Guardian: US politics Landmark US climate bill will do more harm than good, groups say; CBO does not see it really reducing inflation
“The Orwellian named ‘Inflation Reduction Act’ will do no such thing, as a number of prominent experts and economic policy groups have indicated. Over 230 economists wrote to Congress saying the bill won’t lower inflation and will likely make it worse.
— Eric Christiansen (@jiminowell) August 8, 2022
The UK’s left-leaning Guardian posted the following:
So, environmental groups do not believe that this bill will resolve issues they associate with climate change. They are correct it will not–humans will not solve it the way they are working on it (see also The Bible, Christians, and the Environment).
Understand that the bill has been titled as the Inflation Reduction Act. Here is what the non-partisan Congressional Budget Office reported about it impact on inflation:
In calendar year 2022, enacting the bill would have a negligible effect on inflation, in CBO’s assessment. In calendar year 2023, inflation would probably be between 0.1 percentage point lower and 0.1 percentage point higher under the bill than it would be under current law, CBO estimates. …
Enacting the bill would affect economic activity and inflation beyond 2023. CBO has not evaluated those effects. 08/04/22 https://www.cbo.gov/system/files/2022-08/58357-Graham.pdf
So, Congress is supporting a bill called the Inflation Reduction Act, but it does not have data suggesting it will actually reduce inflation.
So, if the Inflation Reduction Act of 2022 will not solve climate change, nor will it apparently reduce inflation, what will it do?
Some say raise taxes.
Here is a report from a right-leaning source:
On Sunday afternoon, it took all 50 Democratic senators, along with Vice President Kamala Harris, to pass their deceptively named Inflation Reduction Act (H.R. 5376) by a 51–50 vote, sending it to the House. …
Even Senator Bernie Sanders (I-Vt.), who voted for the new bill, complained that it doesn’t do what its title claims — namely, reduce inflation — referring to it as the “so-called” Inflation Reduction Act. “I say so-called by the way, because according to the CBO and other economic organizations that have studied this bill, it will, in fact, have a minimal impact on inflation,” Sanders said on Saturday.
The Inflation Reduction Act includes hundreds of billions for boondoggle “green energy” projects, and hundreds of billions in tax increases — all of which will fuel inflation, not reduce it. …
In a recent interview on Fox & Friends Weekend, American Legislative Exchange Council economist Jonathan Williams hammered Democrats’ latest effort to combat inflation with the Inflation Reduction Act, arguing that raising taxes and increasing spending is “economic malpractice.”
Williams shared, “What we need is [to go] in the opposite direction and actually cut spending in Washington. It’s clear we don’t have a problem with the lack of tax revenue here. We’ve hit record tax revenue numbers time and time again in recent years, but we just spend faster than the taxes are coming in. And this is a huge problem here.” …
Senator Tom Cotton (R-Ark.) who blasted Biden’s $369 billion on “climate” and $433 billion in new spending: “This bill is going to fuel even more inflation. It’s not going to fight inflation, no matter what Joe Manchin says. And it is going to kill jobs by raising taxes on businesses. And by the way, those taxes will also fuel more inflation because businesses will pass tax hikes along to consumers. The last thing we should be doing is putting another trillion-dollar tax and spending bill into an economy that has both record-high inflation and a recession. That is something that only Joe Biden could have accomplished.”
If this bill becomes law, The Heritage Foundation estimates: “Taxpayers with adjusted gross incomes below $75,000 would ultimately shoulder an estimated $136 billion of new revenues from the corporate minimum tax and the IRS enforcement provisions, or about 26% of the total. Indeed, the revenues would fall disproportionately hard on taxpayers making less than $25,000 per year.”
What will the House of Representatives do with the Senate’s Inflation Reduction Act? If they pass it as it stands now, Americans will continue to suffer … 08/08/22 https://thenewamerican.com/inflation-reduction-act-is-economic-malpractice/
One way that Americans will suffer will likely be increased tyranny from its Internal Revenue Service which will expand if the Inflation Reduction Act becomes law:
Democrats’ ‘Inflation Reduction’ Bill Will Increase IRS Agents by 87,000 Employees
The Senate on Sunday passed the Democrats’ sweeping economic package that would allocate billions of taxpayer dollars to facilitate the expansion of the Internal Revenue Service’s workforce. …
The reconciliation package would also double the current IRS workforce by hiring an additional 87,000 employees to the bureau’s staff of 78,661 employees. At 165,661 employees, the IRS is poised to become larger than the Pentagon, State Department, FBI and Border Patrol combined total employees of 158,779.
“The Pentagon houses roughly 27,000 employees, according to the Defense Department, while a human resources fact sheet says the State Department employs just over 77,243 staff. The FBI employs approximately 35,000 people, according to the agency’s website, and Customs and Border Protection says it employs 19,536 Border Patrol agents,” the Washington Free Beacon reports. 08/07/22 https://www.thegatewaypundit.com/2022/08/democrats-inflation-reduction-bill-make-irs-larger-fbi-border-patrol-state-department-combined/
So, Davos finally got the mini-me version of Build Back Better through a deeply divided Senate over the weekend. It’s a terrible bill and will be a worse law … the Democrats and their Davos paymasters have finally gotten two things they were desperate to saddle the U.S. economy with:
- 80,000 more IRS agents to increase tax compliance
- 15% effective minimum corporate tax rate …
And then they want 100% compliance through Central Bank Digital Currencies (CBDCs) where there is no escape from their 24/7/365 surveillance. The US needs to be brought in line to pay its ‘fair-share’ of the Climate Change crisis. …
The real solution is the one they will never contemplate — cutting taxes and regulation. No, the answer is never more freedom, it’s that we still have too much of it. And there is no changing that dynamic as long as our lawmakers are beholden to the control freaks who have already engineered a world where 75% marginal tax rates are not enough. https://www.zerohedge.com/political/economic-reduction-inflation-expansion-everythings-out-stock-nothing-cheaper
The real solution is the Kingdom of God.
Hiring more IRS agents is not.
Some items of possibly related interest may include:
Might the U.S.A. Be Gone by 2028? Could the USA be gone by the end of 2028 or earlier? There is a tradition attributed to the Hebrew prophet Elijah that humanity had 6,000 years to live before being replaced by God’s Kingdom. There are scriptures, writings in the Talmud, early Christian teachings that support this. Also, even certain Hindu writings support it. Here is a link to a related video: Is the USA prophesied to be destroyed by 2028? In Spanish: Seran los Estados Unidos Destruidos en el 2028?
Biden-Harris: Prophecies and Destruction Can the USA survive two full presidential terms? In what ways are Joe Biden and Kamala Harris apocalyptic? This book has hundreds of prophecies and scriptures to provide details. A Kindle version is also available and you do not need an actual Kindle device to read it. Why? Amazon will allow you to download it to almost any device: Please click HERE to download one of Amazon s Free Reader Apps. After you go to your free Kindle reader app (or if you already have one or a Kindle), you can go to: Biden-Harris: Prophecies and Destruction (Kindle) to get the book in seconds.
Physical Preparation Scriptures for Christians. We all know the Bible prophecies famines. Should we do something? Here is a version in the Spanish language Escrituras sobre Preparación física para los Cristianos. Here is a link to a related sermon: Physical preparedness for Christians.
USA in Prophecy: The Strongest Fortresses Can you point to scriptures, like Daniel 11:39, that point to the USA in the 21st century? This article does. Two related sermon are available: Identifying the USA and its Destruction in Prophecy and Do these 7 prophesies point to the end of the USA?
Who is the King of the West? Why is there no Final End-Time King of the West in Bible Prophecy? Is the United States the King of the West? Here is a version in the Spanish language: ¿Quién es el Rey del Occidente? ¿Por qué no hay un Rey del Occidente en la profecía del tiempo del fin? A related sermon is also available: The Bible, the USA, and the King of the West.
The Bible, Christians, and the Environment How should Christians view the environment? Does the Bible give any clues? What are some of the effects of air, water, and land pollution? Is environmental pollution a factor in autism and death? Do pollutants seem to double the autism risk? What will Jesus do? Here is a link to a related sermon: Christians and the Environment (there is also a YouTube video available titled Air Pollution, Autism, and Prophecy and one titled Will Pollution lead to the End?).
Does God Have a 6,000 Year Plan? What Year Does the 6,000 Years End? Was a 6000 year time allowed for humans to rule followed by a literal thousand year reign of Christ on Earth taught by the early Christians? Does God have 7,000 year plan? What year may the six thousand years of human rule end? When will Jesus return? 2030 or or 2031 or 20xx? There is also a video titled 6000 Years: When will God’s Kingdom Come? Here is a link to the article in Spanish: ¿Tiene Dios un plan de 6,000 años?
When Will the Great Tribulation Begin? 2022, 2023, or 2024? Can the Great Tribulation begin today? What happens before the Great Tribulation in the “beginning of sorrows”? What happens in the Great Tribulation and the Day of the Lord? Is this the time of the Gentiles? When is the earliest that the Great Tribulation can begin? What is the Day of the Lord? Who are the 144,000? Here is a version of the article in the Spanish language: ¿Puede la Gran Tribulación comenzar en el 2020 o 2021? ¿Es el Tiempo de los Gentiles? A related video is: Great Tribulation: 2026 or 2027? A shorter video is: Can the Great Tribulation start in 2022 or 2023? Here is a video in the Spanish language: Es El 2021 el año de La Gran Tribulación o el Grande Reseteo Financiero.
The Gospel of the Kingdom of God This free online pdf booklet has answers many questions people have about the Gospel of the Kingdom of God and explains why it is the solution to the issues the world is facing. Here are links to four related sermons: The Fantastic Gospel of the Kingdom of God!, The World’s False Gospel, The Gospel of the Kingdom: From the New and Old Testaments, and The Kingdom of God is the Solution.
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