Perhaps because they know kitchen table issues like the economy and inflation are typically the top priorities for voters come election time, Democrats and their media allies have been spinning like tops over the last two months by suggesting in so many words that Americans really don’t have it so bad. And when they’re not doing that, they’re busy gaslighting in their attempts at redefining words like “recession” and “inflation.”
The most recent instance where our collective intelligence was insulted by this administration came from several high-level members of the Biden team including none other than Joe Biden himself. As we previously reported, he laughably claimed during a Wednesday White House event that “Today we received news that our economy had 0% inflation in the month of July.”
Strangely enough, we haven’t seen the supposed “fact checkers” rush in to declare Biden’s claim a bald-faced lie, but maybe they’ll get around to it once they get done amplifying lame justifications for 87,000 new IRS tax agents.
And speaking of that, the proposal for significantly beefing up the IRS is part of the bogusly titled “Inflation Reduction Act,” which Biden is continuing to urge Congress pass so he can sign it into law.
During the same speech he gave earlier, however, Biden let an accidental truth slip out about the bill, proclaiming it was “the most consequential thing that Congress can do to keep our progress on inflation from getting better” before he corrected himself by saying “from getting worse.”
Biden: “We need to pass the Inflation Reduction Act right away. It’s the most consequential thing that Congress can do to keep our progress on inflation from getting better — uh, from getting worse.” pic.twitter.com/C4q1Spude0
Guess what, Mr. President? Over 230 actual economists agree with you on the first part of your statement. In fact, according to them, your much-touted “Inflation Reduction Act” will actually increase inflation:
The economists wrote in the letter first obtained by Fox News Digital that the U.S. economy is at a “dangerous crossroads” and the “inaptly named ‘Inflation Reduction Act of 2022’ would do nothing of the sort and instead would perpetuate the same fiscal policy errors that have helped precipitate the current troubling economic climate.”
The economic experts point to the $433 billion in proposed government spending, which they argue “would create immediate inflationary pressures by boosting demand, while the supply-side tax hikes would constrain supply by discouraging investment and draining the private sector of much-needed resources.”
They also write that of “particular concern” is the corporate minimum tax that they say will undercut efforts to restore functioning supply chains.
In addition, the bill’s prescription drug provisions “would impose price controls that threaten healthcare innovation, creating a human health toll that would add to the financial woes that Americans are already experiencing.”
Not only that, but some of Sen. Manchin’s “favorite economists” agree in principle with their assessment:
#NEW: The UPenn @Wharton budget model estimates the so-called “Inflation Reduction Act” would NOT reduce inflation.
In fact, Senator Manchin’s favorite economists estimate it would actually increase inflation through 2023.https://t.co/yqW8nrDFg3
“It’s the most consequential thing that Congress can do to keep our progress on inflation from getting better — uh, from getting worse.” You got it right the first time, Mr. President. You got it right the first time.