Biden Is Pushing The ‘Inflation Production Act’
On an episode of the Ron Paul Liberty Report released on August 11, 2022, former Congressman Ron Paul called the Biden regime’s recently passed spending package as the “Inflation Production Act.” Paul believed that the “Inflation Reduction Act” will stick Americans with a massive fiscal bill.
Paul also blamed the Biden regime for changing the definition of economic terms to avoid responsibility for its disastrous economic policies. The Biden regime recently patted itself on the back by altering the definition of recession and claiming that inflation has fallen. However, Paul believes that Americans can see through this.
“I feel so badly that all those things that I learned about frugality and saving money, even when it was back a dollar at a time, you save money,” Paul stated. “Now it’s a negative.”
The guest on this episode of the Ron Paul Liberty Report, Phillip Patrick of Birch Gold, believes that the decreasing inflation rate has given the Biden regime a flawed perception of economic reality.
“This isn’t on the back of successful Federal Reserve policy or successful policy coming out of the White House. It’s simply on the back of demand going down on the back of high prices,” proclaimed Patrick. “So, you know the fact that inflation is slowing a little bit it’s definitely good news. My big concern though is the direction this administration is going. Now they’re pushing through massive spending packages which, of course in large part, is how we are in the situation we are today.”
Patrick blamed the Biden regime for taking advantage of the perceived economic improvement to green light what is effectively a “re-branded Build Back Better Act”, per a report by One America News.
Some other economic analysts are claiming that the Biden administration is plunging the country into a deep recession. Economist Casey Mulligan projected that the so-called “Inflation Reduction Act” will destroy 900,000 jobs and that it will reduce the average household’s income by over $1,200 annually. On top of that, the tax increases in the bill are projected to cost the average middle class family over $2,400.
Since he first took office in 1976, Paul has been a firm believer in free markets, limited government, and sound money.
He continues to push for these concepts since he retired in 2013.
Unfortunately, Congress is on a spendthrift and regulation wavelength. As a result, the American people will continue to suffer.
It would behoove Congress critters to listen to the Great Doctor for once. America is in desperate need of some fiscally responsible economic policies.