On Tuesday, in a White House ceremony, Biden signed the Inflation Reduction Act and assured an audience “the American people won and the special interests lost,” CNN reported.
According to the same CNN story, however, Biden signed a “sweeping $750 billion health care, tax and climate bill into law” that marks a “major victory” for Democrats ahead of midterm elections, the story said.
The congratulatory article, which goes on for 1,400 words, describes the “largest climate investment in American history,” and it points out the new law gives Medicare new powers to negotiate prescription drug prices. There is also a new 15% minimum tax of corporations, a 1% tax on stock buybacks, and of course tens of billions for the IRS to hire tens of thousands of new agents.
A search of the 1,400 story, however, found “inflation” is cited in the story only once: Sen. Joe Manchin is praised in the story for pushing back against the Congressional Budget Office after it concluded the new law has little to no effect on reducing inflation.
Manchin, who was called a traitor by Democrats after refusing to drop the Senate filibuster, became a hero to his party in late July when he surprised both parties by announcing he supported the bill, which is a trimmed-down version of the Build Back Better legislation that he refused to support late last year.
Back then, Manchin praised the number-crunching Congressional Budget Office, when it warned the bill would cost $4.5 trillion, which was more than double what Democrats were claiming. This week, the West Virginia senator told CNN the CBO analysts “haven’t always been right” about their analysis and predictions.
What was the CBO prediction for the Inflation Reduction Act? Middle-class Americans and small businesses will be hit with new taxes, $20 billion more over the next decade, the New York Post reported.
Biden signed 'recipe for disaster'
Along with other media outlets, AFN has reported U.S. families are being crippled with double-digit inflation not seen since the 1980s. Inflation increases the price of virtually everything on a store shelf, from milk to back-to-school clothes, and it gobbles up your paycheck with higher groceries, gasoline, and utilities.
Complaints about the federal government spending taxpayers' dollars is nothing new but inflation is tied to the federal government printing money. Going back to the pandemic and "stimulus" checks, the U.S. Treasury Dept. has been running through trillions of dollars.
More recently, the American Rescue Plan passed by Democrats added $1.9 trillion, and the billions of dollars sent to Ukraine also keeps the printing press busy.
Reacting to the newly-signed law, Alfredo Ortiz of Job Creators Network says it is full of reckless spending and pours massive amounts of taxpayers’ money to prop up green-energy special interests.
And then there is the issue of an army of new IRS agents, new funds for propping up the Obamacare exchanges, and interfering with drug prices and the free market.
“It adds a football stadium worth of new IRS agents,” Ortiz says, “to overwhelm small businesses with audits, doubles down on failing Obamacare exchanges, and threatens the innovative prescription drug supply chain."
David Williams, president of Taxpayers Protection Alliance, tells AFN the new law spells trouble.
"It increases spending, and it increases taxes,” he warns, “and that's a recipe for disaster when you're talking about inflation."
According to the President Biden, however, the American public should be celebrating because inflation was “zero percent” from June to July.
“Today we received news,” Biden bragged to reporters August 10,” that our economy had zero percent inflation in the month of July."
According to Fox Business, Consumer Price Index numbers show inflation slowed in July for the first time in several months, which means a .2% dip from 8.7% recorded 40 years ago. The CPI rate for July, just last month, was 8.5% inflation from 2021.