Vindicated today are those who were labeled conspiracy theorists for claiming that President Joe Biden’s so-called Inflation Reduction Act would not reduce inflation and was, in fact, a cover to fund a variety of green energy initiatives before the anticipated “red wave” sweeps Democrats from controlling the House and Senate in November.
The $739 billion spending package, known as the Inflation Reduction Act, was signed into law by President Biden on Aug. 16 amid DNC claims the Act would reduce inflation and help the economy.
After President Biden signed the legislation into law, the New York Post reported that Andrew Quinn, a speechwriter for Senate Minority Leader Mitch McConnell (R-KY), wrote:
“White House officials’ own rosiest, best-case-scenario spin is that their ‘Inflation Reduction Act’ will have taken one third of one percentage point off inflation by nine years from now… And keep in mind, this is obviously the best number they could come up with.”
Many economists predict the legislation will have a significant negative impact on our economy.
On Wednesday, an admission as to the real focus of the bill came from an unlikely source — a party representative who helped push the bill through.
Upon reflection, Democratic Rep. Elaine Luria of Virginia said that the Inflation Reduction Act passed in August was more an environmental bill than one addressing inflation, according to the Daily Caller.
Speaking at a BlueGreen Alliance event on Aug. 24, Luria said: “The Inflation Reduction Act — that might be the name, but it’s a huge environmental bill that includes a lot of things, such as the tax credits necessary to make these kind of developments.”
Luria posted on Twitter:
“It was great being with local labor, environmental, and community leaders today in Chesapeake to highlight the investments being made in the offshore wind industry and workforce in Coastal Virginia”
President Biden has suffered plummeting poll numbers as America’s economic situation and energy crisis worsens. Transportation Secretary Pete Buttigieg’s recommendation that the “best solution” to address high gas prices is to purchase an electric vehicle only added to the perception that the administration is tone deaf.
Noteworthy is that California’s governor, Gavin Newsom, who has led the charge to ban gas-powered vehicles, is now directing owners of electric cars not to charge their vehicles due to the state’s energy crisis.
In May, President Biden signed an environmental-related Executive Order. The details of the order are not clear but do allow the administration to implement sweeping changes.
Globalelr.com noted that the Order directs Treasury Secretary Janet Yellen to work specifically with the Financial Stability Oversight Council to:
- Assess climate-related financial risks, both physical and transitional, to the stability of the US federal government and financial system
- Share climate-related financial risk information among FSOC member agencies and other executive agencies as appropriate
- Produce a report within 180 days of the order on the efforts of FSOC member agencies to integrate climate-related financial risk considerations, including any potential recommendations or current practices to enhance climate-related disclosures by regulated entities
Many vocal critics of the Inflation Reduction Act have noted that the president could use the legislation to force changes not authorized by Congress or wanted by the public.
Adding to concerns is the bill’s provision of $80 billion to hire an additional 87,000 IRS agents — supported by a recent purchase of 4,000 weapons and $700,000 in ammunition.
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