Inflation accelerated last month, just ahead of the one-year anniversary of the deceptively named Inflation Reduction Act.
signed that piece of legislation, he promised it would bring down costs. Instead, the IRA has increased costs through burdensome taxation and regulation while doing nothing to address the true causes of inflation.used parliamentary tricks to ram through the IRA at a time when inflation was at 40-year highs. The inflation was fundamentally caused by the government spending too much money. The spending caused the U.S.
The new spending fanned the inflationary flames and new taxes throttled economic growth. Since inflation occurs when there is too much money relative to the size of the economy, this was a double whammy, moving both factors in the wrong direction. That's understandable since higher inflation rates expose the IRA's fraudulent marketing. But a question remains: why did inflation begin falling before the IRA and continue for about a year? Four factors explain the decline.
MILWAUKEE, WISCONSIN - AUGUST 15: U.S. President Joe Biden speaks to guests at Ingeteam Inc., an electrical equipment manufacturer, on August 15, 2023 in Milwaukee, Wisconsin. Biden used the opportunity to speak about his"Bidenomics" economic plan on the one-year anniversary of the Inflation Reduction Act of 2022.Second, the president has drained almost half the strategic petroleum reserve .
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