The GDP numbers are due Thursday, and they’re going to show the U.S. economy contracting over two consecutive quarters … in other words, a recession. Don’t worry, though: Sens. Chuck Schumer and Joe Manchin have reached a deal on something called … get this … the Inflation Reduction Act of 2022.
We must be honest about the economic reality America now faces. That's why I'm proud to support the Inflation Reduction Act of 2022, which will address record inflation by paying down our national debt, and by lowering energy & healthcare costs. MORE: https://t.co/oPZF1gilEh
— Senator Joe Manchin (@Sen_JoeManchin) July 27, 2022
Lol imagine calling for new taxes the day before we find out we're officially in a recession.
Insane. https://t.co/FFvvY7jKBQ
— Matt Whitlock (@mattdizwhitlock) July 27, 2022
Amazing that Dems are proposing raising taxes and spending (what else?) a couple of days before we're likely to hear that we're in a recession. https://t.co/V0ccNFgbuz
— David Harsanyi (@davidharsanyi) July 27, 2022
These are all long-time Dem agenda items that have absolutely nothing to do with inflation. And throwing another $369B into the economy will not only undercut reliable energy production it's basically asking for more trouble.
— David Harsanyi (@davidharsanyi) July 27, 2022
Only Democrats would, as inflation hits 40-year-highs, propose a massive tax increase on businesses (that will proceed to raise their prices) so they can fund $800 billion of new spending on green energy grift and call it the "Inflation Reduction Act."
— Greg Price (@greg_price11) July 27, 2022
This will drive USA towards being Venezuela or Sri Lanka by the end of Bidens term….
— BarbReilly (@BarbReilly7) July 27, 2022
Recommended
Notable that Manchin waited until after CHIPS passed.. but also after the markets closed to announce his support for new tax hikes.
Tomorrow could be a very ugly day.
— Matt Whitlock (@mattdizwhitlock) July 27, 2022
Lol if Manchin supports a spending bill with tax credits to help rich people buy electric vehicles after all his posturing on inflation, hard to imagine anyone ever trusting him again. https://t.co/wSra95s30e
— Matt Whitlock (@mattdizwhitlock) July 27, 2022
Lowers energy costs. Show us one place in the world that has reduced costs by going green.
— Apostasy Now (@NowApostate) July 27, 2022
Well, isn’t that because it designed to do the opposite?
“The more pain that we experience from the high price of gas, the more benefit there is for those who can access electric vehicles.” -Sec. of Trans (sic).
Implication: You want “access,” right?
— futuretweetstoday (@carroll23457) July 27, 2022
They don't know how to do anything else.
— Holden (@Holden114) July 27, 2022
Raise taxes, spend, and manipulate language to deny reality to people’s faces.
— Campa Spáis (@97_JDD) July 27, 2022
Note they plan on generating *revenue* from prescription price reform… that means drug prices go UP.
— Brandon Letsgo 🇺🇸🇺🇦 (@E__Strobel) July 27, 2022
Biden is determined to destroy the economy.
— TheT8rSalad (@t8r_the) July 27, 2022
Don’t you need a budget surplus to pay down the debt? When do we get there?
— MyGoodLife21 (@Life21Good) July 27, 2022
Inflation Reduction Act. Printing more money that we do not have. Increasing the money supply. Remember, when there is more of something the value decreases. More dollars means the dollars are less valuable resulting in HIGHER inflation. Thanks Joe.
— Alan Powell (@Msgtpowell) July 27, 2022
“Rather than risking more inflation with trillions in new spending” …
You’re playing semantics. This is not honest. It’s inflationary. Offset or not.
Thanks for super charging the IRS.
Disappointed. You caved, but were the ones who lose. Rationalize it however you can.
— K9 (@meaculpaK9) July 27, 2022
Raising taxes during a recession is bad for the economy and increasing spending is not going to reduce inflation. You lied to America and you’re lying to West Virginia. Both would be better off with you out of office
— commonsense (@commonsense258) July 27, 2022
You don't beat inflation by spending money. You beat it by removing the excess money you pumped into the economy with your drunken spending.
— Chef Zhorge – CPA (rtd), Political Centrist. (@MosesZD) July 27, 2022
Supposedly, @Sen_JoeManchin has agreed to massive tax increase, new subsidies for Obamacare, a Green New Deal attack on the energy industry, cash for the IRS, and increased gov't control of drug industry. Of course, DC media/political class is excited. Taxpayers– not so much.
— Tom Fitton (@TomFitton) July 27, 2022
Joe Manchin just ended his political career by supporting a massive tax increase with our country at a forty year inflation high and a recession underway. Disastrous policy. Which West Virginia Republican will replace him in 2024? He has to retire now. Election won’t be close.
— Clay Travis (@ClayTravis) July 27, 2022
Raise your hand if you know this will be the final nail that will bankrupt America 🙋♀️ https://t.co/jOdjWkZjAs
— SeldenGADawgs (@SeldenGADawgs) July 27, 2022
It’s called the Inflation Reduction Act, so what could go wrong?
Related:
Jonathan Chait writes that ‘the Democrats’ failure is complete’ (mostly because of Joe Manchin) https://t.co/blt53c2t5m
— Twitchy Team (@TwitchyTeam) July 16, 2022
Join the conversation as a VIP Member