I hope ordinary people with normal mentality won't be stupid enough to be fooled by the coming law, so-called Inflaion Reduction Act, which will actually increase inflation more. See below:
The absurdly titled Inflation Reduction Act passed through the Senate along party lines by one vote on Sunday... and it's expected to move through the House soon, predictably without much debate.
The 755-page bill includes $430 billion mainly to help clean-energy industries, extend health care coverage, and beef up the IRS... The law would also raise taxes on corporations and impose a new tax on share buybacks.
Yeah, that should do it... Take care of inflation once and for all by spending and taxing more.
The Congressional Budget Office, which runs the numbers for Congress on new legislation, estimates the proposal will change the inflation rate by less than one tenth of a percent over the next two years, and it can't say whether that's in a positive or negative direction.
And here's an independent, long-term take from the Tax Foundation, the nation's leading tax-policy nonprofit that has advised federal and state governments since 1937...
We estimate that the Inflation Reduction Act would reduce long-run economic output by about 0.1 percent and eliminate about 30,000 full-time equivalent jobs in the United States.
It would also reduce average after-tax incomes for taxpayers across every income quintile over the long run.
By reducing long-run economic growth, this bill may actually worsen inflation by constraining the productive capacity of the economy.
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