The Build Back Better program should have been passed earlier. It was a much more comprehensive program which addressed major issues that limit our country’s people from achieving all that they can. It allowed Mom’s to work, while giving proper care for their children and positively addressed many social political issues which still delimit our country’s ability to provide truly equal opportunity to all.
Further, it represented a major investment in our country’s much needed research to address climate change, make our human infrastructure much more resilient and much more capable of withstanding the ravages of increasingly extreme weather, limit supply change disruptions by moving new manufacturing related to renewable energy on shore, and able to deal with the global coordination needed to bring the climate crisis under control. The cherry on top was the goal to unleash American innovation to lead the world with the technologies which will be needed for renewable energy and limiting the impact of increasing severe climate change. We missed a huge opportunity because this long term investment in out country’s and, in turn, the world’s future would have cost nothing tho finance as interest rates were near zero percent. Shame on Manchin for tanking this opportunity.
The new initiative is but a shadow of the effort which will be required to address the accelerating rate of increasingly severe weather which is assuredly coming and if unchecked can effect human life on this planet as we now know it. It is a step the the right direction and as the climate worsens will at least give us a minor head start to the broad investments needed to stop it from getting worse and possibly find ways to reverse the damage to restore the climate that we had previously enjoyed. Thanks to Manchin and Schumer for putting this together.
Investment in infrastructure, manufacturing and incentives will result in new jobs and increased money supply to increase inflationary pressures - but these will be the normal inflationary pressures associated with any thriving economy as increased wages will increase demand. Inflation, at it’s core, comes from imbalances between supply and demand.
The biggest contributors to the current world-wide inflation is on the supply side of the equation; The diminished supply of goods and commodities that comes from the extremely abnormal convergence of the pandemic, the inhumane Russian aggression so the putin can fulfill his fantasy that he is the reincarnation of Peter the Great, the weather extremes effecting the availability of foodstuffs, non-robust supply chains tailored for ‘just-in-time’ economics and the incredible tangle of interacting supply chains that often require multiple cycles through the shipping networks to arrive at finished products ready for shipment to consumers.
These supply side inflationary pressures are not ‘normal’ and ‘normal’ responses by the Fed to control demand through interest rates may drive the country into recession mainly because these ‘textbook’ fixes do not address the biggest issues, which are on the supply-side. The initial view by most economists, also relying on ‘textbook’ solutions for normal supply chain disruptions was that they would quickly dissipate - which they did not due to the depth of the supply imbalances coming from all of these abnormal economic factors converging at the same time. The supply chain disruptions will dissipate as manufacturers that need many months to get products produced can adequately predict demand, damages to existing supply chains are repaired and more robust supply chain tactics are developed.
The new 15% tax in corporate profits in excess of a Billion dollars is a means to prevent the abuse of legal tax loopholes designed for individuals being used by companies with the lawyers able to figure out how to exploit them. The 15% tax assures that these giants at least pay some taxes to the government that provides the infrastructure, workers and markets that enable their profitability. It is way more direct and less-risky than developing a bible of tax-laws that say ‘you cannot do this’ anymore because someone will surely find a way to do a ‘this’ in a novel way that can violate the intent to eliminate a loophole. Just this tax recovery will contribute to an annual reduction in the county’s deficit as will the increased tax revenues that will come from a fully employed populace.
The Republican nay-sayers are basically shouting bumper slogan arguments that spending caused the current inflation and more spending will make it worse while ignoring the $6 trillion over 10 years that they gave mostly to our wealthiest in tax reductions to invest in the economy. (They did not invest in the economy but spent most of the tax breaks on corporate stock buybacks which mainly improved the value of stock options normally awarded to C level executives - and the rich got richer while the poor got poorer.)
This legislation is a great start to begin addressing critical long standing problems and reduce the cost of living expenses for most Americans. Allowing the country to negotiate drug prices alone will cut costs dramatically for most seniors and others who are dependent on them. Big Pharma has been mercilessly increasing drug prices every year in anticipation of this, and will scream about having to even go back to the profitable prices they were charging for many medications ten years ago.
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The Build Back Better program should have been passed earlier. It was a much more comprehensive program which addressed major issues that limit our country’s people from achieving all that they can. It allowed Mom’s to work, while giving proper care for their children and positively addressed many social political issues which still delimit our country’s ability to provide truly equal opportunity to all.
Further, it represented a major investment in our country’s much needed research to address climate change, make our human infrastructure much more resilient and much more capable of withstanding the ravages of increasingly extreme weather, limit supply change disruptions by moving new manufacturing related to renewable energy on shore, and able to deal with the global coordination needed to bring the climate crisis under control. The cherry on top was the goal to unleash American innovation to lead the world with the technologies which will be needed for renewable energy and limiting the impact of increasing severe climate change. We missed a huge opportunity because this long term investment in out country’s and, in turn, the world’s future would have cost nothing tho finance as interest rates were near zero percent. Shame on Manchin for tanking this opportunity.
The new initiative is but a shadow of the effort which will be required to address the accelerating rate of increasingly severe weather which is assuredly coming and if unchecked can effect human life on this planet as we now know it. It is a step the the right direction and as the climate worsens will at least give us a minor head start to the broad investments needed to stop it from getting worse and possibly find ways to reverse the damage to restore the climate that we had previously enjoyed. Thanks to Manchin and Schumer for putting this together.
Investment in infrastructure, manufacturing and incentives will result in new jobs and increased money supply to increase inflationary pressures - but these will be the normal inflationary pressures associated with any thriving economy as increased wages will increase demand. Inflation, at it’s core, comes from imbalances between supply and demand.
The biggest contributors to the current world-wide inflation is on the supply side of the equation; The diminished supply of goods and commodities that comes from the extremely abnormal convergence of the pandemic, the inhumane Russian aggression so the putin can fulfill his fantasy that he is the reincarnation of Peter the Great, the weather extremes effecting the availability of foodstuffs, non-robust supply chains tailored for ‘just-in-time’ economics and the incredible tangle of interacting supply chains that often require multiple cycles through the shipping networks to arrive at finished products ready for shipment to consumers.
These supply side inflationary pressures are not ‘normal’ and ‘normal’ responses by the Fed to control demand through interest rates may drive the country into recession mainly because these ‘textbook’ fixes do not address the biggest issues, which are on the supply-side. The initial view by most economists, also relying on ‘textbook’ solutions for normal supply chain disruptions was that they would quickly dissipate - which they did not due to the depth of the supply imbalances coming from all of these abnormal economic factors converging at the same time. The supply chain disruptions will dissipate as manufacturers that need many months to get products produced can adequately predict demand, damages to existing supply chains are repaired and more robust supply chain tactics are developed.
The new 15% tax in corporate profits in excess of a Billion dollars is a means to prevent the abuse of legal tax loopholes designed for individuals being used by companies with the lawyers able to figure out how to exploit them. The 15% tax assures that these giants at least pay some taxes to the government that provides the infrastructure, workers and markets that enable their profitability. It is way more direct and less-risky than developing a bible of tax-laws that say ‘you cannot do this’ anymore because someone will surely find a way to do a ‘this’ in a novel way that can violate the intent to eliminate a loophole. Just this tax recovery will contribute to an annual reduction in the county’s deficit as will the increased tax revenues that will come from a fully employed populace.
The Republican nay-sayers are basically shouting bumper slogan arguments that spending caused the current inflation and more spending will make it worse while ignoring the $6 trillion over 10 years that they gave mostly to our wealthiest in tax reductions to invest in the economy. (They did not invest in the economy but spent most of the tax breaks on corporate stock buybacks which mainly improved the value of stock options normally awarded to C level executives - and the rich got richer while the poor got poorer.)
This legislation is a great start to begin addressing critical long standing problems and reduce the cost of living expenses for most Americans. Allowing the country to negotiate drug prices alone will cut costs dramatically for most seniors and others who are dependent on them. Big Pharma has been mercilessly increasing drug prices every year in anticipation of this, and will scream about having to even go back to the profitable prices they were charging for many medications ten years ago.
This is truly a historic bill: The single largest investment in cleaner energy, the first real drug-pricing caps ever, the first corporate minimum tax on all billion-dollar businesses, etc. It enacts all of this new spending and still reduces the deficit by hundreds of billions of dollars? Why are my fellow Americans in the comments so cynical about this bill? Most of us literally expected nothing to pass this year, but Democrats proved us wrong and got stuff done! We should be celebrating!
Representatives & Senator,
We most strongly urge you to support the Inflation Reduction Act of 2022.
Best
I'm just appointed in the house but not surprise that majority of the Democrats voted for this bill which will only benefit them and not the American people all American will be paying more in taxes.
It doesn't go nearly far enough and left out essential aspects of the original BBB. The give aways to fossil fuels does more harm than good.
I see more happening for the common individual with the Putin Price Cut than anything this bill did. At least that dropped our gas bills by a dollar. I can only credit Putin for reducing the price of gas as he was the one who raised it according to our president.
hopefully we will see reduction back to where it was before the initial year of the Biden Price Hike.
This legislation is not a handout, it is a long overdue investment in the country. It will not instantly stop all inflation but it will reduce the impact of inflation in the nearer term by cutting the costs that most people have to deal with.
The current inflation is mostly due to limited supplies because of the long term damage done to critical supply chains by the pandemic and the disregard of the working people where our government (and some others) did not have the foresight protect displaced workers - who had little alternatives other than finding other work.
The supply chains remain damaged because it takes time and experience for the people who manage the flow of things to do so effectively.This bill invests in moving some of the production of critical supplies stateside, which is a more robust and secure supply chain. With adequate supply the inflationary pressures go down.
By investing in the future we have the opportunity to become a central hub for critical technologies needed to thwart the coming damages of the increasing severe climate change. This not only boosts the economy, it will also return taxes to the treasury and will reduce the supply side impact on inflation.
This is no less an investment in the future than the major US automakers investments of billions of dollars each to build EV batteries. They see a return on their investment as our country will see a return on this investment.
Before the MAGA cult starts mumbling tax and spend bumper sticker slogans, I want to hear their perspectives on the Republican tax cuts that are removing $700 Billion to $800 Billion annually from the treasury - which has been mostly hoarded by the wealthiest people or invested in stock buybacks which makes C level executives stock option awards more valuable.
https://time.com/6204928/irs-87000-agents-factcheck-biden/
Take the win!
Now fight for the environment!!
We need some major Green initatives.
Let's also get price controls for all on Insulin!!
Be prepared for higher taxes on the middle-class and higher inflation on everyone. The socialist liberals love printing money, money we don't have.
You people are so
a tipucal Democratic legislation that is closer to socialism communism, authoritve strong man. Definative not a Democratic strengiening bill.
Once again the republicans show how out of touch, incompetent they are. They would rather see Americans suffer to please their master corporate masters.
Amen
This will cause inflation to get MUCH higher! Total BS!
Well Inflation has gone up and up and up So far
Inspite of ALL THE SO CALLED ACTS Only people Who r suffering r poor people Slaves .. MIDDLE CLASS AND Richest r ok..
Jst another Pelosi misnomer in naming this bill. IT DOES NOTHING TO REDUCE INFLATION and, in the short term, clearly acerbates our inflation problems. This bill should have been called the "Fund the Democrats favorite NGO's and Green Climate Scam.
I am pleased about the passing of the IRA. I think it's a more reasonable version at this time than the original that was proposed. We are such a large diverse country and I feel this law as passed is more doable. Now we need to work on voting rights and rid ourselves of those who would take "rights" away from us.
Joe says we'll need an F 15 to overthrow the government as a guy in a buffalo hat is in jail for temporarily overthrowing the government according to democrats?
Climate scientists have been very vocal about the hypocrisy and damning consequences of catering to fossil fuels in this bill. We are watching the earth turn on us - from the worst heatwave in recorded history in China (over 60 rivers and streams have dried up), to historic and record breaking flooding and drought in the US. How many 1-in-1000 year events have we had in 2022 alone?
it's clear we cannot prevent the damage and suffering that is coming, but committing to ending fossil fuel use can help us move forward to learns alleviating some of the suffering coming our way. We simply can't afford to keep supporting fossil fuel extraction as it poisons our world. This was a massive mistake in this inflation reduction act.
Shameful. He created inflation by over printing the dollar to spend on his Socialist agenda, now he wants to make it appear he gas taken action to curb inflation. Historically, inflation has been controlled by not drastically over spending and printing money we don't have to cover that spending. And then to top it off, he is on record as saying he want to reduce our demand for goods and raise our taxes. The Anerican economy has always been fueled by the Middle class. In a Socialism economy, the government controls the economy. Does anyone have faith that our government can do anything well? Just look at the current state of affairs. WE THE PEOPLE, must remove these socialist extremist from our government in November by giving control to the Republicans who have always understood this. Thus is the only way to send the message to the left--no socislism!
I would love for something to explain to me why the Democrats are trying so hard to destroy our great country. Everyday it is something new and disturbing.
If there’s anything that’s going to be good for the. American people you can bet the Republicans are gonna be against it. Why because they have nothing themselves to offer but lies, bullshit, anti-American statements and stances fairyland conspiracies to make their base to work their base up and keep them in office even though they are screwing the same people that vote for them. I openly invite any Republican to take a look at bitch McConnell a man who came into office penniless and now he's a multimillionaire. How do you get that way by keeping yourself right in the pocket of big business which is exactly what he's done his entire career. Don't believe it open your eyes and investigate it.
Democrats Are Celebrating a Climate Win. But Fewer Americans Say They Care About Climate Change Than Just Three Years Ago.
It is nice to know that at least one of the parties in Congress is willing to try to do SOMETHING to help the American people. The Republican party has no policies anymore. It is just a party that wants power for power's sake and when it has power, it does all it can to make life miserable for Americans. The Republican party also has no commitment to truth, to the Constitution, to the oath of office that they take, or to the rule of law. They are invested in the lies and criminality of the former WH resident and are too scared to stand up for the truth. Liz Cheney has alot to teach all the men of the Republican party about adherence to their oath, about commitment to the country and to the constitution, and about decency in government. Most of the rest of the Republicans need to grow some balls. It is my hope that we elect more Democrats so that we can keep some sort of functioning of our goverment.
The Inflation Reduction Act does nothing to reduce inflation! The name of the bill was designed to fool the American People into believing that it was aimed at reducing inflation. It was a $739 Billion spend and tax bill with the spending up front and the taxation later on.
If the $80 Billion in spending for more IRS agents will go after the more than $190 Billion in fraudulent "COVID recovery" handouts to people who did not qualify for the funds applied for and can recover that taxpayer money, that would sure help to keep American con artists under control. In the mean time, the Internal Revenue Service has only yet recovered about $1 Billion of the fraudulent $193 Billion sent out to scammers and even dead people. How difficulat would it be to track down that $192 Billion in government waste? People need to pay the penalties that they deserve for taking all that money, which they fraudulently applied for and received.
Tracking down the more than $190 Billion in COVID Recovery Aid would be a great place for the thousands of new IRS Agents to start.
And these agents may need more than handcuffs to bring these scammers to justice.
Though it's not everything I wanted, and it's questionable if it'll actually decrease inflation (especially anytime soon) I'm glad the Inflation Reduction Act passed. We are way past due in funding efforts to combat climate change. Medication prices are far too high and there's too little regulation. Savings on energy costs to boot. It's all good things, even if measely in comparison to what we would actually need to see a huge difference.
Thank you JOE!
Great accomplishment.
It is nice to see legislation being passed which benefits the environment and the majority of Americans. Under the leadership of the right the only thing getting done is lowering taxes for the ultra rich and fascist judges who will take away your rights.