{"id":1609762,"date":"2022-08-17T06:47:13","date_gmt":"2022-08-17T10:47:13","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1609762"},"modified":"2022-08-17T06:47:19","modified_gmt":"2022-08-17T10:47:19","slug":"star-parker-inflation-reduction-act-is-the-problem-not-the-solution","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/star-parker-inflation-reduction-act-is-the-problem-not-the-solution\/","title":{"rendered":"Star Parker: Inflation Reduction Act Is the Problem, Not the Solution"},"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\">22<\/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%2Fstar-parker-inflation-reduction-act-is-the-problem-not-the-solution%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=1609762&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><\/div>\n<p>A central pillar of the just-passed Inflation Reduction Act is $80 billion going to the IRS to hire some 87,000 new agents, doubling the current force, to chase down U.S. taxpayers who allegedly are not meeting their tax obligations.<\/p>\n<p>The rationale is we have a large national budget deficit \u2014 that is, government is bringing in less money than it spends \u2014 so a larger army of IRS agents chasing down tax deadbeats will help solve our nation&#8217;s fiscal problems.<\/p>\n<p>But part of this same new law in which U.S. taxpayers are asked to spend $80 billion to hire more IRS agents to shake down their neighbors who are supposedly not paying their fair share, there is $430 billion in new government spending, a large portion of which is earmarked for green energy projects of various shapes and forms.<\/p>\n<p>At the same time that we&#8217;re expanding our army of tax collectors, we continue to expand government and spending at an even faster pace.<\/p>\n<p>The Congressional Budget Office has just released its latest Long-Term Budget Outlook, and here we get a broader picture of the problem.<\/p>\n<p>According to the report, &#8220;From 1972 to 2021, total federal outlays averaged 21% of GDP; over 2022-2052 period, such outlays are projected to average 26% of GDP.&#8221;<\/p>\n<p>The Congressional Budget Office projects that government will take on average 5% more from our national economy in the next 30 years than it did on average over the last 50 years. <\/p>\n<p>Looking at our GDP in 2022, roughly $25 trillion, at 26% of GDP, government spending will be over a trillion dollars more than it would have been at 21%. <\/p>\n<p>A trillion dollars more in spending on average per year, with another 87,000 IRS agents running after taxpayers to make sure they pay up.<\/p>\n<p>So, the bigger army of tax collectors is about helping raise money to finance ongoing expansion of government and increasing control of government over the lives of private Americans.<\/p>\n<p>Why, as someone whose business is trying to improve the lives of low-income Americans, do I care about this?<\/p>\n<p>Turning pages forward in the CBO report, we get to the really shocking information. <\/p>\n<p>From 1992 to 2021, per CBO, the average growth of the U.S. economy was 2.4% per year. CBO projects that from 2022 to 2052 the average growth of the U.S. economy will be 1.7% per year.<\/p>\n<p>This should shock every American, and it&#8217;s getting hardly any attention.<\/p>\n<p>The more our national economy is controlled by government and politicians, the more sluggish will be growth of our economy. <\/p>\n<p>It stands to reason. Growth comes from entrepreneurs, work, creativity. More government means less of all these things and slower growth. <\/p>\n<p>Slower growth means lower income and less opportunity. <\/p>\n<p>Anyone who cares about helping those who want to get ahead in America should be cheering for faster growth and less government rather than more government and slower growth.<\/p>\n<p>Hoover Institution economist John Cochrane has pointed out that from 1950 to 2000, the U.S. economy grew at 3.5% per year. Real income per person went from $16,000 in 1950 to $50,000 in 2000. If the economy grew from 1950 to 2000 at 2% instead of 3.5%, notes Cochrane, income in 2000 would have risen to just $23,000 rather than $50,000. <\/p>\n<p>It&#8217;s why, as someone who cares about helping low-income Americans get ahead and improve their lot, I care about a growing dynamic economy, not a bloated, sclerotic economy controlled by politicians and Washington special interests.<\/p>\n<p>The so-called Inflation Reduction Act takes matters in the exact opposite direction in which we should be going. Pretending to care about the nation&#8217;s fiscal imbalances while adding $430 billion in new spending, all of it driven and defined by Washington special interests, is the problem, not the solution.<\/p>\n<p>Star Parker is president of the Center for Urban Renewal and Education and host of the weekly television show &#8220;Cure America with Star Parker.&#8221; To find out more about Star Parker and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate website at www.creators.com.<\/p>\n<p itemprop=\"imageCaption\"><small>Photo credit: <a href=\"https:\/\/pixabay.com\/goto\/499481\/\" rel=\"external noopener\" target=\"_blank\">geralt<\/a> at Pixabay<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A central pillar of the just-passed Inflation Reduction Act is $80 billion going to the IRS to hire some 87,000 new agents, doubling the current force, to chase down U.S.<\/p>\n","protected":false},"author":1,"featured_media":1610991,"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-1609762","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\/1609762","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=1609762"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1609762\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1610991"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1609762"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1609762"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1609762"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}