The Truth Behind the Deception in the Inflation Reduction Act

Winchester MA

16 August, 2022

10:52 PM

Description

The recent passage of the blatantly misnamed Inflation Reduction Act ranks as the most deceptively promoted legislation in recent history. Respected economists on both sides of the political aisle have stated that this piece of legislation will have no significant effect on reducing inflation. In fact, many say it will have the opposite effect. By a party line vote of 51-50, this bill added $700 billion in spending and about that much in additional taxes. This is in addition to the $3.2 trillion the Biden Administration has already spent. Excessive government spending and the printing of money to fund it all is the cause of what we are currently experiencing in this country - the worse inflation in over 40 years! We feel the effects of this reckless spending every time we enter the supermarket for our weekly groceries. This is a dangerous bill that will add massive amounts to our national debt and will keep the printing presses of the Federal Reserve operating day and night. In these inflationary times, we should be reducing government spending not increasing it. The corporate tax increases in this bill will raise consumer prices and stunt employee wages, ultimately causing American companies to become less competitive in global markets. Domestic manufacturing growth and production will be stifled at a time when we are suffering dangerous supply chain issues. Remember the mask shortage during COVID? It was a glaring reminder of our reliance on China for essential PPE items. Additionally, Americans rely on China for the production of prescription and over the counter drugs, particularly antibiotics. That alone puts Americans in a very precarious position. There is no doubt that this bill will result in a significant reduction in the research and development of new life saving drugs as a result of increased taxes and price controls on American companies. This bill also funds the hiring of 87,000 new IRS agents. Democrats rant and rave about billionaires cheating on their taxes and not paying their fair share. Democrats say these additional 87,000 IRS agents will be employed to pursue billionaires. What nonsense! The truth is that there are only a handful of billionaires in the United States. As such, there is no need to hire an additional 87,000 IRS agents to audit such a nominal amount of taxpayers. Neither is there enough revenue to gain from auditing such a minuscule percentage of the taxpaying population. The truth is that the working class and self-employed business owners will suffer the most at the long arm of the government and will bear the brunt of the tax burden. Instead of hiring 87,000 IRS agents to harass American taxpayers, we should be securing our southern border which has been inundated with record numbers of illegal immigrants. The lack of border security is costing American taxpayers billions of dollars. Some experts say we need upwards of 10,000 more border agents just to stop the fentanyl from flowing into our country via the cartels. Fentanyl poisoning is killing Americans on a daily basis. Border agents are not allowed to use deadly force but IRS agents are?! The passing of the misnamed Inflation Reduction Act was loudly supported by Congresswoman Katherine Clark, who brazenly touted it as a party achievement despite the fact that it will not reduce inflation. Rather, it will inflict further punishment on American consumers and businesses. As you prepare to cast your vote in September and again in November, please keep in mind that the Biden Administration, Nancy Pelosi and Congresswoman Katherine Clark, and all those who vote along Democratic Party lines would rather raid your wallet than protect our southern border.To learn more about my campaign you can visit ColarussoforCongress.com