By Ray Cardello for August 1, 2022 Season 12 / Post 16
By definition, we officially entered a recession. The second quarter GDP was released, and with two consecutive quarters of negative numbers, the Biden Economy has now hit a new low. By changing definitions, the Biden administration believes they can convince the American public that all is well. Americans are more intelligent than the Biden Team and are not buying what Joe sells.
Anyone who balances a checkbook or lives on a budget knows the economy is harming every American. Gasoline, groceries, and services are all putting a dent in American wallets, and many will have to look at record-high home heating costs in just a few months. There is no relief in sight.
With a straight face, Biden compares himself to Ronald Reagan. Reagan took an abysmal economic situation from Jimmy Carter and gave us a monumental recovery. Joe Biden took a strong recovering economy from Donald Trump and gave us a recession. Joe Biden, sorry, but you are no Ronald Reagan.
Any economist worth a grain of salt will tell you that you do not increase taxes or inject money into the economy during a recession. Joe Biden’s troupe of Nobel Laureates must not be worth their salt. With the Inflation Reduction Act of 2022 will do both. The bill will tax everyone and increase inflation.
U Penn economists claim that every citizen would see taxes rise for the next two years. This bill contradicts Biden’s claim that he would never raise taxes on people making less than $400K a year. But Americans are still paying increased taxes every day in the form of increased prices due to Biden Inflation. If Biden’s goal were to bankrupt America rather than return us to prosperity, he would be succeeding. America is not thriving under Biden, which is evident in his 31% historic low approval rating.
This bill is not to fight inflation but to further support Biden’s commitment to Green Energy. This proposed legislation is a 700-page bill worth over $1 Billion per page of spending. Surprisingly, Sen Joe Manchin, R-WV, agreed to sign onto this bill when he opposed previous spending bills. His change may be due to help for the West Virginia coal industry built into the act. This was probably a poison pill for Manchin. He could not go home and tell his constituents that he voted against aid for the dominant state industry.
The spotlight now turns to Senator Sinema and so far she has not indicated her support. Her vote is critical, as every Democrat has to vote in favor to move the bill to the House. She has made no public statement regarding her intention. It will be tough for any member of Congress to vote for a bill that will increase taxes so close to the midterms.
It is unnecessary to detail the hundreds of unnecessary causes this bill would support. There are hundreds, but the critical fact to focus on is the wrong timing and policy decision to push a bill when we are now in a recession that will further hurt Americans in the wallet. Right now, the Act may die on the Democrat side of the aisle. This bill is a Hail Mary to get some money directed at the Green Energy sector before Biden loses Congress in November. That is a good thing for America.
The post Inflation, Recession, New Taxes. Thanks Joe first appeared on Conservative View from New Hampshire.
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Author: Ray Cardello