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Inflation Reduction Act Won’t

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Posted: Aug 18, 2022 12:01 AM

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In January 1925, President Calvin Coolidge, addressed the American Society of Newspaper Editors in Washington. In his remarks, Coolidge said, “the chief business of the American people is business. They are profoundly concerned with producing, buying, selling, investing, and prospering in the world.“On Tuesday, President Biden returned from vacation to sign the misnamed “Inflation Reduction Act.” He might as well have said in his mischaracterization of the legislation that the chief business of America is now government spending and increased debt.The new law puts government ahead of business and diminishes the power of the individual in favor of the power of Washington. And it doesn’t do what Biden and Democrats say it will do, particularly on inflation. The Penn Wharton Budget Model, a group of economists and data scientists at the University of Pennsylvania, concludes the law will have no impact when it comes to reducing inflation.An analysis by the nonpartisan Congressional Budget Office finds that audits of taxpayers making under $400,000 annually will account for about $20 billion in revenue for the Inflation Reduction Act.Republicans don’t have clean hands when it comes to government spending, a leading cause of inflation. …

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