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but you know if you want to know the effect of any kind of bill that congress is you know gonna pass or the president's gonna sign it's easy you just look at the title and you just think the opposite so this bill is titled the inflation reduction act that means the bill is going to make inflation higher that's always the case right if they have a tax simplification plan it's going to make the tax system more complicated it's always the opposite and that's exactly what this bill is going to do if it's signed into law it will make inflation worse inflation will go up it will not go down and that's because you do not fight inflation by increasing government spending you do not fight inflation by raising taxes on businesses because when you raise taxes on corporations businesses what you end up doing is getting less investment and you reduce supply so less stuff gets produced and that puts more upward pressure on prices when the government spends more money that's more demand and that's putting more upward pressure on prices the only legislation that the government could pass that would reduce inflation would be significant cuts in government spending right that would reduce or eliminate the budget deficits so that the fed no longer had to monetize them also the government could substantially repeal all sorts of rules and regulations that are currently running up the cost of doing business and so if they reduce those costs then businesses could pass on those savings to their customers if they want to try to go after taxes after inflation rather through tax hikes the only tax hikes that might work would be taxes that are targeted to the middle class and the poor because you have to reduce demand you have to reduce spending obviously if you if you raise taxes on the middle class they have less money to spend but they're not going to do that and of course i don't prefer that i would rather have government cut spending but if it's not going to cut spending the only choice is to raise taxes if they do neither then inflation is going to continue and get worse they say the president is suddenly on the verge of a turnaround that the white house believes could salvage his summer and alter the trajectory of his presidency all he needs to do now is close and that means getting kirsten cinema to sign on to this and then to take the victory lap that the media will be all too happy to provide him all biden is doing and the democrats they're taking advantage of the fact that the public is upset about inflation so they take a bill that is not going to reduce inflation that will actually make it worse they name it the inflation reduction act and now that they have an act with a title that nobody wants to vote against because everybody is in favor of reducing inflation and then they load it up with a bunch of pork and that's basically what this is it's an excuse to enable the democrats to get all this pork barrel legislation passed by promising the public it's going to lower inflation when it's actually going to make inflation higher they have just put some numbers on it wall street journal editorial board out very much against this bell for many of the reasons you cite they say if their aim is to reduce inflation by chilling business investment and the economy nailed it uh 433 billion in climate and health care spending i mean it's sort of like what's the health care spending doing in there 615 billion in new taxes and drug price control quote savings they're pointing out how the new tax is going to increase the cost of business investment and that actually according to the tax foundation the coal industry is going to be the hardest hit that's mansion's hometown right he's from west virginia so what's he doing uh that companies are going to get tax credits for spending on wind solar minerals as i mentioned nuclear yes quote sustainable aviation fuel and so on electric vehicle charging stations um but that they say the buy demonstration is using regulation to essentially mandate that automakers churn out electric vehicles and now the taxpayers are going to subsidize that cost uh which they can ill afford to do you know the best thing that happened to the bite administration is that joe mansion stopped to build back better bill because you imagine how much worse things would be if that thing had been passed well i mean he seems to be saying this is a mini mini buildback better but that it's much better than buildback better than people are going to like it it's it's probably it's less worse i wouldn't say that it's good but yes it's not as bad and
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