Party-Line Vote Sends $740B Inflation Reduction Act To Biden


Inflation Reduction Act won’t curb inflation ‘over the short run,’ says economist

“Naming it ‘anti-inflation’ is a joke,” Kevin O’Leary, chairman of O’Shares ETFs and judge on CNBC’s “Money Court,” told CNBC’s Squawk Box on Monday. “This is going to be very inflationary almost immediately because we’re printing billions of dollars.”


NY Times 6 days ago — A Congressional Budget Office analysis found that the measure would have little effect on inflation this year.

CBS News
MONEYWATCH

One thing the Inflation Reduction Act may not do: Lower inflation
moneywatch
BY AIMEE PICCHI

VoteVets Statement on Passage of the Inflation Reduction Act:

"This is a huge win for Veterans, Troops and America. We thank President Biden and Democrats in Congress - and we won’t forget the Republicans who voted against Veterans."

The official CBO score of the Inflation Reduction Act, including savings from tax enforcement, shows $305 billion in deficit reduction this decade. That includes deficit reduction in 2023 and 2024 – which will help ease near-term inflationary pressures.

Passage of the Inflation Reduction Act will make Biden one of the most legislatively successful presidents of the modern era.

— American Recovery Act
— Infrastructure Investment and Jobs Act
— Chips and Science Act
— Inflation Reduction Act

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Polls show that even his own party has very little confidence in him.

I’ll give you a hint

I will not support ANY Republican who voted for Trump in 2020. That’s virtually EVERY Republican, including DeSantis. So I may never vote Republican again. Our ONLY job now is to defeat this authoritarian party. That means vote Democrat.
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That’s not happening
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Both parties are committing hara kiri by continuing to blindly support their most recent presidential office holders.... They both must go on to never being viably electable or even listed on a ballot.

For the first time since last November, Democrats have taken the lead over Republicans in the FiveThirtyEight generic congressional polling average, 43.8% to 43.5%.
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In 1776, 1/3 of Colonists opposed independence.

In 1860, 1/3 of Americans believed owning other human beings based on the color of their skin was acceptable.

Trump Cult members, like their predecessors, are on wrong side of history and will be swept away accordingly.
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Trump’s most popular campaign promises *during the GOP primary* were 1) Medicare negotiating drug prices 2) Infrastructure 3) Having the wealthy pay their fair share in taxes.

Trump accomplished none of them. If the Inflation Reduction Act passes, Biden will have passed all 3.
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come on, you don’t think biden is going on mount rushmore?
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X2 !
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X3

x4
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x5+infinity
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Biden needs to be in a dementia ward and trump needs to be in solitary confinement.
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Joe did what he was intended to do he got Trump out of office

Now he should man up take a Bow
And ride off into the Sunset…

While he can .
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pete said he's accomplishing more than any president ever....why do you want him to leave?

Don’t panic boys, he has no intention of establishing a dynasty.
Unlike TFG
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this is quite a contrast...

Nebe =Biden needs to be in a dementia ward

Pete F.=Don’t panic boys, he has no intention of establishing a dynasty.

New Fox poll shows men moved +2D since May. But Dads moved +28.

May August DIFF
Men +13R +11R +2D
Dads +20R +8D +28D

Apparently fathers listen to daughters
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They are . But regardless of his accomplishments

We don’t need an 82 year old POTUS

Or a 78 year old wannabe dictator
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a team of computer experts directed by lawyers allied with President Donald Trump copied sensitive data from election systems in Georgia as part of a secretive, multistate effort to access voting equipment that was broader, more organized and more successful than previously reported, according to emails and other records obtained by The Washington Post.

The records show how Powell’s group discussed, exchanged and paid for elections-system data.

Yep the ones complaining about election security are the ones doing it and illegally paying for and copying of records

Shocking
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In Missouri, schools drop to 4 days, drop bus service, Medicaid wait times are astronomical, bridges are crumbling, poverty is in abundance, gun violence is rampant…

The Missouri GOP Senate majority leader states that 2023 priorities are CRT & trans youth. Completely out of touch.

Cue Jim
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Glendale Missouri is better than Cheshire Conn.

this is terrible, have they been arrested?

New University of North Florida Poll

Val Demings: 48%
Marco Rubio: 44%
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You probably also think you can easily change the course of cargo ships.

no...there is nothing in the legislation that will reduce inflation...that's has become widely evident...but it's a great name for the legislation:huh:

The bill will make small steps to help bring inflation back to normal levels, said Shai Akabas, the director of economic policy at the Bipartisan Policy Center.

"It will generally work in the right direction and help the Federal Reserve, which has the primary responsibility for getting a hold of inflation," Akabas said.

ECONOMY
What's causing inflation
There are three main ways the bill targets rising prices, according to Akabas. First, it plans to reduce the federal deficit, which is the difference between how much the U.S. government spends and how much it makes in taxes and revenue. When there's less money floating in the economy, there tends to be less demand and fewer price hikes, Akabas said.

Because there are several provisions to encourage spending in the bill, the net impact on inflation is unclear.

Second, it will promote the production of certain goods, mainly in renewable energy. Having more supply than demand could help lower some costs over time, he added.

Third and more directly, one provision of the bill will help limit the price growth of certain prescription drugs by allowing Medicare to negotiate their cost with pharmaceutical companies. Still, some of the biggest drivers of inflation, including food and energy costs, are not immediately addressed.

You can say that about anything- Good job