It doesn’t take an economist to figure out that spending billions of dollars we don’t have and raising taxes during a recession won’t do anything to reduce inflation. The democrats, and only the democrats, passed Biden’s Inflation Reduction Act and now that it’s headed for Joe’s desk the liberal media is finally reporting that it won’t in fact reduce inflation in any way.
Here’s something that CBS News should have published before the Inflation Reduction Act was passed but chose not to:
One thing the Inflation Reduction Act may not do: Lower inflation
The Inflation Reduction Act is aimed at tackling a host of problems, from climate change to catching tax cheats, but there’s one issue it may not solve: reducing inflation.
That’s the conclusion of the Penn Wharton Budget Model, a group of economists and data scientists at University of Pennsylvania who analyze public policies to predict their economic and fiscal impacts. Its analysis, published Friday, comes as inflation remains near a 40-year high, crimping the budgets of consumers and businesses alike.
But the impact on inflation “is statistically indistinguishable from zero,” the Penn Wharton Budget Model said on Friday.
The legislation, which passed the House of Representatives on Friday and is headed to President Biden’s desk to be signed into law, has wide-ranging goals yet does little to directly tackle the underlying causes of inflationary pressures pushing up the cost of everything from food to housing, the economists predict.
CBS framed this as the Inflation Reduction Act “may” not reduce inflation, but their story says very clearly this it will not reduce inflation. Also, from what the economists are saying, it’s going to increase inflation.
Where was all this before the democrats passed this piece of shit spending bill? The answer to that question is, CBS, like the entire liberal media, is the Ministry of Propaganda for the democratic party and they didn’t want to worry people with the truth.
In fact, look at this gaslighting on behalf of Joe Biden and the democrats:
In theory, lower deficits can reduce inflation. That’s because lower government spending and higher taxes, which help shrink the deficit, both reduce demand in the economy, thereby easing pressure on companies to raise prices.
Who’s theory is that? Spending $739 billion we don’t have doesn’t reduce the deficit nor does it qualify as lower government spending.
The part that this theory got right however is positively f*cked up: They’re saying that Biden’s plan to bring down inflation is by taxing the shit out of people so they don’t have much extra money, which in turn brings down demand, which in turn brings down inflation.
Since taking office, Joe Biden has signed nearly $4 trillion worth of spending into law on top of the bloated federal budget. None of that money has made anything better and, in fact, things are much much worse for almost everybody in the country. Because that is all money that we don’t have, each new spending bill will make things shittier until our economy collapses.
And maybe that’s how the democrats figure the latest waste of money is an Inflation Reduction Act. If, eventually the economy and our country are destroyed, technically there is no inflation because there’s no more anything.
