230 economists warn about the Democrat "Inflation Reduction Act"

[TroglocratsRdumb]

Newsflash—increasing government spending during already inflationary times will inevitably increase inflation. Therefore it was a shock when Democrat West Virginia Senator Joe Manchin, who had been talking tough on economic matters in recent years, agreed with Senate Majority Leader Chuck Schumer on a tax-hiking, union-loving “Inflation Reduction Act” which will do nothing of the sort.
Living in California, I’m used to bills being named one thing while actually effectuating something else entirely. The Golden State’s ridiculously-titled “Safe Neighborhoods and Schools Act” of 2014 recategorized many felonies into misdemeanors and let thousands of criminals loose, making our neighborhoods much more dangerous. Misleading titles are not written by accident and are conjured to get voters to enact things they don’t actually want.
While Democrats celebrate and start to call this the savior of Biden’s presidency, cold-eyed economists have weighed in with a dose of reality: this “Inflation Reduction Act” bill will almost certainly increase inflation despite its name.
To wit, 230 economists have sent a letter to House and Senate leadership arguing that the Manchin-Schumer bill has a “misleading label,” and that the economy is at a “dangerous crossroads.” They write: …the “inaptly named ‘Inflation Reduction Act of 2022’ would do nothing of the sort and instead would perpetuate the same fiscal policy errors that have helped precipitate the current troubling economic climate.”

230 Economists Warn the Manchin-Schumer 'Inflation Reduction Act' Will Actually... Increase Inflation

redstate.com

Comment:
Chuck U Schumer is a greedy lying thief.
His "Inflation Reduction Act" is in reality another epic Democrat Looting Spree.
He raises taxes on the Middle Class.
He raises taxes on home natural gas and home heating oil.

 

[MarathonMike]

If the Democrats give some flowery name to a bill, you can bet that the bill will have the exact opposite effect. Remember the "Affordable Care Act"? How'd that work out for you, are you enjoying the $2500 dollars per year savings that Obama promised us all? BAHAHAHAHA!!

 

[Oddball]

When you need to know what a bill is going to do, just look at the title and know that it will do the exact opposite.

 

[Harpy Eagle]

Newsflash—increasing government spending during already inflationary times will inevitably increase inflation. Therefore it was a shock when Democrat West Virginia Senator Joe Manchin, who had been talking tough on economic matters in recent years, agreed with Senate Majority Leader Chuck Schumer on a tax-hiking, union-loving “Inflation Reduction Act” which will do nothing of the sort.
Living in California, I’m used to bills being named one thing while actually effectuating something else entirely. The Golden State’s ridiculously-titled “Safe Neighborhoods and Schools Act” of 2014 recategorized many felonies into misdemeanors and let thousands of criminals loose, making our neighborhoods much more dangerous. Misleading titles are not written by accident and are conjured to get voters to enact things they don’t actually want.
While Democrats celebrate and start to call this the savior of Biden’s presidency, cold-eyed economists have weighed in with a dose of reality: this “Inflation Reduction Act” bill will almost certainly increase inflation despite its name.
To wit, 230 economists have sent a letter to House and Senate leadership arguing that the Manchin-Schumer bill has a “misleading label,” and that the economy is at a “dangerous crossroads.” They write: …the “inaptly named ‘Inflation Reduction Act of 2022’ would do nothing of the sort and instead would perpetuate the same fiscal policy errors that have helped precipitate the current troubling economic climate.”

230 Economists Warn the Manchin-Schumer 'Inflation Reduction Act' Will Actually... Increase Inflation

redstate.com

Comment:
Chuck U Schumer is a greedy lying thief.
His "Inflation Reduction Act" is in reality another epic Democrat Looting Spree.
He raises taxes on the Middle Class.
He raises taxes on home natural gas and home heating oil.

"The economists wrote in the letter first obtained by Fox News Digital that the U.S. economy is at a "dangerous crossroads" and the "inaptly named ‘Inflation Reduction Act of 2022’ would do nothing of the sort and instead would perpetuate the same fiscal policy errors that have helped precipitate the current troubling economic climate."

They are not wrong, but I wish we could see the actual letter and who signed it.

 

[Meister]

Schumer knows a guy who wants to be an economist, and the guy said that this Bill is an inflation killing Bill.

 

[Donald H]

The Inflation Reduction Act will lower inflation, lower the costs of prescription drugs, close loopholes long exploited by big business who pay no or little taxes.

Ok, Chuck, we’re supposed to believe that you know better. (He has his own letter from 130 economists who claim that the act “meets the needs of working families now and what our economy needs now for stronger, sustained economic growth in the years ahead.”)

Make sense? Seems to make sense and it's easy to understand. Schumer only needs to dig up an equal number of economists who support his explanation.

 

[shockedcanadian]

Newsflash—increasing government spending during already inflationary times will inevitably increase inflation. Therefore it was a shock when Democrat West Virginia Senator Joe Manchin, who had been talking tough on economic matters in recent years, agreed with Senate Majority Leader Chuck Schumer on a tax-hiking, union-loving “Inflation Reduction Act” which will do nothing of the sort.
Living in California, I’m used to bills being named one thing while actually effectuating something else entirely. The Golden State’s ridiculously-titled “Safe Neighborhoods and Schools Act” of 2014 recategorized many felonies into misdemeanors and let thousands of criminals loose, making our neighborhoods much more dangerous. Misleading titles are not written by accident and are conjured to get voters to enact things they don’t actually want.
While Democrats celebrate and start to call this the savior of Biden’s presidency, cold-eyed economists have weighed in with a dose of reality: this “Inflation Reduction Act” bill will almost certainly increase inflation despite its name.
To wit, 230 economists have sent a letter to House and Senate leadership arguing that the Manchin-Schumer bill has a “misleading label,” and that the economy is at a “dangerous crossroads.” They write: …the “inaptly named ‘Inflation Reduction Act of 2022’ would do nothing of the sort and instead would perpetuate the same fiscal policy errors that have helped precipitate the current troubling economic climate.”

230 Economists Warn the Manchin-Schumer 'Inflation Reduction Act' Will Actually... Increase Inflation

redstate.com

Comment:
Chuck U Schumer is a greedy lying thief.
His "Inflation Reduction Act" is in reality another epic Democrat Looting Spree.
He raises taxes on the Middle Class.
He raises taxes on home natural gas and home heating oil.

Where were they in the prior $4T was spent? Some of them are probably the same who said "no inflation will come from this massive influx of capital in circulation".

Meh, all 230 of them are wrong. They aren't politicians, they don't understand these issues.

 

[TroglocratsRdumb]

When you need to know what a bill is going to do, just look at the title and know that it will do the exact opposite.

They are calling it a different name now.
People know that the title is deliberately misleading.
The Press/Dems are calling it the Climate Change/Healthcare bill now LOL

 

[Donald H]

Where were they in the prior $4T was spent? Some of them are probably the same who said "no inflation will come from this massive influx of capital in circulation".

Meh, all 230 of them are wrong. They aren't politicians, they don't understand these issues.

The winning side in American politics is the side that can put the best spin on the issue. The 4T you mentioned is the proof of that being the case.

But the problem I have with you saying it is that it's disingenuous on account of your track record of obsessing over government taking action.

However, I can lay that aside for now because you've done well by mentioning it.

And so why would they accept the 4T and cause a shitstorm over this 1.4T?
It can only be because their heads have been shrunk into accepting spending on the very wealthy. Right?

 

[shockedcanadian]

The winning side in American politics is the side that can put the best spin on the issue. The 4T you mentioned is the proof of that being the case.

But the problem I have with you saying it is that it's disingenuous on account of your track record of obsessing over government taking action.

However, I can lay that aside for now because you've done well by mentioning it.

And so why would they accept the 4T and cause a shitstorm over this 1.4T?
It can only be because their heads have been shrunk into accepting spending on the very wealthy. Right?

I think you are going down one of those rabbit holes that you dug yourself and to which only you know where it leads.

I'm sure you enjoy this spending as the government subsidized E.V battery manufacturers in Ontario from Belgium and S Korea will now be viable since the American taxpayers will further subsidize the industry with credits to Canadian/Mexican sourced products.

The West has two options "get their fiscal health and debt in order, or, expect the collapse of their dollar, economy and the National Security issues that follows"

I have no problem with government "taking action", but, it's always in one direction. Constant expansion of government programs, employees, overreach on citizens but rarely if ever a decrease. I use the GST put forth "temporarily" in the 1980s as an example, Canadian suckers are STILL paying 7-8% more on everything to fund the worst money managers money can buy.

I can't apply my unlimited credit card when bills pile up, it won't be this generation that pays the Piper.

Ultimately, if America falls so will the rest of the West. If that is what you want (and I suspect you just may), than applaud accordingly.

 

[Donald H]

I think you are going down one of those rabbit holes that you dug yourself and to which only you know where it leads.

I'm sure you enjoy this spending as the government subsidized E.V battery manufacturers in Ontario from Belgium and S Korea will now be viable since the American taxpayers will further subsidize the industry with credits to Canadian/Mexican sourced products.

The West has two options "get their fiscal health and debt in order, or, expect the collapse of their dollar, economy and the National Security issues that follows"

I have no problem with government "taking action", but, it's always in one direction. Constant expansion of government programs, employees, overreach on citizens but rarely if ever a decrease. I use the GST put forth "temporarily" in the 1980s as an example, Canadian suckers are STILL paying 7-8% more on everything to fund the worst money managers money can buy.

I can't apply my unlimited credit card when bills pile up, it won't be this generation that pays the Piper.

Ultimately, if America falls so will the rest of the West. If that is what you want (and I suspect you just may), than applaud accordingly.

What the hell are you going on about? You made a valid point by comparing the 4T with the 1.3-4T and now you're going off on one of your tirades against government??

 

[Flash]

"Hey, lets increase government spending on worthless shit and increase taxes at a time of massive inflation and recession, what could possibly go wrong?"

 

[Flash]

This reminds me of the series on TV a few years ago called "House of Cards", where everything the politicians did was designed to fool the public. Unfortunately this is a real life House of Cards failure and the Democrats are destroying our country.

 

[shockedcanadian]

What the hell are you going on about? You made a valid point by comparing the 4T with the 1.3-4T and now you're going off on one of your tirades against government??

Stop with the charade. You know damned well your intention that suggesting "It can only be because their heads have been shrunk into accepting spending on the very wealthy. Right?" is a loaded statement. Has ANYONE, even those who voted on it, read every page, detail and analyzed it thoroughly enough to know who is getting what? Have you?

It's a very simple concept for me, during inflation, stop spending, increase rates, make money more expensive and seek for a soft landing.

ANY spending is going to have this general impact of exasperating infation. Worse still, hiring 87000 IRS agents to monitor, what, a few hundred billionaires? It doesn't make sense to me.

The West won't learn the lesson because no one demands accountability. Some future generation is going to be way worse off, in Canada we are already in sharp decline, have been for awhile. We are all slow learners it seems and immune to the lessons in history.

 

[Donald H]

Stop with the charade. You know damned well your intention that suggesting "It can only be because their heads have been shrunk into accepting spending on the very wealthy. Right?" is a loaded statement.

Do you have a better explanation for why the 4T was accepted by the extreme right and they don't accept this 1.3-4T?
Something that doesn't infer that their preference is toward supporting the very wealthy and not accepting gifts to their working class peers?

Has ANYONE, even those who voted on it, read every page, detail and analyzed it thoroughly enough to know who is getting what? Have you?

Probably not, and then 'no'.

It's a very simple concept for me, during inflation, stop spending, increase rates, make money more expensive and seek for a soft landing.

I'm aware of your concept. My concept is to have government act in a socially responsible way of spending on the needs of the people. They've already had a near miss with the attempted coup against bad government, on account of the huge inequalities and income inequalities. It's time for a different approach when the 4T obviously didn't solve their problems.

ANY spending is going to have this general impact. Worse still, hiring 87000 IRS agents to monitor, what, a few hundred billionaires? It doesn't make sense to me.

I can't be either pro or con on that without more information. I'm not ever sure it's true?

The West won't learn the lesson because no one demands accountability. Some future generation is going to be way worse off,

If some generation is going to be worse off, don't you think it will be on account of the 4T? Was that wise spending?

in Canada we are already in sharp decline, have been for awhile. We are all slow learners it seems and immune to the lessons in history.

There are times to spend and times to not spend. Socially responsible government should make the decision based on need and not on predictions of future generations being responsible for debt. Our Liberals spent during the Covid crisis and Biden's gov is spending frugally due to their crisis situation of near revolution and desperation of the working class.

 

[progressive hunter]

 

[shockedcanadian]

Do you have a better explanation for why the 4T was accepted by the extreme right and they don't accept this 1.3-4T?
Something that doesn't infer that their preference is toward supporting the very wealthy and not accepting gifts to their working class peers?

Probably not, and then 'no'.

I'm aware of your concept. My concept is to have government act in a socially responsible way of spending on the needs of the people. They've already had a near miss with the attempted coup against bad government, on account of the huge inequalities and income inequalities. It's time for a different approach when the 4T obviously didn't solve their problems.



I can't be either pro or con on that without more information. I'm not ever sure it's true?

If some generation is going to be worse off, don't you think it will be on account of the 4T? Was that wise spending?

There are times to spend and times to not spend. Socially responsible government should make the decision based on need and not on predictions of future generations being responsible for debt. Our Liberals spent during the Covid crisis and Biden's gov is spending frugally due to their crisis situation of near revolution and desperation of the working class.

I don't know which "far right" person accepted the $4T as good spending. It was always going to create mass inflation even though all the paid "experts" said it wouldn't.

Want to talk about hurting their credibility.

I wonder how all this spending will look if Russia goes into Moldova or others. Imagine the logic of these massive budgets during a war in Europe.

 

[Donald H]

It's a pittance and it needs to be compared to Trump's 4T in spending for the very wealthy.

Or more precisely, both parties need to spin it favourably for their own agenda.

 

[progressive hunter]

It's a pittance and it needs to be compared to Trump's 4T in spending for the very wealthy.

Or more precisely, both parties need to spin it favourably for their own agenda.

POTUS doesnt spend money,, he OK's what congress spends,,,

you not being an american dont understand this,,

 

[progressive hunter]

It's a pittance and it needs to be compared to Trump's 4T in spending for the very wealthy.

Or more precisely, both parties need to spin it favourably for their own agenda.

why are you commenting on a video you didnt watch??