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Posts tagged ‘INFLATION REDUCTION ACT’

‘All Of Us Knew’: Top House Dem Admits The Party Was Aware That They’d Cause Inflation


By HAROLD HUTCHISON, REPORTER | October 20, 2022

Read more at https://dailycaller.com/2022/10/20/clyburn-democrats-inflation/

DCNF - Clyburn Inflation Dems - Featured
Screenshot/Rumble/MSNBC

Democratic Rep. James Clyburn of South Carolina claimed during a Thursday MSNBC appearance that the Biden administration and Congressional Democrats knew some of their moves would spur inflation.

“All of us knew this would be the case when we put in place this recovery program. Any time you put more money into the economy, prices tend to rise. And we do know that price gouging takes place and that’s what Senator Warnock is concerned about in Georgia,” Clyburn told host Jose Diaz-Balart. “We knew the moment we went to aid the Ukrainians, the Russians would do what they could possibly do to undercut this administration, so they cut this deal with OPEC nations to reduce the production of oil so as to drive the price of gasoline up.” (RELATED: JPMorgan Chase CEO Issues Another Warning On US Economy: ‘This Is Serious’)

President Joe Biden signed the American Rescue Plan, which had $1.9 trillion in spending, into law in March 2021. Biden signed the Inflation Reduction Act, which largely consists of green energy programs, healthcare spending and a massive increase in funding for the Internal Revenue Service, into law in August 2022.

WATCH:

The Consumer Price Index increased 8.2% year-to-year in September after rising by 8.3% in August, 8.6% in July, 9.1% in June and 8.5% in May. The Biden administration and Democrats have blamed high gas prices on Russian President Vladimir Putin, but some experts have said that President Biden’s hostility towards fossil fuel production is to blame.

“We are not going to allow these kinds of intimidations be it by big, corporations who are raising prices when they should not be or foreign countries who are doing untoward things in retaliation for our assisting our alliances that’s not going to trump, and that’s an intended pun, there our concern for people getting back on their feet in this country, getting more cash in people’s hands, getting people back to work, fixing our infrastructure,” Clyburn said.

The White House did not immediately respond to a request for comment from the Daily Caller News Foundation.

Today’s Politically INCORRECT Cartoons by A.F. Branco


A.F. Branco Cartoon – Buyer Beware

A.F. BRANCO | on September 15, 2022 | https://comicallyincorrect.com/a-f-branco-cartoon-buyer-beware/

Democrats are celebrating their Inflation reduction act as inflation grows and the 401-Ks sink.

Inflation Reduction Act Cartoon
Political cartoon by A.F. Branco ©2022.

DONATE to A.F.Branco Cartoons – Tips accepted and appreciated – $1.00 – $5.00 – $25.00 – $50.00 – $100 – it all helps to fund this website and keep the cartoons coming. Also Venmo @AFBranco – THANK YOU!

A.F. Branco has taken his two greatest passions, (art and politics) and translated them into cartoons that have been popular all over the country, in various news outlets including “Fox News”, MSNBC, CBS, ABC, and “The Washington Post.” He has been recognized by such personalities as Dinesh D’Souza, James Woods, Sarah Palin, Larry Elder, Lars Larson, Rush Limbaugh, and President Donald Trump.

Inflation Beats Expectations As Food, Grocery Prices Shatter Records


By JOHN HUGH DEMASTRI, CONTRIBUTOR | September 13, 2022

Read more at https://dailycaller.com/2022/09/13/inflation-drop-wont-stop-fed/

FILE PHOTO: U.S. President Joe Biden signs "The Inflation Reduction Act of 2022" into law at the White House in Washington
REUTERS/Leah Millis/File Photo

Inflation was at 8.3% in August, significantly exceeding economists’ predictions with core prices jumping even higher, according to data from the Bureau of Labor Statistics’ Consumer Price Index (CPI).

Core prices, which measures all prices less food and energy, remained elevated at 6.3%, slightly higher than July’s 5.9%, according to the BLS. With core prices remaining strongly elevated, it is unlikely that the Federal Reserve will slow its rate of interest increases designed to combat inflation, and will once again hike rates by 0.75% next week, according to The Wall Street Journal. (RELATED: Fed Unveils Bleak Forecast In Another Troubling Sign For The Economy)

Economists had predicted inflation to decrease from 8.5% to around 8.1%.

“The Federal Reserve will require at least three months of reassuring inflation data—along with evidence of a cooling labor market—before considering softening its tone,” said Mark Haefele, chief investment officer at UBS Global Wealth Management, according to the WSJ. This estimate is in line with the Federal Reserve’s estimate that the fight against inflation will likely take until the end of the year, according to a report.

The energy index continued to fall 5% from Julybut energy costs have still increased 23.8% year-on-year, according to the BLS. Gasoline in particular remains high at 25.6%, down from 44.9% in July, with fuel oil remaining up 68.6% even after falling 5.9% in August.

Food prices posted the largest 12 month increase in 43 years, with a 11.4% year-on-year increase in national food prices, up from July’s 10.9%, according to the BLS. Prices for shelter also remain elevated, increasing 6.2% year-on-year, compared to 5.7% in July.

Under President Biden’s economic plan, we’re:
– Bringing home jobs that went overseas
– Making things here in America
– Making our supply chains more secure
– Winning the race for the future

— The White House (@WhiteHouse) September 10, 2022

The Biden administration has been taking a victory lap on economic conditions, with Treasury Secretary Janet Yellen claiming that the U.S. had undergone an exceptionally rapid recovery “by any traditional metric,” in remarks at a Ford electric vehicle facility Sept. 8. She went on to say that “Household balance sheets are strong.”

The Federal Reserve, which operates independently of the Biden administration, has been less optimistic, and described the economy as “generally weak” in a report just one day prior to Yellen’s speech. Roughly half of the regional banks that comprise the Federal Reserve system reported that their regional economies were either stagnant or declining, with the remainder reporting either slight or modest growth.

“Last month President Biden made a huge production over a 0.0% month-to-month change in the CPI from June to July,” said Peter C. Earle, economist at the American Institute for Economic Research in a statement to the Daily Caller News Foundation. “There isn’t anything to celebrate in today’s July-to-August CPI numbers, so the likely spin will be to return to touting the so-called Inflation Reduction Act.”

Fox News host gets energy secretary to show just how out of touch she is with everyday Americans


By CHRIS ENLOE | August 22, 2022

Read more at https://www.theblaze.com/news/jennifer-granholm-low-income-benefits-inflation-reduction-act/

Speaking with fill-in host Trace Gallagher on “Fox News Sunday,” Granholm responded to criticism that tax credits built into the Inflation Reduction Act only financially benefit Americans who can afford clean-energy items like solar panels and energy-efficient appliances.

Shockingly, Granholm claimed even low-income Americans, those with the least disposable income, also benefit — by spending imaginary money they probably do not have.

“If you are low-income, you can get your home entirely weatherized through the expansion from the bipartisan infrastructure laws, a significant expansion — you don’t have to pay for anything,” she said. “If you want heat pumps, insulation, new windows, that is covered.

“If you are moderate-income, today you can get 30% off the price of solar panels. Those solar panels can be financed, so you don’t have to have the big outlay at the front,” she added. “If you don’t qualify for the weatherization program, you will be able to, starting next year, get rebates on the appliances and equipment that will help you reduce your monthly energy bill by up to 30%. That is all about reducing costs for people.”

Sec. Granholm defends Inflation Reduction Act’s climate provisions www.youtube.com

There are several critical problems with Granholm’s response, underscoring how out of touch her comments are with the everyday realities of most, and especially poorer, Americans.

First, low-income Americans, precisely because they are stuck in poverty or cannot get better-paying jobs, are less likely to own a home. Thus, if they are renters, they probably do not have the option to significantly modify their landlord’s property by installing solar panels and other “weatherizing” features. And even if their landowner installs such items, they would not benefit — their landlord would.

Second, solar panels, for example, are not cheap. According to Consumer Affairs, installing a 6-kW system will cost most Americans between $13,000 and $17,000, depending on where they live. Windows, appliances, and other green-energy “weatherizing” features are not cheap, either.

Third, Granholm oversold the benefits of the law.

The rebate portion of the law (“High-Efficiency Electric Home Rebate Act”) sets a maximum rebate amount at $14,000, the majority of which goes toward heat pump upgrades. The rebate for appliance upgrades, like the heat pump for a dryer or an energy-efficient stove, is set at a maximum of $840. And only those items that “meet or exceed the highest efficiency tier” as established by the Consortium for Energy Efficiency qualify for the benefit.

Meanwhile, the rebate for “weatherizing” your home by making improvements to insulation, air sealing, and ventilation maxes out at $1,600, while the credit for expensive Energy Star-approved windows maxes out at $600, and the benefit for installing energy-efficient exterior doors maxes out at $500.

Regarding solar panels, the Residential Clean Energy Credit provides a tax credit of 30% of the cost associated with installing solar energy equipment. This is only a 4% increase over the previous tax credit amount.

Finally, with an overheated economy and sky-inflation that decreases the purchasing power of every dollar, most Americans have fewer dollars to spend on energy-efficient items and electric vehicles.

Instead, they’re most concerned with paying rent or their mortgage, putting food on their tables, and making ends meet in general — not using what little extra money they have to install solar panels or expensive new windows.

Editor’s note: This story originally stated that Granholm appeared on “Fox & Friends.” In fact, she appeared on “Fox News Sunday.” We regret the error.

87,000 New IRS Agents Will Join Union That Gives 100% Of PAC Funds to Democrats


BY: VICTORIA MARSHALL | AUGUST 10, 2022

Read more at https://thefederalist.com/2022/08/10/87000-new-irs-agents-will-join-union-that-gives-100-of-pac-funds-to-democrats/

Internal Revenue Service

Democrats just doubled the size of a major Democratic war chest. Yes, remember those 87,000 new IRS agents that will be added to the federal payroll thanks to the Democrats’ Inflation Reduction Act (a misnomer if there ever was one)? The vast majority of those agents will likely join and pay dues to the IRS’ public sector union, the National Treasury Employees Union (NTEU).

Per Americans for Tax Reform, the union gave 100% of its Political Action Committee (PAC) funding to Democrats for the 2022 cycle, including $30,000 to the Democratic Congressional Campaign Committee, $30,000 to the Democratic Senatorial Campaign Committee, and $30,000 to the DNC Services Corporation, a group dedicated to “coordinating party organizational activities.”

It also gave 98.79% of its federal candidate spending for the 2021-2022 cycle to Democrats, most notably House Speaker Nancy Pelosi (D-CA) and Senate Majority Leader Chuck Schumer (D-NY). The NTEU specifically prioritized donating to key Democratic battleground races, such as donating $5,000 to Raphael Warnock’s Georgia Senate race and $10,000 to Maggie Hassan (D-N.H.). 

And that’s not all. In 2019, it was reported that IRS employees spent 353,820 hours of taxpayer-funded union time (TFUT) on the job. That means during a normal workday, instead of assisting taxpayers with filing their taxes, IRS agents spent hours working for an entity that spends 100% of its PAC funding on Democrats. This is an organization where if you call them, you have a 1-in-50 chance of reaching an actual human being. Those 353,820 hours could have been used to help taxpayers instead of strengthening a public sector union. 

As Aaron Withe, CEO of Freedom Foundation, put it, taxpayer dollars are being used to “double the size of an agency that has already weaponized itself against those taxpayers it deems its political opponents.”

By doubling the size of the IRS, Democrats are doubling the number of dues the NTEU receives, dues that will be funneled to bankroll Democratic political campaigns. NTEU dues range from $16 to $23 per pay period. If all 87,000 new IRS agents were forced to unionize, the number of dues collected would amount to at least $33,351,168 per year — all ripe for the taking by Democrats. How clever.


Victoria Marshall is a staff writer at The Federalist. Her writing has been featured in the New York Post, National Review, and Townhall. She graduated from Hillsdale College in May 2021 with a major in politics and a minor in journalism. Follow her on Twitter @vemrshll.

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Today’s Politically INCORRECT Cartoon by A.F. Branco


A.F. Branco Cartoon – Red Ink Sea

A.F. BRANCO | on August 2, 2022 | https://comicallyincorrect.com/a-f-branco-cartoon-red-ink-sea/

Biden and the Democrats will add to Inflation by Implementing the Inflation Reduction Act.

Inflation Reduction Act
Political cartoon by A.F. Branco ©2022

DONATE to A.F.Branco Cartoons – Tips accepted and appreciated – $1.00 – $5.00 – $25.00 – $50.00 – $100 – it all helps to fund this website and keep the cartoons coming. Also Venmo @AFBranco – THANK YOU!

A.F. Branco has taken his two greatest passions, (art and politics) and translated them into cartoons that have been popular all over the country, in various news outlets including “Fox News”, MSNBC, CBS, ABC, and “The Washington Post.” He has been recognized by such personalities as Dinesh D’Souza, James Woods, Sarah Palin, Larry Elder, Lars Larson, Rush Limbaugh, and President Donald Trump.

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