{"id":1605620,"date":"2022-08-14T11:33:26","date_gmt":"2022-08-14T15:33:26","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1605620"},"modified":"2022-08-14T11:33:29","modified_gmt":"2022-08-14T15:33:29","slug":"inflation-reduction-act-should-be-named-exactly-the-opposite-will-have-disastrous-effects-finance-professor","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/inflation-reduction-act-should-be-named-exactly-the-opposite-will-have-disastrous-effects-finance-professor\/","title":{"rendered":"Inflation Reduction Act Should Be Named \u2018Exactly the Opposite,\u2019 Will Have \u2018Disastrous Effects\u2019: Finance Professor"},"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\">30<\/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%2Finflation-reduction-act-should-be-named-exactly-the-opposite-will-have-disastrous-effects-finance-professor%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=1605620&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>The Democrats\u2019 Inflation Reduction Act will not reduce inflation as claimed and might end up harming the American economy, a finance professor said in an interview with NTD.<\/p>\n<p>\u201cThey really didn\u2019t name this inflation reduction act correctly, it should be exactly the opposite,\u201d Michael Butler from Stockton University said in the interview. The Act will neither reduce the country\u2019s <a href=\"https:\/\/www.theepochtimes.com\/t-high-inflation\">high inflation<\/a> nor speed up economic growth, he said. The economy has had two consecutive quarters of negative GDP growth, which indicates a recession.<\/p>\n<p>As such, the American economy is currently in <a href=\"https:\/\/www.theepochtimes.com\/t-stagflation\">stagflation<\/a>, which refers to a \u201cstagnant economy with inflation.\u201d The last time the United States was in stagflation was during the time of the Carter administration (1977-1981), Butler said.<\/p>\n<p>In the last three fiscal years, including the current one that ends in September, the federal government will have spent $7 trillion more than its tax revenues on a country with a $23 trillion economy. \u201cThat excess demand is very inflationary,\u201d the professor said.<\/p>\n<p>\u201cSo the worst thing to be doing at this time when you have excess demand is to continue to government spend and add more excess demand,\u201d he said. \u201cThat\u2019ll make the inflation problem worse. Now, they\u2019re gonna argue \u2018We\u2019re gonna raise taxes, so the inflation problem won\u2019t be worse.\u2019 All the tax increase will do is slow down the recovery.\u201d<\/p>\n<p>Back in 1980, the Fed raised interest rates and triggered \u201ca recession to get out of the recession,\u201d Butler said, adding that in 1982, Congress cut down taxes significantly, after which the United States enjoyed a 25-year economic expansion.<\/p>\n<p>To get the country out of stagflation today, Butler said the government needs to reduce its spending as well as reduce taxes for all Americans and businesses. However, the Inflation Reduction Act does \u201cexactly the opposite\u201d and is<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Democrats\u2019 Inflation Reduction Act will not reduce inflation as claimed and might end up harming the American economy, a finance professor said in an interview with NTD. \u201cThey really didn\u2019t name this inflation reduction act correctly, it should be exactly the opposite,\u201d Michael Butler from Stockton University said in the interview. The Act will [\u2026]<\/p>\n","protected":false},"author":186,"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-1605620","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\/1605620","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\/186"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1605620"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1605620\/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=1605620"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1605620"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1605620"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}