Monthly Inflation

Kyle

Ultra-MAGA
PREMO Member
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GURPS

INGSOC
PREMO Member
In fact, Congress’s own Joint Committee on Taxation found that there would would indeed be an increase, which would be even greater for ordinary American workers than for the wealthy. Recall that this is in violation of President Joe Biden’s repeated promise not to raise taxes on those making less than $400,000 annually.

As Shellenberger wrote: “A new study by the U.S. Congress’s nonpartisan Joint Committee on Taxation has found that not only would the legislation increase taxes, it would increase taxes by $11 billion more on Americans earning below $200,000 per year than on Americans earning between $500,000 and $1 million, in 2023. And the legislation would increase taxes by $3 billion more on Americans earning below $200,000 per year than on Americans earning between $200,000 and $500,000 per year.”

Regardless of how corporate media might try to spin it, the economy is in a recession, and Democrats are abandoning their own advice by attempting to raise taxes when America can least afford it.


 

GURPS

INGSOC
PREMO Member
Jennings predicted that “If you vote on a bill today to say reduce inflation and in two months, three months, when we're going to the polls and inflation has not come down, you're gonna own that. And so, I really do think they have a branding issue on this.”

He then surmised that Democrats changed the bill’s name to the Inflation Reduction Act “so that Joe Manchin can go out and claim he did something.”

Continuing to rail against the proposed legislation, Jennings pointed out that “the prescription drug stuff doesn't happen for years. The climate stuff is out in the future somewhere. The main issue is inflation and it does nothing despite the bill’s title.”

Clearly frustrated that facts and logic have seeped into her show, Coates sneered: “Do you think that the voters think to themselves the name is more important than the meat on the bone? I mean really?”

Jennings shot back: “I think if you tell people hey we passed a bill called Inflation Reduction Act, and inflation doesn’t go down or maybe it goes up in the short term according to one analysis they might notice because they're already noticing. It's the number one issue in the country!”


 

herb749

Well-Known Member
Jennings predicted that “If you vote on a bill today to say reduce inflation and in two months, three months, when we're going to the polls and inflation has not come down, you're gonna own that. And so, I really do think they have a branding issue on this.”

He then surmised that Democrats changed the bill’s name to the Inflation Reduction Act “so that Joe Manchin can go out and claim he did something.”

Continuing to rail against the proposed legislation, Jennings pointed out that “the prescription drug stuff doesn't happen for years. The climate stuff is out in the future somewhere. The main issue is inflation and it does nothing despite the bill’s title.”

Clearly frustrated that facts and logic have seeped into her show, Coates sneered: “Do you think that the voters think to themselves the name is more important than the meat on the bone? I mean really?”

Jennings shot back: “I think if you tell people hey we passed a bill called Inflation Reduction Act, and inflation doesn’t go down or maybe it goes up in the short term according to one analysis they might notice because they're already noticing. It's the number one issue in the country!”




I bet the IRS is gearing up.
 

GURPS

INGSOC
PREMO Member
“I mean, make no mistake, what the government has done will sow the seeds for I think a very, very sharp recovery,” Zandi told CNN in September of 2008. The Obama recovery would end up being the slowest in American history. As late as 2014, Zandi was still claiming Obamacare was slowing health care costs, even though individual health care premiums would double.

In a scientific-sounding and polite 2016 paper, “The Macroeconomic Consequences of Mr. Trump’s Economic Policies,” Zandi predicted that the “most-likely scenario” of a Trump presidency was a “lengthy recession,” unemployment, and “a near standstill” in economic growth. When proven wrong on all fronts, Zandi would claim that the economy, fed by “deficit-financed tax cuts” and “deficit-financed government spending increases,” was “sticking to script.” Had Trump not promised to cut taxes during his 2015 campaign? Didn’t everyone know that the federal budget would grow from 2016 to 2018? Zandi had the “script,” and he was still way off.

Zandi was also wrong about our recent inflation. It is “irksome,” he now maintains, trying to find cover in a crowd, “how wrong the Fed, the Biden administration, and economists, including me, were in thinking that the high inflation would quickly recede. It hasn’t.” And yet, there is always a high degree of certitude in his pronouncements. Zandi felt quite comfortable telling DNC mouthpiece Greg Sargent — who also claimed that “warnings of inflation are not good-faith macroeconomic arguments” — that worries about spiking prices were “likely misplaced” and “overdone.”

Though, like most disciplines, economics has been corroded by partisanship, still, it’s invaluable in helping us understand the production, consumption, and distribution of goods and services.


 

Hijinx

Well-Known Member
The fastest decline in gas prices against the fastest raise in fuel prices, but it hasn't declined to what it was under Trump. Let me know when it gets back to the Trump prices.
 

GURPS

INGSOC
PREMO Member

Inflation Reduction Act Could Slash 30,000 Jobs If Passed


An analysis from the Tax Foundation determined that the so-called Inflation Reduction Act could result in 30,000 jobs disappearing.

The conservative organization discovered that the legislation, which is expected to be narrowly passed in the Senate this weekend, would result in significant “full-time equivalent” job losses, as well as a 0.1 percent decrease in GDP and 0.1 percent decrease in wages, The Washington Examiner reported on August 2.


On jobs specifically, the foundation said that the 15 percent minimum corporate tax would cost roughly 23,000 jobs and “carried interest” would gut another estimated 5,000.

Companies will be footing the bill for higher taxes, and they might be forced to lay employees off in order to pay less or afford their new higher amount, but Democrats are not interested in acknowledging the trickle-down effect.
 

GURPS

INGSOC
PREMO Member

The Congressional Budget Office Hasn't Finished Scoring the Manchin's Inflation Reduction Act






Here is the CBO’s estimate so far which… would have been enough to scare Manchin away back when he pretended to be moderate.


  • Title I, Committee on Finance, would reduce deficits by more than $1 billion over the 2022-2031 period.
  • Title II, Committee on Agriculture, Nutrition, and Forestry, would increase deficits by less than $135 billion over the 2022-2031 period.
  • Title III, Committee on Banking, Housing, and Urban Affairs, would increase deficits by less than $332 billion over the 2022-2031 period.
  • Title IV, Committee on Commerce, Science, and Transportation, would increase deficits by less than $83.076 billion over the 2022-2031 period.
  • Title V, Committee on Energy and Natural Resources, would increase deficits by less than $198 billion over the 2022-2031 period.
  • Title VI, Committee on Environment and Public Works, would increase deficits by less than $67.264 billion over the 2022-2031 period.
  • Title VII, Committee on Homeland Security and Governmental Affairs, would increase deficits by less than $37 billion over the 2022-2031 period.
  • Title VIII, Committee on Indian Affairs, would increase deficits by less than $20.5 billion over the 2022-2031 period.
  • Title IX, Committee on Health, Education, Labor, and Pensions, would increase deficits by less than $726.38 billion over the 2022-2031 period.
 
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