{"id":1592525,"date":"2022-08-06T22:17:20","date_gmt":"2022-08-07T02:17:20","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1592525"},"modified":"2022-08-06T22:17:55","modified_gmt":"2022-08-07T02:17:55","slug":"bernie-sanders-slams-the-so-called-inflation-reduction-act","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bernie-sanders-slams-the-so-called-inflation-reduction-act\/","title":{"rendered":"Bernie Sanders Slams \u2018The So-Called Inflation Reduction Act\u2019"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/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%2Fbernie-sanders-slams-the-so-called-inflation-reduction-act%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=1592525&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--><p><a href=\"https:\/\/www.dailywire.com\/topic\/bernie-sanders\">Senator Bernie Sanders (I-VT)<\/a> slammed the Inflation Reduction Act (IRA) negotiated by <a href=\"https:\/\/www.dailywire.com\/topic\/chuck-schumer\">Senate Majority Leader Chuck Schumer (D-NY)<\/a> and Senator Joe Manchin (D-WV), in part because of a recent nonpartisan report that revealed the bill would do very little to actually reduce inflation.<\/p>\n<p>Saturday evening, Vice President Kamala Harris <a href=\"https:\/\/thehill.com\/homenews\/senate\/3591216-harris-breaks-50-50-deadlock-to-advance-landmark-climate-tax-health-bill\/\">rushed<\/a> to the Senate to cast the tie-breaking vote 51 \u2013 50 to move the bill for debate before considering amendments. Despite voting in support of advancing the climate change and government spending bill, Sanders immediately voiced his concerns about the legislation.<\/p>\n<p>\u201cI want to take a moment to say a few words about the so-called Inflation Reduction Act that we are debating this evening,\u201d Sanders <a href=\"https:\/\/www.businessinsider.com\/bernie-sanders-inflation-reduction-act-schumer-manchin-2022-8\">said<\/a> on Saturday. \u201cI say so-called because according to the [Congressional Budget Office] and other economic organizations that have studied this bill, it will in fact have a minimal impact on inflation.\u201d<\/p>\n<p>In a letter sent responding to Senator Lindsey Graham (R-SC), the nonpartisan Congressional Budget Office (CBO) reported that the bill would barely make a dent in surging prices over the next year and half.<\/p>\n<p>\u201cIn calendar year 2022, enacting the bill would have a negligible effect on inflation, in CBO\u2019s assessment,\u201d the CBO <a href=\"https:\/\/www.budget.senate.gov\/imo\/media\/doc\/58357-Graham.pdf\">claimed<\/a>. \u201cIn calendar year 2023, inflation would probably be between 0.1 percentage point lower and 0.1 percentage point higher under the bill than it would be under current law, CBO estimates.\u201d<\/p>\n<p>In reaction, Graham blasted the Democrats for their \u201ctax and spend proposal.\u201d<\/p>\n<p>\u201cDemocratic statements about the proposal are quite frankly wrong and misleading,\u201d Graham <a href=\"https:\/\/www.budget.senate.gov\/ranking-member\/newsroom\/press\/cbo-confirms-to-graham-dems-inflation-reduction-act-wont-reduce-inflation#:~:text=CBO%20found%3A,would%20reduce%20incentives%20to%20work.\">said<\/a>.<\/p>\n<p>Graham also noted that the Inflation Reduction Act \u2014 which <a href=\"https:\/\/smartasset.com\/financial-advisor\/inflation-reduction-act#:~:text=The%20proposed%20legislation%20aims%20to,another%20vote%20in%20the%20House.\">cost<\/a> taxpayers more than $700 billion \u2014 benefits wealthy families with government subsidies while hurting the economy.<\/p>\n<p>\u201cFurther, CBO indicates that the Obamacare subsidies can go to a family of four earning $304,000 a year. This is, by any reasonable definition, people who are doing well and not in need of subsidies from the government,\u201d he <a href=\"https:\/\/www.budget.senate.gov\/imo\/media\/doc\/58357-Graham.pdf\">added<\/a>. \u201cAlso, CBO confirmed my suspicion that the way the 15 percent corporate minimum tax is constructed would hurt economic growth.\u201d<\/p>\n<p>The CBO also <a href=\"https:\/\/www.budget.senate.gov\/imo\/media\/doc\/58357-Graham.pdf\">reported<\/a> that the IRA\u2019s \u201cproposed new corporate minimum tax would reduce the incentive for those large corporations to invest, primarily by limiting the tax benefit of accelerated depreciation and by decreasing the after-tax return on their new investment.\u201d<\/p>\n<p>\u201cSo what have we learned today from CBO? The bill does not lower inflation, it hurts economic growth and the Obamacare subsidies are absurd,\u201d Graham <a href=\"https:\/\/www.budget.senate.gov\/ranking-member\/newsroom\/press\/cbo-confirms-to-graham-dems-inflation-reduction-act-wont-reduce-inflation#:~:text=CBO%20found%3A,would%20reduce%20incentives%20to%20work.\">remarked<\/a>.<\/p>\n<p>The CBO also reported that a key provision of the bill that bans pharmaceutical manufacturers from raising the prices of drugs higher than the rate of inflation would actually increase the cost of new drugs.<\/p>\n<p>\u201cThe Congressional Budget Office projects that the inflation-rebate and negotiation provisions would increase the launch prices for drugs that are not yet on the market relative to what such prices would be otherwise,\u201d the CBO <a href=\"https:\/\/www.axios.com\/2022\/08\/05\/democrats-drug-prices-medicare-effects\">explained<\/a>.<\/p>\n<p>Sanders also claimed that his colleagues must focus on \u201cthe major crises facing working families.\u201d<\/p>\n<p>\u201cIf we cannot do that, not only will people continue to hurt and suffer, but to my mind, it is questionable how long we will remain a democracy,\u201d he said on Saturday.<\/p>\n<p>It is likely that the final version of the bill will be slightly different after debate as senators like Sanders attempt to add preferred amendments to the bill.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Senator Bernie Sanders (I-VT) slammed the Inflation Reduction Act (IRA) negotiated by Senate Majority Leader Chuck Schumer (D-NY) and Senator Joe Manchin (D-WV), in part because of a recent nonpartisan report that revealed the bill would do very little to actually reduce inflation. Saturday evening, Vice President Kamala Harris rushed to the Senate to cast &#8230;<\/p>\n","protected":false},"author":1,"featured_media":1592543,"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-1592525","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\/1592525","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1592525"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1592525\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1592543"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1592525"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1592525"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1592525"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}