The Inflation/Tax/Deficit Increasing Act of 2022

by Stephen Lendman

Time and again, undemocratic Dems go out of their way to prove that they're unfit to serve.

Jefferson reportedly said that "government is best that governs least."

He and others should have said that taxing and spending hundreds of billons of dollars increases inflation instead of the other way around.

According to fake news attributed to the fake Biden:

"This is the strongest bill you can pass to lower inflation (sic), continue to cut the deficit (sic), (address) a (nonexistent) climate crisis, promote America's energy security (sic) and reduce the burdens facing working-class and middle-class families (sic)."

The certain to be enacted into law in the coming days measure will do none of the above -- nothing to reduce exorbitant drug, other healthcare, energy or other high costs.

It'll increase the deficit instead of the other way around.

It'll harm the vast majority of US households, while benefitting special interests more than already.

Nor will it advance what's dubiously called "environmental justice (sic)."

And it clearly won't tackle a "climate crisis" because nothing of the sort exists.

According to a letter by 230 economists to House and Senate leadership:

Around $433 billion in proposed government spending "would create immediate inflationary pressures by boosting demand, while the supply-side tax hikes would constrain supply by discouraging investment and draining the private sector of much-needed resources."

Stressing the urgency of addressing near-record-high US inflation, the measure will achieve the "opposite effect."

According to analyst Richard Stern:

The misnamed Inflation Reduction Act will "increase inflation, depress household incomes, and produce the longterm deficits that fuel longterm inflation."

Congressional Budget Office scoring estimates a deficit of $52.5 billion over the next four years, at least $110 billion through FY 2031, and more thereafter.

And "almost every provision of the bill will bleed the bank accounts of American families," said Stern.

Increasing corporate taxes will force companies to raise prices, fueling more inflationary pressures.

Like most congressional legislation, special interests will benefit from the new measure at the expense of ordinary Americans.

With November midterms a few months away, the measure and other wrongheaded Dem policies are especially politicized.

They're hoodwinking most Americans to believe that what harms their well-being is beneficial.

That's the reality of the Obama/Biden regime's misnamed Affordable Care Act (ACA) -- aka Obamacare.

Effective on March 23, 2010, it benefitted insurers, Pharma profiteers and large hospital chains at the expense of healthcare as it should be provided, treating it as a fundamental human right by a single-payer system -- everyone in, no one left out. 

Obamacare made a dysfunctional system worse. 

The same reality applies to the misnamed Inflation Reduction Act.

Instead of improving things for ordinary Americans, they'll be more ill-served than already -- the diabolical aim of undemocratic 

Dems instead of the other way around.

According to Tax Foundation vice president of federal tax and economic policy, William McBride, the new measure comes "at a terrible time."

It's when the economy is in recession.

The measure will slow it down further.

Not only won't it reduce inflation, it'll raise taxes on millions of low-and middle-income earners, according to the Wharton School Business Model and nonpartisan Joint Committee on Taxation.

The JCT estimates a 2023 tax increase of $16.7 billion on households earning less than $200,000 -- $14.1 billion for ones earning between $200,000 and $500,000.

When ruling US/Western regimes claim that their policies benefit working households, remember the tried and true maxim.

They all lie and mass deceive -- especially undemocratic Dems, notably since the Clinton co-presidency.

Nothing they say can be taken at face value.