One of the most painful periods in post-war America was the “stagflation” (simultaneous conditions of inflation and recession) era of the 1970s. Inflation spiraled out of control as gas prices skyrocketed. Many Americans, unable to find jobs, watched helplessly as prices on everything from groceries to gas climbed further out of reach.
2022 has brought us closer than ever before to the inflation and recession of the 1970s, as President Biden’s crusade against domestic energy has dried our oil wells and driven up costs. Inflation is as bad now as it was in the 1970s, Americans’ paychecks have eroded, and our economy is now officially in recession.
What then do Democrats, in charge of the White House and both chambers of Congress do? Rather than reverse course and unleash American energy, they doubled down on their failed agenda by introducing a Green New Deal and Big Government Socialism bill that would further exacerbate inflation and stagnation in the economy with job-killing taxes, regulations, and hundreds of billions of dollars in cronyist green energy subsidies.
Adding insult to injury, Democrats had the gall to name this the “Inflation Reduction Act,” despite the fact that the bill would actually drive inflation higher over the next two years. The American people will not be fooled by such an abject act of charlatanism, and neither will the Senate parliamentarian, who is expected to strike down the title of the bill as nongermane in the coming days. It is up to the American people and their elected representatives in Congress to strike down the rest of this pernicious package, more aptly named the “Inflation and Recession Act,” because that is what we can expect if it passes.
Bill Specifics
– Increasing taxes by more than $450 billion over the next decade.
- The Joint Committee on Taxation estimates that the taxes on businesses, emissions, and carried interest would hit Americans across every income bracket, with more than half of the taxes being shouldered by Americans making less than $400,000 per year (violating Biden’s campaign promise).
– Sending $370 billion in cronyist subsidies to Green New Deal energy companies, and over $60 billion in Obamacare subsidies to insurance companies.
– Providing the IRS with $80 billion more to harass American taxpayers with audits.
– Undermining incentives to create new life-saving drugs through government-imposed price caps on prescription drugs.
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