{"id":1591124,"date":"2022-08-05T13:39:34","date_gmt":"2022-08-05T17:39:34","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1591124"},"modified":"2022-08-05T13:39:48","modified_gmt":"2022-08-05T17:39:48","slug":"biden-says-americans-need-inflation-reduction-act-economists-disagree","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-says-americans-need-inflation-reduction-act-economists-disagree\/","title":{"rendered":"Biden says Americans need Inflation Reduction Act, economists disagree"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-says-americans-need-inflation-reduction-act-economists-disagree%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1591124&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div id=\"attachment_2732641\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-2732641\" class=\"size-full wp-image-2732641\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/08\/AP22209674504955-e1659372570196.jpg\" alt=\"FILE - President Joe Biden speaks about the economy during a meeting with CEOs in the South Court Auditorium on the White House complex in Washington, Thursday, July 28, 2022. Biden tested positive for COVID-19 again Saturday, July 30, slightly more than three days after he was cleared to exit coronavirus isolation, the White House said, in a rare case of \u201crebound\u201d following treatment with an anti-viral drug. (AP Photo\/Susan Walsh)\" width=\"800\" height=\"533\" srcset=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/08\/AP22209674504955-e1659372570196.jpg 800w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/08\/AP22209674504955-e1659372570196-656x437-1.jpg 656w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/08\/AP22209674504955-e1659372570196-768x512-1.jpg 768w\" \/><\/p>\n<p id=\"caption-attachment-2732641\" class=\"wp-caption-text\">FILE \u2013 President Joe Biden speaks about the economy during a meeting with CEOs in the South Court Auditorium on the White House complex in Washington, Thursday, July 28, 2022. (AP Photo\/Susan Walsh)<\/p>\n<\/div>\n<h5>OAN Newsroom<br \/>UPDATED 10:14 AM PT \u2013 Friday, August 5, 2022<\/h5>\n<p>The Biden administration has paired up with Big Business to promote its latest social spending bill. The President said a Democrat-backed spending binge will combat inflation, but hundreds of economists disagree.<\/p>\n<p>On Thursday, Joe Biden held a virtual conference with representatives of large businesses and labor unions to promote his so-called <a href=\"https:\/\/www.democrats.senate.gov\/imo\/media\/doc\/inflation_reduction_act_one_page_summary.pdf\">Inflation Reduction Act<\/a>. He claimed the mega corporations had American families\u2019 best interests at heart by putting their weight behind the bill. The Delaware native touted the multiple ways he alleged Americans will save money from health care to effects from the so-called climate crisis.<\/p>\n<blockquote>\n<p><strong>\u201cThe Inflation Reduction Act lowers prescription drug prices, lowers health insurance premiums, invests in clean energy that will create jobs and economic opportunities for business and labor, reduces the deficit, and makes common sense reforms to our corporate tax code,\u201d claimed the President. \u201cThese are the facts\u201d.<\/strong><\/p>\n<\/blockquote>\n<p>Biden praised the bill in tandem with the recently passed <a href=\"https:\/\/www.congress.gov\/bill\/116th-congress\/house-bill\/7178\">CHIPS Act<\/a>, which the Democrat proclaimed would bolster clean energy investments and American manufacturing.<\/p>\n<blockquote>\n<p><strong>\u201cThey see how already because of our work over the last 18 months, American manufacturing is coming back stronger than ever,\u201d he stated. \u201cWhere is it written that America can\u2019t lead the manufacturing in the world? Six-hundred, thirteen-thousand manufacturing jobs created just since I took office, the most created in three decade.\u201d<\/strong><\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">When we pass the Inflation Reduction Act, working families will get rebates to buy efficient appliances and weatherize their homes. And folks will have tax credits for efficient heating and cooling and rooftop solar.<\/p>\n<p>Families will see their energy bills drop by the hundreds.<\/p>\n<p>\u2014 President Biden (@POTUS) <a href=\"https:\/\/twitter.com\/POTUS\/status\/1555563482485035009?ref_src=twsrc%5Etfw\">August 5, 2022<\/a><\/p>\n<\/blockquote>\n<p>However, analysts are less optimistic about the bill than Mr. Biden. Two-hundred, thirty economists penned a letter to House and Senate leadership warning the spending package will serve as gasoline for red hot inflation. The economists warned the spending tax hikes will serve as a one-two punch to the economy, boosting demand while handicapping supply.<\/p>\n<p>Furthermore, they asserted the suggested minimum corporate tax rate would suffocate a supply chain on life support, while medical price controls will stifle innovation. In a subsequent <a href=\"https:\/\/www.youtube.com\/watch?v=GXBno_aaJk4\">interview<\/a> with Fox\u2019s Larry Kudlow, Sen. Lindsey Graham (R-S.C.) called the bill a \u201ccomplete fraud\u201d because it will fail to attack inflation, while serving as shrapnel to taxpayers and businesses.<\/p>\n<blockquote>\n<p>\u201cThat the subsidies to Obamacare include people $304,000 a year,\u201d Graham noted. \u201cThat doesn\u2019t sound like helping the poor <strong>and it also says the 15 percent minimum in tax that you described will create distance to build factories, buy equipment during a recession. Now who in the right mind wants to tax and spend during a recession?\u201d<\/strong><\/p>\n<\/blockquote>\n<p>Democrats, however, shot back at the bill\u2019s skeptics by producing a letter signed by 126 economists in support of the spending binge. The bill\u2019s ambitions were once thought to be extinguished until Sen. Joe Manchin (D-W.Va.) came to an agreement on the measure with Senate Majority Leader Chuck Schumer (D-N.Y.) With Sen. Kyrsten Sinema (D-Ariz.) vocalizing her support for the legislation, it\u2019s almost certain to pass through reconciliation.<\/p>\n<h4>MORE NEWS:\u00a0<a href=\"https:\/\/www.oann.com\/sen-cramer-warns-of-very-aggressive-gop-response-to-democrat-spending-bill\/\">Sen. Cramer Warns Of \u2018Very Aggressive GOP Response\u2019 To Democrat Spending Bill<\/a><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>FILE \u2013 President Joe Biden speaks about the economy during a meeting with CEOs in the South Court Auditorium on the White House complex in Washington, Thursday, July 28, 2022. (AP Photo\/Susan Walsh) OAN NewsroomUPDATED 10:14 AM PT \u2013 Friday, August 5, 2022 The Biden administration has paired up with Big Business to promote its &hellip;<\/p>\n","protected":false},"author":79,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1591124","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1591124","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/79"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1591124"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1591124\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1591124"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1591124"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1591124"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}