Most Americans want what’s in the Inflation Reduction Act. GOP politicians just don’t care

There's much good to be said about the Inflation Reduction Act. As for the title, maybe it will help inflation, maybe it won't, but you can't blame Democrats for adapting what Republicans do in spades, ie., self serving titles for their legislation. So, quitcherbitchin', as it were.

As for curing inflation: It won't matter, the funding is spread out over a long period of time, and as long as fiat currency (gov) spending is at a pace the GDP can easily keep pace, it won't result in more inflation than is historical, which, when the current inflation settles, will be at around 2.5%. The current inflation, because it's world wide, is due to a world wide phenomenon, which is the pandemic and how it has disrupted supply chains which in turn causes pent up demand, and as the supply chains sort itself out, the rush of pent up demand results in higher prices. This will continue as long as the boom and bust cycles the pandemic causes. There isn't much any president can do about it, and this idea a Republican is the answer, no way, José. No party has a monopoly on inflation.


(paywall, but below is the salient quote)
https://www.latimes.com/opinion/story/2022-08-09/joe-biden-republicans-inflation-relief-act

Three-fourths of voters favor empowering Medicare to bargain with drug companies for lower prices, and capping older Americans’ drug costs at $2,000 annually. In the same Morning Consult/Politico poll, a similar share supports reducing the federal deficit by up to $300 billion. Roughly 3 in 5 voters endorse a minimum tax rate for corporations, tax credits to promote renewable energy, and an extension of healthcare subsidies for the needy.

The Inflation Reduction Act includes all this and more. So, Republicans, what’s not to like?

The 730-page bill may or may not deliver on the inflation promise implied by the Democrats’ politically self-serving title for it, but the measure would do plenty that Americans — including Republican voters — like a lot, polls show. Yet not one Senate Republican voted for the package Sunday. Not. One. Don’t expect a much different result Friday, when the Democratic-controlled House is expected to pass the bill and send it to President Biden to sign into law.

That Congress would pass a package so full of people-pleasers on a strictly party-line vote is yet another sorry reflection of the state of American politics, and in particular of the Republican Party. How is a nation of 330 million people supposed to solve problems when one of the two major parties is policy-phobic and compromise-averse?

Republicans simply don’t want to let Democrats score points by enacting a signature piece of Biden’s domestic agenda, whatever the benefits to their constituents, especially this close to the midterm elections

Bingo! There it is, right there. Republicans put party over country.

 

When you increase tax on corporations, that cost will be passed onto the consumer. That is called inflation.

 

I think this thread so far is a sadly valid metaphor for the world of politics;

One detailed analysis of the problem descending in to simplistic party politics.
A childish meme.
A single line slogan presented as some piece of mercurial insight.
A foreigner mocking it all despite the depressing knowledge that things are no better where he is.

Gotta laugh or you'd cry.

 

Most people want fewer cops, more IRS agents and more audits of their taxes? That's the stuff of Left wing fairy tales, right there

 

I agree with you 100% but where were you when I was complaining about the Trump tariffs? When he added a 25% tariffs on all electronics and computer parts from China. When he added tariffs on over $300 billion of goods imported. Economist estimate that the inflation rate could drop up to 1.8% if the tariffs were removed.

https://taxfoundation.org/tariffs-trump-trade-war/

 

I'm not hearing "fewer cops", but you seem to be calling for less law enforcement (IRS enforces tax laws).

As for the topic (inflation) it is what it is. Covid induced supply side issues and and massive infusion of money in 2020 was going to trigger inflation no matter what. Inflation is a global problem and fortunately it seems the US has peaked out first.

Yes, that was heavy handed tax hike and 100% supported by populist pseudo-cons

 

Because I agree with the tariffs on China. We should be doing nothing to support China's economy and we should be encouraging our own manufacturing.

 

The saying has never been more pertinent then when describing a piece of legislation from the DNC, "The devils in the details". When you see crap like 80+ THOUSAND ARMED IRS being part of a bill even the most ardent fan of Government might want to stand up and ask WHY?

Christ almighty, what's it take to spark a curiosity in today's Democrat? ¯\_(ツ)_/¯

 

Now that's a graph I can understand!

 

With guns? Damn, were do you draw the line LMFAO

 

How ridiculous and the bingo is a massive ****ing failure.

Most Americans do not want what is in this monstrous bill even if one caveat in the bill is a sop to what many support. The bill may incldue some popular language about medicare but it is not a medicare bill. It is a tax increase bill which is opposed by all

 

I also think we need a better strategy with dealing with China but there is no doubt the tariffs strategy led to inflation and is one of the largest tax increases in decades. You may not like China but that is not a reason to blindly impose strategy.

Do you think the tariffs are working? Look at the increase in inflation, reduction in GDP, and loss of jobs. So far the majority of economist disagree.

 

If you aren't hearing fewer cops, then you aren't listening. This bill specifically defunds police.

Tax evasion is a victimless crime. Stop making it more important than it really is. It certainly doesn't rate recruiting IRS agents who are ready to use deadly for.

https://www.foxbusiness.com/politic...-requiring-ability-use-deadly-force-necessary

Inflation is caused by government money printing. Devaluing the currency causes inflation. It has nothing to do with supply chain interruption.

 

We are dependent on critical materials from an enemy. I cannot think of a worse idea.

 

Have the tariffs changed that or have they only resulted in a tax grab of $74B dollars, cause prices to increase and cause a loss of over 173000 jobs?

Do you now feel we are NOW no longer dependent on critical materials from an enemy?

 

Yeah, that's probably why so many on the right are shouting 'defund the FBI'.

Got it.

 

When ordinary Americans of modest means pay more than mega-corporations in taxes, the freeloaders are understandably resented.

 

Offensive and extremely sexist, something a teenage boy would post.

7

 

Oh, goody ... another teenage boy.

There are any number of illustrations he could have used, but he chose something offensive and sexist.

I'm disappointed.

 

A word from the opposition:

House Minority Leader Kevin McCarthy (R-Calif.) tried to stop passage of the Inflation Reduction Act on Friday by using a rhetorical question:

Answer me this question.
Is America better off today than they were two years ago?
​

Two years ago:

We were in the midst of the worst pandemic in a century that devastated our country, made even worse by Trump.

Now, businesses have reopened, Las Vegas is back in full force and then some, the leader of Al Qaeda is dead, CHIPS Act,
Inflation Reduction Act, unemployment is down.

Two years ago, things were so bad that THE REPUBLICAN PARTY voted to let everyone - not just rich people - have free money.

Two years ago, we were in the middle of the deepest recession since the Great Depression, we had no Covid vaccines, and the unemployment rate was more than double what it is today.

Two years ago, there was a field hospital in central park and we were using shipping trucks as morgues

Two years ago, we couldn't travel, see friends/family, eat out at restaurants, and had to trade copies of Hulk #181 for a can of Lysol and a couple rolls of toilet paper.

https://www.msn.com/en-us/news/poli...A10Bw5Q?cvid=fb9ccc06dbff4ccea618d40af3cfbcf5
​

McCarthy may have a problem remembering:

“The president bears responsibility
for Wednesday’s attack on Congress by mob rioters.
He should have immediately denounced the mob
when he saw what was unfolding.”
January 13, 2021​

 

Do you have a link to the part of the bill that defunds police? Which police?

As for your view on the cause of inflation: global economies are not that simple. There is no one cause, there are many factors. Perhaps you would benefit from a little research. Here are a couple of good starting points:

https://www.businessinsider.com/personal-finance/causes-of-inflation

https://www.investopedia.com/ask/answers/111314/what-causes-inflation-and-does-anyone-gain-it.asp

 

We are much more dependent on critical materials from an enemy. However, we should be taking whatever action required to terminate that dependency, even if that requires doubling the tariff.

 

It isn't the mega-corporations who end up paying the tax. It is us, the consumer.

 

I guess that teenage boy is still in there somewhere. When he disappears life will no doubt get more boring.

I thought it was funny, but I actually do not believe "actual inflation" is much different from the reported one.