Where do we begin?
To the editor:
The Biden Administration and specifically Joe “the big guy” Biden have almost run out of feet, in which to shoot themselves.
The completely mischaracterized and wrongly named “Inflation Reduction Act” does little to reduce inflation but dedicates a lot of tax dollars to “Climate Change,” some tax dollars to lowering prescription drugs and raises taxes on corporations, which will pass those costs on to their consumers (that’s us folks). It should be another bill named for the only thing the Dems have ever been able to conjure up, “Another Tax & Spend Bill.” Any “benefits” from the bill, which weren’t even going to exist for about 5 years after the inflationary part of the bill ended and the deflationary part began, have been completely obliterated by the most recent self-inflicted shotgun blast to Biden’s feet, the “Student Loan Forgiveness Act” of 2022. Jason Furman, who chaired Obama’s Council of Economic Advisers, recently stated “pouring half a trillion dollars of gasoline on the inflationary fire that is already burning is reckless.” Obama economist Jason Furman slams Biden student debt relief. He also stated it would add .2 to .3 percent to already sky high inflation numbers going forward.
The CBO has not completed the new damage estimate to the ballooning deficit that the Student Forgiveness Program will create, but forecasts currently range between 500 billion and a trillion dollars and since no new taxes have been created yet by Biden to pay for it, this amount will simply add to the approximate $31 trillion current U.S. spending deficit. Even if the “Inflation Reduction Act” worked exactly as planned and reduced the deficit by $300 billion “by the end of the decade” as promised, that “savings” will pale by comparison to yet another Dem vote buying scheme costing up to $1 trillion from “the big guy,” the Student Loan Forgiveness Act.
The yearly interest expense on the Federal Deficit has tripled since Biden took the reins because of the “no serious economist believes this inflation isn’t transitory,” position taken by Biden and his pathetic cadre of “Economic Experts,” which not surprisingly, all got it wrong. Now, because the Fed carried on the transitory “myth” for an entire year assisting Biden & Co. in pulling the wool over our eyes, they must play “catch up” to the inflator-in-chief’s trail of inflation triggering policies. The stock market will eventually believe the Fed is serious about putting the inflation bogeyman back in the closet and will begin a painful and lengthy “reset” once fed policy finally gets where it needed to be last year when higher interest rates and higher taxes have the desired effect on prices, jobs and the economy that is heading for, or already is, in a recession.
Neither the Democrats nor the Republicans are in control of the Mid-term election outcomes but rather the Independent voters of this country have the edge in national numbers. A Gallup Poll earlier this year (Disillusioned With Dems and GOP, Independents, now largest voter group in the U.S.) showed 28 percent Dem., 24 percent Rep. and 46 percent Independents, by voting registrations. No doubt Biden and his Democratic faithful will capture those Independent voters that favor open borders, de-funding the police, higher taxes, higher crime rates, out of control inflation, welfare on demand, persecution of a particular voting segment of our populace, a free pass for liberal lawbreakers, packing the Supreme Court and paying off up to $1 trillion of debt created by loans from students that promised to pay it back.
Hopefully, those Independents that do not agree with “Bidenomics” and all of the associated anti-American, anti-freedom and anti-constitutional socialistic polices of this “regime” may consider the alternatives.
Max Christian
St. James City