Inflation Act Doesn’t Attack Root Causes
To The Editor: It seems the author of the recent letter “Telling the Real story on Rising Prices” suffers from strategic amnesia – a syndrome that lets someone forget they are guilty of the behavior for which they demonize another. The Democrats are not “tackling price gouging” though the ploy has been around since the 1970s. President Joe Biden is the latest to use it. The Inflation Reduction Act (also known as “Build Back Broke Act) was passed with VP Kamala Harris breaking the tie and has been described by a senior policy analyst for budget policy at the Heritage Foundation as a “Trojan Horse for more of the same policies that created ‘stagflationary’ fire consuming the economy in the first place.”
What will this ‘reduction’ act do for the American citizen?
1. Make health care less affordable, increase drug prices, slash research budgets to produce new lifesaving drugs; 2. Increase by roughly 50% the fees imposed on domestic oil producers on federal lands and send $369 billion of your money to politically connected green industries—improving nothing environmentally wasting more than $7.7 trillion and doubling gas prices; 3. Ship jobs overseas by tax hikes that would destroy the U.S. industrial base sapping growth: 4. Hike up taxes for all; 5. Increase federal inflationary deficits; 6. Likely result in 900,000 fewer jobs, resulting in reduced household incomes; 7. Provides an $80 billion
slush fund for the IRS. Prepare to pay more for everything. There’s nothing in the IRA to reduce gasoline and electricity bills. There’s nothing to increase American energy production. Nothing to spur innovation. Instead, it will increase taxes on average Americans, exacerbate inflation, hike prescription drug prices, and swell federal debts.” How does this benefit our county, our families, and our futures? The act does nothing to fix root policy problems exacerbating the high-energy prices that American individuals, families, and businesses are suffering. More spending won’t decrease energy costs, as the act’s proponents claim, it only shifts higher costs to taxpayers (at best). The act is being dubbed the largest down payment on climate policy in U.S. history— one that we’re told will reduce greenhouse gas emissions by 40% – no facts to prove this, just rhetoric. The Inflation Reduction Act makes the disturbing assumption that the only way to reduce energy prices, increase energy production, and spur innovation is for Washington to do it. This displays blind overconfidence in politicians and bureaucrats— and a profound lack of confidence in the American people.
We need elected officials that have confidence in the American people, the rule of law, and are not funded by socialists to protect our freedoms, families, and future.