Mr. Jack Bernard recently took to task Rev. David Epps and, by extension, all conservatives for his criticisms of the Inflation Reduction Act (IRA) and instead sang the praises of a bill whose very name is a lie intended to deceive the gullible into actually believing what our government says.
Mr. Bernard was downright giddy about the prospect of the IRS gaining 87,000 more agents to go after those evil rich people, especially the Christian ones. In this sense, Mr. Bernard represents well the current Democratic Party whose fundamental animus is based on envy, class hatred, and resentment.
Let’s start with the reality of this terrible bill. First, the ostensible purpose of this act was to reduce inflation. It’s right in the name, right? But, the University of Pennsylvania’s Penn Wharton Budget Model concurred with the Congressional Budget Office (CBO) in finding that the “impact on inflation is statistically indistinguishable from zero.”
Moreover, the CBO predicts that taxes on households making less than $400,000 will rise by $20 billion over the next 10 years, once again showing that our president and his mendacious party lied when they promised, over and over again, to not raise taxes on that income group.
Oh, and those extra agents at the IRS will not just be going after Mr. Bernard’s despised fat cats, but instead the Joint Tax Foundation predicts that 78-90% of the additional funds raised will come from households making under $200,000 per year.
To recap: the Inflation Reduction Act will not reduce inflation, will increase taxes on the middle class, and squeeze them for more tax dollars by roughly doubling the size of the IRS.
Does Mr. Bernard still support the IRA now that these facts have come to light?
And, just to put a stake in the heart of any idea that the Democrats are serious about fighting inflation, we have the student loan forgiveness debacle, which is clearly unconstitutional, but more importantly, is likely to increase inflationary pressures, according to Larry Summers, former Obama Treasury Secretary.
Whatever extra funds are going to be raised from the IRA (roughly $400 billion), will now be frittered away on this exercise in egregious irresponsibility. Current estimates are that this program will cost $500 billion and may go up to $1 trillion, though the White House claims they’re not really sure what the final cost will be. Nice.
For those on the Left who seem to intentionally ignore the basic laws of economics, when you increase the money supply by forgiving debt, decrease economic output by raising taxes on businesses (which Mr. Bernard also praises the IRA for doing), and double-down on the same behavior that helped cause this inflation in the first place (i.e., blindly injecting trillions of dollars into the economy by printing money), you are going to get MORE inflation, not less. And the ones to suffer the most are the poor. Remember them?
I guess the primary benefit of the IRA for folks like Mr. Bernard is that it makes them feel good about themselves; it’s one giant exercise in virtue signaling. If millions of middle class folks have to pay more taxes, cope with an avalanche of IRS audits, and struggle to pay their bills, who cares? Especially when the more affluent can now more easily afford a Tesla!
Remind me again which party is looking out for the interests of the poor and middle class?
Peachtree City, Ga.