Larry Kudlow on the Inflation Reduction Act: There is not an iota of stimulus for economic growth in this
President Joe Biden gleefully signs this atrocity from a Tax and spending billBut he does not deceive anyone.
The Economist/YouGov poll showed that only 12% think the bill will cut inflation, 40% think it will increase inflation, and 23% think it will do nothing.
Twelve percent, Joe. This must be a new low…even for you. There isn’t a single atom, twinkle, twinkle, atom, or a single morsel of economic growth stimulus on this bill. There is no single comma, semicolon, dotted “i”, or intersecting “t” of growth. nothing.
After two quarters of negative GDP, nearly 10% inflationIs this what the radical Democrats have come up with? Is this the best they can do? really? The 40% of the YouGov survey that showed this goofy law will increase inflation are well aware that the massive spending on the Green New Deal of more than $400 billion will make power and electricity more expensive.
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Just check gas and electric prices in Greenie states like California, New York, New Jersey, Connecticut and more. Even worse, our friend Bjorn Lomborg, using the United Nations climate model, calculates that a $400 billion climate spending would reduce global warming – get this, best case – by 28 parts of a thousand degrees Fahrenheit or, at worst, only nine of ten thousand. 1 degree Fahrenheit. In other words, there is no global climate influence.
Greenie’s radical friends at Biden are trying to sell us a very bogus goods bill, but that bill would cost at least $750 billion in new spending overall. That includes about $600 billion in tax increases and high-cost gimmicks, and did you know that inside all that green spending, we now have a $27 billion brand hitting a new national climate bank run by the Environmental Protection Agency?
Did you know that your Department of Energy will own $250 billion? Think of Solyndra in the hundredth power. Isn’t that fun? This is only part of the story. Of course, we have the new IRS. Why do I say that? Well, we already had one IRS, but now, it’s doubled with an $80 billion budget increase, and we’ve got a brand hitting a new army of IRS customers because, even though we already have an army, it’s doubled as well. This may be armed.
Remember the old gum ad, double your flavor, double the fun? Well, here we are. Get ready, and despite the recession, small businesses passing by are getting $53 billion at the last minute tax increase. American companies get a $222 billion tax hike. Seniors, retirees, government retirees, and all the rest of us with 401,000 or IRAs get a $74 billion tax increase.
Everyone will get a cost increase of $250 billion thanks to price controls for prescription drugs, the Central Bank of Oman and the Joint Tax Committee, government accounts officials, have shown that not only is there no reduction in inflation, but the bulk of these tax increases and the IRS army on middle and low income taxpayers. And you know those Greenie EV tax credits?
Well, Ford raised its price for the F-150 Lightning Pro by $7,000, but none of it will likely be available because the lithium, nickel, and other goods needed for the batteries are made in China.
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Since green spaces will not allow America to mine its own natural resources, we will lose our luck. The net worth of this net nonsense is that Americans will be poorer and less competitive in global markets. Is this really what we want?
Oh, and finally, all those budget numbers I just gave you may prove somewhat wrong because the CBO has never recorded the cost of such brutality. This is correct.
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This bill had to be passed to see what’s inside, but it turns out the bill has been passed and is being signed now, but we still don’t know what’s in it. Call it the Democrats’ Radical Scoring.
So, you know me, I’m always an optimist. The cavalry is coming. Save America. Repeal this law.
This article is adapted from Larry Kudlow’s opening comment to the August 16, 2022 edition of Kudlow.