[Famous columnist]”Inflation Reduction Act” will not reduce inflation | Buy | Invest | Debt

[The Epoch Times, August 21, 2022](The Epoch Times columnist John Calvin Thomas wrote/compiled by Yuanquan) In January 1925, the 30th President of the United States, Calvin Coolidge, was in Washington, D.C., to the editors of American newspapers. Association to deliver a speech. “The American people’s primary job is to do business, and they care deeply about what the world produces, buys, sells, invests in, and prospers,” Coolidge said in his speech.

On Tuesday, President Biden returned from vacation and signed into law the misnamed Inflation Reduction Act, which he probably should have mischaracterized by saying that the nation’s main task now is government spending and increasing debt.

The new law puts the government over business, weakens the rights of individuals and strengthens Washington, and the bill doesn’t do what Biden and Democrats say it does, especially when it comes to inflation. Economists and data scientists at the University of Pennsylvania, using the Penn Wharton Budget Model, concluded that the law would have no impact on reducing inflation.

An analysis by the nonpartisan Congressional Budget Office found that auditing taxpayers earning less than $400,000 a year would generate about $20 billion in revenue for the Inflation Cuts Act.

Republicans are not clean when it comes to government spending, which is a major cause of inflation. The national debt has increased by $7.8 trillion during the Trump administration. The last president to run a treasury surplus while in office was Bill Clinton, who served from 1998 to 2001. Part of the reason has to do with welfare reform, the result of a collaboration between Clinton and House Speaker Newt Gingrich, a bipartisan collaboration that appears to be long gone.

The federal government’s revenue is at an all-time high, but when it comes to spending, politicians can’t control themselves.

Like many things coming out of Washington, there is an elitism to this bill. Government now sees itself as the primary provider of life’s necessities, and for many people, government has become the first resource, and in the Coolidge era and earlier years, the government was the last resort.

Praise or blame President Franklin Roosevelt for expanding the functions, areas of administration, and costs of government, and while some of his programs were necessary during the Great Depression, the concept of “welfare” grew.

Addiction, both to substances and to the government, is hard to quit, and politicians know it, which is why trying to cut spending growth on even outdated items can be seen as taking away a child’s favorite toy.

I’m going to repeat a suggestion I made earlier, maybe this time some lawmakers will take note. If Republicans regain control of the House of Representatives at least in November, they should commission a full audit of the federal government by an outside firm that has no affiliation with political parties or politicians. Every project and agency that fails to achieve its original purpose should be eliminated if it cannot do better than the private sector. Businesses will do this, or something similar, only the government seems to be going from strength to strength.

Just like the Inflation Reduction Act, more spending will not reduce inflation, and drinking more alcohol will not lead to sobriety. But while Democrats are obsessed with spending and power-grabbing, too many Americans have a benefit-enjoyment mentality, and neither side seems ready to stop spending.

About the Author:

John Calvin Thomas has been a syndicated columnist, writer and radio commentator for over 35 years. His latest book is “America’s Expiration Date: The Fall of Empires and Superpowers and the Future of the United States.”

Original: Inflation Reduction Act Won’t published in The Epoch Times.

This article represents the views of the author and does not necessarily reflect the position of The Epoch Times.

Responsible editor: Gao Jing#