Inflation Escalation Act
Anthropogenic climate change will be no more – it was never an authentic issue for the climate contrarians, but now it will become obsolete for everyone – in all the annals of history it will just be an extraordinary notation. With arms flying and hands shaking, in a loud boisterous voice, Randi Weingarten, President of the American Federation of Teachers proclaimed that the $700 Billion USD “Inflation Reduction Act” will “stop” climate change.
Weingarten’s political science students of the 1990s at R Clara Barton High School in Crown Heights, Brooklyn must be progressively and perfectly pleased.
More than one-half of the proposed Inflation Reduction Act, which has passed the Senate and will go to the House Friday, or a total of $390 billion USD is set for climate change and supporting politicians claim it will cut carbon dioxide emissions by 40% over the next 7½ years. Since carbon dioxide emissions are global, it is quite likely that China and India will more than make up for America’s decrease. The Act will undoubtedly cut jobs in many American industrial sectors as well as one in the Senate, that being the West Virginia senatorial seat of Joe Manchin.
The progressive media outlets purport that the Act will pay for itself, but since it requires “Quantitative Easing”, I would suggest all it will do is increase the inflation rate. More money printed is equal to lesser money value is equal to inflation – economics 1.0 or as Senator John Kennedy of Louisiana said, “Joe Manchin can talk a dog off a meat wagon”, but the Inflation Reduction Act is an inflation machine.
While Kennedy also said, “It takes a special kind of stupid to tax businesses during a recession”, the bill is expected to increase taxes on all people making less than $200,000, plus the additional costs incurred for inflationary factors.
The essence of all this spending, even if one believes in carbon dioxide as a driver of climate, is absolutely nonsensical. All it will do is drive America and Americans further into the poor house while other dictatorial countries churn out more and more carbon dioxide, especially now that Pelosi’s Taiwan trip can be used as their all-out fossil fuels use excuse.
$80 billion USD of the Act is planned for the Internal Revenue Service. More than half of that sum will fund additional audits and staff – a total of 87,000 more agents. That’s more employees than the total populations of Scranton, Pennsylvania, Camden New Jersey, or the largest city in eastern Idaho, Idaho Falls. Another significant amount is set for firearms and ammunition - that was neither a guess nor a typo.