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Title: Manchin And Dems Reach Deal On Reconciliation Package, Call It "Inflation Reduction Act"
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URL Source: https://www.zerohedge.com/political ... mate-energy-tax-and-healthcare
Published: Jul 27, 2022
Author: Tyler Durden
Post Date: 2022-07-27 21:53:37 by Horse
Keywords: None
Views: 33
Sen. Joe Manchin (D-WV) on Wednesday announced that he's reached a deal with Sen. Chuck Schumer (D-NY) to advance legislation aimed at combating inflation by lowering healthcare costs and paying down the national debt. "We must be honest about the economic reality America now faces if we want to avoid fanning the flames of inflation," he said in a statement. "At its core, the purpose of reconciliation is to get our economic and fiscal house in order. Contrary to foolish talk otherwise, America cannot spend its way out of debt or out of inflation." The bill, the "Inflation Reduction Act of 2022" is scant on details, though Manchin says the bill will "cut the inflation taxes Americans are paying, lower the cost of health insurance and prescription drugs, and ensure our country invests in the energy security and climate change solutions we need to remain a global superpower through innovation rather than elimination." It "would dedicate hundreds of billions of dollars to deficit reduction by adopting a tax policy that protects small businesses and working-class Americans while ensuring that large corporations and the ultra-wealthy pay their fair share in taxes" Vance Ginn @VanceGinn "Inflation Reduction Act" will make the bad economy worse by: 1) Deepening recession with massive tax hikes that won't collect expected tax rev 2) Raising inflation from Fed monetizing deficit spending 3) Destroying reliable energy sources Say NO, @SenatorSinema @Sen_JoeManchin "For too long, the reconciliation debate in Washington has been defined by how it can help advance Democrats political agenda called Build Back Better," said Manchin. "Build Back Better is dead, and instead we have the opportunity to make our country stronger by bringing Americans together." However, it's a blow for Democrats hoping to have child care, paid leave, or a child tax credit extension included in the reconciliation bill. This will be far smaller than Build Back Better, particularly on the social spending front. Liberal World Order Swan @TheWuhanClan · When you spend another trillion dollars to hand out to special interests & buy votes and call it “inflation reduction” Liberal World Order Swan @TheWuhanClan · When you spend another trillion dollars to hand out to special interests & buy votes and call it “inflation reduction Poster Comment: FDR raised taxes during a Depression in 1938. Made things worse and lost a lot of House seats. The only thing keeping the economy going at this point is that deficit. But in the long run (2023 or 2024) all those deficits causing inflation will destroy the dollar. 
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