them wander in a pathless wilderness.” Job 12:24
The bill, the “Inflation Reduction Act of 2022” is scant on details, though Manchin says the bill will “cut the inflation taxes Americans are paying, lower the cost of health insurance and prescription drugs, and ensure our country invests in the energy security and climate change solutions we need to remain a global superpower through innovation rather than elimination.”
It “would dedicate hundreds of billions of dollars to deficit reduction by adopting a tax policy that protects small businesses and working-class Americans while ensuring that large corporations and the ultra-wealthy pay their fair share in taxes”
Assessment #2 Breitbart reported (here) that the new Obamacare/climate change bill may imperil the Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act, which helps explain which explains why Paul Pelosi sold 5 million worth of chipmaker stock ahead of semiconductor bill vote.
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