Biden signs inflation-cutting bill
2022-08-18 09:02:34Source: China Central Radio and Television International Online
International Online Zhuangao: On August 16, local time, US President Biden signed the “2022 Inflation Reduction Act” with a total value of 750 billion US dollars, thus making the legislation official. Overseas media have focused on this event, saying that the signing of the bill is more like attracting more votes than to curb inflation.
Screenshot of the report of the Spanish-language newspaper “The View” in Los Angeles, USA
The Los Angeles Spanish-language newspaper “The View” reported that experts believe that the “2022 Inflation Reduction Act” signed by Biden will not solve the problem of rising U.S. prices in the short term. The Congressional Budget Office noted that the bill’s impact on inflation from 2022 to 2023 is “insignificant.” In addition, “the bill’s impact on inflation will be statistically negligible” over the next decade, according to a budget model from the Wharton School of the University of Pennsylvania. The bill does not directly address key drivers of inflation, such as rising prices in areas such as gasoline, rent and dining, the report said.
Argentina’s “Economist” reported that the content involved in the “2022 Inflation Reduction Act” signed by Biden (tackling the climate crisis, reducing the cost of drugs for the elderly, etc.) does not seem to have much to do with the goals in the bill’s name. , its purpose is more like to draw more votes, rather than to curb inflation.
In addition to the risk of stagflation in the U.S. economy, abortion bans and the relaxation of gun control are leading the U.S. toward division, and the Biden administration seems to be turning a deaf ear, the report said. According to a poll recently published by The New York Times, only one-third of Americans are satisfied with Biden’s performance.
Screenshot of CNN report
CNN published an opinion piece saying that the current goal of the White House is to make full use of a series of results, including the inflation reduction bill, to help Biden reshape his image before the mid-term elections. The article also mentioned that Biden slammed Republican lawmakers at the signing ceremony and called on voters to take due action in the midterm elections.
Overseas netizens also expressed their dissatisfaction with the bill, calling it an “economic destruction bill”:
Americans will pay dearly for this in a year or two. Extracting more money (taxes) (from the poor) will lead to one thing – higher inflation (rates).
It’s pathological – taxing the poor and middle class more while the rich get richer.
However, the bill did nothing to reduce inflation.
Democrats: No inflation.
Also Democrats: We just signed a bill to reduce inflation.
In 6 months, they will redefine “decrease” as a gentle but steady increase.
The solution to inflation caused by mass printing of money is… print more money!
Total economic destruction bill. (Shi Heyi, Huang Rong, Wang Luping)