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Democrat’s Latest Spend Making Inflation Worse; Is it a New Slavery Act?

Washington, DC: Democrats latest spending habits in 2022 could make inflation worse. Is it a new slavery act or it’s an act to completely replace dollars from international standards and introduce anti-inflation digital currency? According to the latest CBO report the Democratic party’s inflation reduction act won’t cut inflation.

This conclusion comes from the Congressional Budget Office’s (CBO) analysis of the spending-rolling bill passed last month.

The Budget Office released its final report on the law shortly after Labor Day, weeks after President Biden signed the bill into law. 
MPs could have waited for the CBO to release its final report before voting on the bill, but House Speaker Nancy Pelosi said, ““We Have to Pass the Bill So You Can Find Out What’s in It”.

Pelosi would not dream of such a transparency idea. Taken together, the facts and figures in the CBO report make false claims and tout laws that are damaging to both the economy and federal finances.

More Inflation Alert

The CBO found that the legislation actually increased the government’s deficit and thus inflation in the first five years.

After reduced deficit by $5.8 billion in the fiscal year beginning October 1, the deficit would be reduced by $13.7 billion to $23.3 billion and increased by another $29.2 billion. 

Certain provisions of the law also encourage inflation. The three-year extension to Obamacare’s enhanced subsidies, included in last March’s Covid Relief measures, will allow insurers to spend more money by isolating more people from the impact of rising premiums on currency coverage. The fee can be increased. 

Deficit reduction? 

If the law increases the deficit in the short term, how and why can we conclude that the CBO will reduce the deficit in the long term?

This conclusion is based on three premises: 

  • Expanded Obamacare grants are not extended (again) until they expire in 2025. The CBO previously estimated it would cost him $180 billion to permanently extend the subsidies. 

  • Effectiveness of the extended moratorium on Medicare rebate rules enacted by the Trump administration in late 2020. That rule was suspended by a court early last year and never went into effect. The Biden administration is just putting it on the books so Congress can make fake “savings” by changing the rules. The Senate used the gimmick for the first time last year as part of an infrastructure deal, and Democrats postponed the rule again in August. On paper, the move would save him $122.2 billion, but if you think of this measure as a budget trick (like me), omitting it means the bill will increase your net deficit. 

  • A new army of Internal Revenue Service inspectors “succeeds” in raising new revenues. The CBO estimates that additional IRS execution funds will generate $180 billion in new revenue. However, due to budget scorekeeping conventions, the CBO did not include this estimated new revenue when calculating the tax effect of the law. 

More bluntly, the law can only reduce the deficit if the IRS can probe, scrutinize, and harass enough Americans to generate additional cash for Washington. Given the IRS’s neglect of Biden’s tax issues, do you really think that such an effort, if it were to happen, would come from “rich” families rather than working-class ones? 

A Medicare Quantifying Raid 

The CBO report also lays out the hard numbers behind one of the Democrats’ favourite tax drives: the raid on Medicare to help pay for other government programs. increase. Overall, the legislation will reduce Medicare spending by $254.8 billion, which includes total Medicare savings of $299.3 billion, less $44.5 billion of new Medicare spending contained in the legislation.

After subtracting the $122.1 billion in “savings” from the Medicare rebate rule from the equation, the net withdrawal from the Medicare programme is still $132.7 billion. And that money is not being used to reduce the deficit. Rather, it will fund new spending on her 86,000 IRS agents, as well as wealthy individuals’ green energy subsidies to Tesla and more. 

Joe Biden, who became the oldest president at his inauguration, showed little consideration for his fellow elderly by storming Medicare. This is just one example of this government’s flawed policy priorities.

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