Dem Rep Reveals Inflation Bill Was Really Only About Unpopular Environment Policies

Medicare would be able to negotiate drug prices with pharmaceutical companies under the legislation, according to the Democrats. The provision does not begin for four years, though, and will cover only 10 drugs then. Democrats wrote the "Inflation Reduction Act" which they call a "fix" but Republicans warned it will not fix the economic challenges Americans face daily

According to 230 economists in a letter, the so-called Inflation Reduction Act is not likely to reduce inflation.

• The economic experts point to the $433 billion in proposed government spending, which they argue "would create immediate inflationary pressures by boosting demand, while the supply-side tax hikes would constrain supply by discouraging investment and draining the private sector of much-needed resources."
• Now, according to Virginia Democratic Rep. Elaine Luria, it is more of an environmental bill than one about handling inflation.

Bottom Line

• The bill is a huge environmental bill
• It was great being with local labor, environmental, and community leaders today in Chesapeake to highlight the investments being made in the offshore wind industry and workforce in Coastal Virginia.
• Luria wrote on Twitter that the bill is "huge environmental bill" and highlights investments made by the state and local governments.

The Inflation Reduction Act was signed into law by President Biden on Aug. 16

• As a result of the legislation, the Internal Revenue Service's budget increased by $80 billion, enabling it to hire an additional 87,000 agents.

Bernie Sanders chided Democrats and Republicans for arguing about the act instead of working together on legislation that addresses the needs of all Americans

• The 80-year-old senator said out loud the quiet part of the legislation the Senate had named the Inflation Reduction Act during the debate
• According to the CBO, and other economic organizations that study this bill, it will, in fact, have a minimal impact on inflation."

Joe Manchin, a Senator from West Virginia, was originally opposed to the bill, but stabbed the country in the back by voting for it

• A statement was released by Manchin's office regarding the deal he reached with Senate Majority Leader Chuck Schumer, with support from Nancy Pelosi and Biden
• The bill would "severely threaten American coal" and around 381,000 jobs

http://republicbrief.com/dem-rep-reveals-inflation-bill-was-really-only-about-unpopular-environment-policies/