Democrats rushed to pass Biden’s “Inflation Reduction Act.” But critics and even bipartisan groups admitted that this bill would not lower inflation.
Even Bernie Sanders confessed to that–before voting for it.
So, what was this massive new tax-and-spend bill really about? One Democrat representative just let the cat out of the bag.
From Daily Caller:
Democratic Rep. Elaine Luria of Virginia said that the Inflation Reduction Act passed in August was more an environmental bill than one addressing inflation.
“The Inflation Reduction Act — that might be the name, but it’s a huge environmental bill that includes a lot of things, such as the tax credits necessary to make these kind of developments,” Luria said while at an Aug. 24 event with the BlueGreen Alliance.
Huh. So, why did Democrats call a bill that addresses environmental goals an “Inflation Reduction Act”?
Is it possible that they were trying to trick voters into thinking it was going to fix the biggest issue facing the midterm elections?
Rep. Luria of Virginia bragged about the real purpose of the bill to a group of labor and environmental leaders.
Biden’s new spending bill will throw billions at the “green” industry while hitting fossil fuels with massive taxes.
Green companies (run by many liberal donors) will be getting credits and grants to expand their businesses.
Meanwhile, only rich Americans will benefit from most of the bill’s provisions. Anyone who buys an electric vehicle will enjoy a $7,500 tax credit.
Must be nice, considering most EVs cost several times more than conventional cars.
Even the CBO revealed the bill does little to lower inflation in the immediate. And any benefits this bill would make to the economy are crushed by the new taxes.
Sen. Sanders admitted it would not lower medical costs, for those on or not on Medicare. Yet the man voted for it anyway.
Democrat Sen. Joe Manchin–who long opposed new taxes–turned on his previous vows to support the bill. He did so, reportedly, because it came with a deal to build a pipeline in West Virginia.
(But progressives have promised to kill that deal, meaning Joe gets nothing.)