The Affordable Care Act, No Child Left Behind, and the USA PATRIOT Act received new competition for the title of Most Inappropriately Named Bill when Senate Democrats unveiled the Inflation Reduction Act. This bill will not only increase inflation, it will also increase government spending and taxes.
Inflation is the act of money creation by the Federal Reserve. High prices are one adverse effect of inflation, along with bubbles and the bursting of bubbles. One reason the Federal Reserve increases the money supply is to keep interest rates low, thus enabling the federal government to run large deficits without incurring unmanageable interest payments.
The so-called Inflation Reduction Act increases government spending. For example, the bill authorizes spending hundreds of billions of dollars on energy and fighting climate change. Much of this is subsidies for renewable energy in other words green corporate welfare. Government programs subsidizing certain industries take resources out of the hands of investors and entrepreneurs, who allocate resources in accordance with the wants and needs of consumers, and give the resources to the government, where resources are allocated according to the agendas of politicians and bureaucrats. When government takes resources out of the market, it also disrupts the price system through which entrepreneurs, investors, workers, and consumers discover the true value of goods and services. Thus, green energy programs will lead to increased cronyism and waste.
The bill also extends the temporary increase in Obamacare subsidies passed as part of covid relief. This will further increase health care prices. Increasing prices is a strange way to eliminate price inflation. The only way to decrease health care costs without diminishing health care quality is by putting patients back in charge of the health care dollar.
The bills authors claim the legislation fights inflation by reducing the deficit via tax increases on the rich and a new 15 percent minimum corporate tax. Tax increases wont reduce the deficit if, as is going to be the case, Congress continues increasing spending. Increasing taxes on the rich and corporations also reduces investments, slowing the economy and thus increasing demand for government programs. This leads to increasing government spending and debt. While there is never a good time to raise taxes, the absolute worst time for tax increases is when, as is the case today, the economy is both suffering from price inflation and, despite the gaslighting coming from the Biden administration and its apologists, is in a recession.
The bill also spends 80 billion dollars on the IRS. Supposedly this will help collect more revenue from rich tax cheats. While supporters of increasing the IRSs ability to harass taxpayers claim their target is the rich, these new powers will actually be used against middle-class taxpayers and small businesses that cannot afford legions of tax accountants and attorneys and thus are likely to simply pay the agency whatever it demands.
Increasing spending and taxes will increase the pressure on the Federal Reserve to keep interest rates low, thus increasing inflation. If Congress was serious about ending inflation, it would cut spending starting with overseas militarism and corporate welfare. A Congress that took inflation seriously would also take the first step toward restoring a free-market monetary system by passing Audit the Fed and legalizing competition in currency.
More here:
Inflation Reduction Act: Another DC Lie - Ron Paul
- 'Shrinkflation'? Blame the Fed - Newsmax - March 22nd, 2024 [March 22nd, 2024]
- Ron Paul Tells Tucker Carlson the Exact Date There Was a Coup and We Lost Our Government - Mediaite - March 20th, 2024 [March 20th, 2024]
- Ron Paul: It Dawned On Me That The Republic Was Gone When Allen Dulles Was Appointed To The Warren ... - RealClearPolitics - March 20th, 2024 [March 20th, 2024]
- The rise and - possible - fall of David Shafer - The Atlanta Journal Constitution - June 2nd, 2023 [June 2nd, 2023]
- Yes, that was Paul Hornung on Packers' sideline in Ice Bowl - Packers.com - June 2nd, 2023 [June 2nd, 2023]
- Cap Times Idea Fest 2023 save the dates | Paul Fanlund ... - The Capital Times - June 2nd, 2023 [June 2nd, 2023]
- Folks tell Ron Keller his memories of growing up in Naperville could ... - Positively Naperville - June 2nd, 2023 [June 2nd, 2023]
- The Man Who Invented the Trillion-Dollar Coin - New York Magazine - June 2nd, 2023 [June 2nd, 2023]
- Opinion | Why Texas Republicans Are Targeting Renewable Energy - The New York Times - June 2nd, 2023 [June 2nd, 2023]
- States that have produced the most NBA Finals champions - MaxPreps - June 2nd, 2023 [June 2nd, 2023]
- All Community Pro-Am starting holes on Saturday, Sunday - McCook Daily Gazette - June 2nd, 2023 [June 2nd, 2023]
- The World and Everything in It: June 2, 2023 - WORLD News Group - June 2nd, 2023 [June 2nd, 2023]
- Sen. Rand Paul staffer's parents speak out after he was 'brutally ... - March 31st, 2023 [March 31st, 2023]
- Rand Paul staff member stabbed in D.C., has life-threatening injuries - March 31st, 2023 [March 31st, 2023]
- Aide to Senator Rand Paul critically wounded in Washington DC stabbing ... - March 31st, 2023 [March 31st, 2023]
- The Antiwar Movement Roars Back to Life | CNSNews - March 4th, 2023 [March 4th, 2023]
- Ron Pauls Retirement Advice: Do This One Thing ASAP - March 4th, 2023 [March 4th, 2023]
- The Ron Paul Institute for Peace and Prosperity : The Antiwar Movement ... - March 4th, 2023 [March 4th, 2023]
- Feb. 19: Ron Paul, Tulsi Gabbard to Speak at Anti-War Rally ... - February 20th, 2023 [February 20th, 2023]
- 5 Things You May Not Know About Ron Paul : NPR - NPR.org - February 20th, 2023 [February 20th, 2023]
- The Real Disinformation Was The Russia Disinformation Hoax - February 5th, 2023 [February 5th, 2023]
- The Ron Paul Institute for Peace and Prosperity : The Real ... - February 5th, 2023 [February 5th, 2023]
- Paul McCartneys Decade-Long Creative Surge Post-Beatles To Be Explored In Man On The Run From Oscar Winner Morgan Neville - Deadline - February 5th, 2023 [February 5th, 2023]
- Ron Paul hospitalized after he appears to suffer stroke - New York Post - January 30th, 2023 [January 30th, 2023]
- Ron Paul Issues an Urgent Warning to Retirement Savers - January 30th, 2023 [January 30th, 2023]
- The Ron Paul Institute for Peace and Prosperity : Zelenskyy Regime to ... - January 30th, 2023 [January 30th, 2023]
- XPONENTIAL FITNESS, INC. : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance... - January 15th, 2023 [January 15th, 2023]
- Ron Paul: 'Twitter Files' Make It Clear, We Must Abolish The FBI - December 28th, 2022 [December 28th, 2022]
- Ron Paul: A Tale Of Two Midterms | ZeroHedge - December 28th, 2022 [December 28th, 2022]
- Retiring History Theatre artistic director Ron Peluso looks back at fond moments from his 27 years on the job - St. Paul Pioneer Press - December 26th, 2022 [December 26th, 2022]
- Ron Paul | Biography, Education, Books, & Facts | Britannica - December 21st, 2022 [December 21st, 2022]
- The Ron Paul Institute for Peace and Prosperity : Is Washingtons ... - December 21st, 2022 [December 21st, 2022]
- The Ron Paul Institute for Peace and Prosperity : Europe Commits ... - October 25th, 2022 [October 25th, 2022]
- Ron Paul 2012 presidential campaign - Wikipedia - October 23rd, 2022 [October 23rd, 2022]
- Nevada's micronation of Molossia has a sounder currency than the dollar - Washington Times - October 19th, 2022 [October 19th, 2022]
- Dune Sound Team on Finding "The Voice," Using "Fake Documentary Realism" & the Rescue of Paul Atreides - Below the Line |... - October 19th, 2022 [October 19th, 2022]
- Paul LePage has softened his stance on immigration. Or has he? - Bangor Daily News - October 19th, 2022 [October 19th, 2022]
- 38 Celeb Couples Who Have Been Together More Than 20 Years, Which Is Like, 150 Years In Normal People Time - BuzzFeed - October 19th, 2022 [October 19th, 2022]
- Ron Paul: It's Time To Tell Biden We Say 'No!' To Nuclear War OpEd - Eurasia Review - October 15th, 2022 [October 15th, 2022]
- The Moment the Republican Party Lost Control - The New Republic - October 15th, 2022 [October 15th, 2022]
- Paul Ryan: Trumps unelectability will be palpable by 2024 - The Hill - October 15th, 2022 [October 15th, 2022]
- Governor Ron DeSantis Appoints Fourteen to the Florida Rehabilitation Council for the Blind - Governor Ron DeSantis - October 15th, 2022 [October 15th, 2022]
- Paul Newman recalls losing his only son Scott to addiction in memoir: I never thought it would be fatal - Fox News - October 15th, 2022 [October 15th, 2022]
- How To Resist CBDCs5 Ways You Can Opt Out of This Dystopian Future - International Man - October 15th, 2022 [October 15th, 2022]
- Bob Doucette: 2022 campaign a Wild West of ideas of how to govern Oklahoma - Tulsa World - October 15th, 2022 [October 15th, 2022]
- Warm start to the week, then chilly temps later; thunderstorm chance Tuesday evening - MPR News - October 15th, 2022 [October 15th, 2022]
- Ron Paul: Will Italys Election Foreshadow US Midterms? - Libertarian Party - October 8th, 2022 [October 8th, 2022]
- With POTUS non-endorsement endorsement of Ron DeSantis, the race for Florida Governor is over - Florida Politics - October 8th, 2022 [October 8th, 2022]
- Miranda Webb: Trauma, anarchy and perilous life on the run from Northeast Ohio to Mexico - Akron Beacon Journal - October 8th, 2022 [October 8th, 2022]
- Ben Sasse and the battle over what kind of conservative leads the GOP - Washington Examiner - October 8th, 2022 [October 8th, 2022]
- Slayden carries Wood River past Freeburg and back into the playoffs - St. Louis Post-Dispatch - October 8th, 2022 [October 8th, 2022]
- 'The water came up so fast': The heroes of Tonya Court and Wisconsin Street - Naples Daily News - October 8th, 2022 [October 8th, 2022]
- Wisconsin Republicans still fixated on 2020 election in 2022 - PBS Wisconsin - October 8th, 2022 [October 8th, 2022]
- The Ron Paul Institute for Peace and Prosperity : School Shutdowns ... - September 29th, 2022 [September 29th, 2022]
- Fans Discover Ron Paul Delivered Late Pop Icon Selena - September 29th, 2022 [September 29th, 2022]
- Flashback: Ron Paul Railed Against the FBI in 1988 - NOQ Report - September 29th, 2022 [September 29th, 2022]
- Paul Sullivan: Chicago White Sox need to shake up their clubhouse culture by dealing 1 or more of their core players this offseason - The Killeen... - September 29th, 2022 [September 29th, 2022]
- Tim Ryan Says Americans Need To Give Up Gas Cars as He Drives Around Ohio in Gas Guzzlers - Washington Free Beacon - September 29th, 2022 [September 29th, 2022]
- Pianist Paul Barnes and Native flutist Ron Warren to premiere piece Monday in Lincoln - Lincoln Journal Star - September 27th, 2022 [September 27th, 2022]
- POLITICO Playbook PM: Mitch McConnell and the tale of two moderate Dems - POLITICO - POLITICO - September 27th, 2022 [September 27th, 2022]
- Cam'ron and A-Trak 'U Wasn't There' Review - slantmagazine - September 27th, 2022 [September 27th, 2022]
- As the Economy Collapsed, Why Were Economists Silent? - The Epoch Times - September 27th, 2022 [September 27th, 2022]
- CBDCs, SDRs, and the Re-Monetization of Gold Here's What Happens Next - International Man - September 27th, 2022 [September 27th, 2022]
- Lessons Learned: Ron Paul's Warnings Against the War on Terror Stand True - Libertarian Party - September 17th, 2022 [September 17th, 2022]
- KRULL COLUMN: Maybe it's an oath they don't understand - Evening News and Tribune - September 17th, 2022 [September 17th, 2022]
- 9 Tips to Tackle Your Financial Goals and Still Have Fun - Money Talks News - September 17th, 2022 [September 17th, 2022]
- 10 States With the Most Homes at Risk of Wildfire - Money Talks News - September 17th, 2022 [September 17th, 2022]
- 5 Handy Keyboard Shortcuts That Make Internet Life Easier - Money Talks News - September 17th, 2022 [September 17th, 2022]
- What we know about Texas and Florida's transport of migrants - Axios - September 17th, 2022 [September 17th, 2022]
- 15 States With the Highest Union Participation Rates - Money Talks News - September 17th, 2022 [September 17th, 2022]
- Winter is Coming But the 2022 Ram 1500 Isn't Worried - MotorBiscuit - September 17th, 2022 [September 17th, 2022]
- '8 Simple Rules' Turns 20: 10 Big Names Who Appeared on the Sitcom - TV Insider - September 17th, 2022 [September 17th, 2022]
- Tech and finance moguls are putting money and weight behind Trump with a brain Ron DeSantis - Fortune - September 11th, 2022 [September 11th, 2022]
- What Is Peter Thiel Thinking? - The New Republic - September 11th, 2022 [September 11th, 2022]
- 7 of the Most Beautiful Places to Retire in America - Money Talks News - September 11th, 2022 [September 11th, 2022]
- 3 Ways to Lower the Rising Risk of Electrical Fires - Money Talks News - September 11th, 2022 [September 11th, 2022]
- Inflation Is State-Sponsored Terrorism - SchiffGold - September 11th, 2022 [September 11th, 2022]
- Quick hits: Pujols clouts 696th homer to tie for fourth all-time as Cardinals rally to win - St. Louis Post-Dispatch - September 11th, 2022 [September 11th, 2022]
- It's no coincidence that the most successful democracies are constitutional monarchies - The Telegraph - September 11th, 2022 [September 11th, 2022]
- "Distinguished," "loyal," "failure": Denver reflects on the retirement of Chief Paul Pazen and its hopes for new Chief... - September 6th, 2022 [September 6th, 2022]