Doubling Down on RecessionThe Inflation Reduction Act would likely result in 900,000 fewer jobs, reduce average household income by $1,200, and result in higher rates of inflation. Intensifying InflationThis bill likely would increase federal inflationary deficits by at least $350 billion over the next decade. The market would anticipate more of the past two years; namely, the government printing money to quietly impose an inflation tax to fund its endless projects. The Bottom LineIn sum, the misnamed Inflation Reduction Act strikes at rich and poor alike and would adversely affect every American family. There is, however, a right way to reduce inflation; namely, cut federal regulation, taxation, and spending.

Source: Washington Post August 10, 2022 17:51 UTC