President Joe Biden is losing the support of left-leaning media giants. The New York Times recently reported that Democratic voters want Biden out. MSNBC has questioned Biden’s age and mental fitness. On Wednesday, CNBC host Joe Kernen mocked the Biden-pushed Inflation Reduction Act.
The CNBC host shared his comments during an interview with St. Louis Federal Reserve President James Bullard.
Kernen questioned how the $700+ billion price tag attached to the so-called Inflation Reduction Act could actually reduce inflation, noting that even free-spending Sen. Chuck Schumer “doubted it will solve the nation’s record high inflation,” according to The Daily Caller.
Mocking the audacity of the name of the proposed legislation, Kernen said to Federal Reserve President James Bullard: “So what are we doing now? And when you hear that they named it the Inflation Reduction Act, do you just laugh out loud?”
Kernen added: “You know how Washington works, but do you see the sort of irony in tacking another $700 billion with tax increases and spending involved? Does that in any way look like an inflation reduction bill to you?”
Kernen appeared disgusted with Washington’s management of the economy, noting that inflation rose to a record 9.1% in June.
Bullard appeared very uncomfortable, not wanting to disparage the administration. He tried to point to a University of Pennsylvania study to avoid directly answering Kernen’s question.
Bullard noted that a study by the University of Pennsylvania found that the legislation package “will not reduce inflation” and that “central banks are responsible for tackling inflation due to it being a global phenomenon.”
He conceded, however, that “the bill visibly intends to raise taxes.”
In the end, the Federal Reserve president was unable or unwilling to classify the bill as good or bad for America, or project whether or not the bill would pass. Bullard said:
“As far as I can tell, this does not seem like pure deficit spending, it does seem like they’ve got some tax increases in there and it sounds like Senator Manchin insisted on that. So, whether that would go through the Congress or not, I don’t know.”
The Daily Caller notes that the bill reportedly will lower prescription drug costs while investing $369 billion in green energy initiatives. The bill also “includes a 15% minimum tax on corporations making at least $1 billion per year.”
A report by the Joint Committee on Taxation (JCT) determined the bill will raise taxes on individuals making less than $400,000 per year.
During an interview with Fox News, Sen. Joe Manchin (D-WV), who surprisingly abandoned his pledge not to support reckless spending, said the JCT’s report is a “pure, outright lie.”
Manchin maintains the bill will lower costs by ramping up production, including oil, by constructing pipelines and drilling.
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