Treasury Secretary Janet Yellen took to the pages of the Wall Street Journal to trumpet the accomplishments of the Inflation Reduction Act (IRA) of 2022.
In her article “A Prosperous Year for the Inflation Reduction Act,” Ms. Yellen claims that the IRA has improved productivity, which in turn will reduce energy prices and spur economic growth.
The IRA was never about reducing inflation. The bill’s title was simply a selling point to gain favor with voters. More than half of the $737 billion in spending was allocated to climate-related grants, subsidies, and tax breaks, plus expansions of Affordable Care Act subsidies and special provisions for union workers, who tend to vote Democrat.
Inflation and climate aside, is Ms. Yellen right that the IRA will improve productivity and spur economic growth? The evidence says No. Why doesn’t more spending improve the economy? Because government spending is wasteful. Politicians spend money on projects that benefit themselves and their constituencies at the expense of average Americans.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Doug Burgum hits Biden on 'Inflation Creation Act': 'It's wrong on every front'Gov. Doug Burgum (R-ND), a presidential candidate, slammed the Inflation Reduction Act, championed by President Joe Biden, on Monday, suggesting it should be called the 'Inflation Creation Act.'
Read more »
Obvious Biden social media blunder earns ‘community notes’ fact check and mockery from criticsSocial media users ripped President Biden for getting the dates wrong on his Inflation Reduction Act legislation in a recent post he shared to X (formerly Twitter).
Read more »
No Reduction in AF After Noncardiac Surgery With Colchicine: COP-AFCOP-AF trial results showed no significant reduction in co-primary endpoints of clinically important AF or myocardial injury after noncardiac thoracic surgery, although there were positive trends.
Read more »
French FinMin Le Maire: There will not be any reduction in interest rates in coming monthsFrench Finance Minister Bruno Le Maire offers her view on the monetary policy and inflation during his appearance this Monday. Key takeaways “There wi
Read more »
Texas sends 10th migrant bus to Los Angeles after mayor decries move as 'political act'Texas sent a 10th bus with migrants to Los Angeles on Saturday after its mayor harshly criticized Gov. Greg Abbott for sending migrants.
Read more »