Biden's Amazing Inflation Machine
October 1, 2022 | View PDF
From 2017 through 2021, under the Donald Trump administration, America’s inflation rate remained steady at about two percent annually, a rate that will underwrite a strong, robust economy. But after the beginning of Joe Biden’s regime, reckless government spending and meddling cranked it up to 7% in 2021 and 8.5% so far into 2022.
Why did it happen? The handwriting is right there on the wall. Joe Biden’s ruthless and abusive tampering with our petroleum industries produced the expected shortages of just about every product we use. Nearly all are either derived from petroleum, manufactured by its use, or both. It’s all the fault of Biden and his Democratic cronies.
Responding to the anger of the American people, Joe and those same traitors decided to “fix” it. In a short time, this despotic clique created a 700+ page Inflation Reduction Act, the most devastating piece of legislation to come onto the floor since Obama’s infamous “Affordable Care Act” in 2010. Joe signed this pipe dream on August 16, 2022, claiming that it might be effective in abating the runaway inflation that his reckless actions had recently created.
Our two senators—Richard Shelby and Tommy Tuberville, of course, voted against it along with six of our representatives. District 7’s Terri Sewell, as expected from an authoritarian Democrat, voted for it.
Even a novice economist can instantly realize that this piece of dog poo is actually going to exacerbate inflation—just like any other massive tax and spend action. Only the most brain-dead Democrats could possibly believe that it will help our economy.
Of course, it won’t. The act contains the very elements that create MORE inflation—ramped up spending combined with new and increased taxes. It just makes our government bigger and more oppressive. It is the precise opposite of what we need—much less spending and lower taxes. Biden is NOT motivated to save our country; he is doing everything he can to SABOTAGE it.
More inflation is not the only consequence. Spending $80 billion to hire 87,000 more IRS agents to harass us and eat out our substance is not going to bode well with honest taxpayers. Is Biden planning SWAT teams to invade and loot our bank accounts, homes, and businesses—like they did at Mar-A-Lago? That is infinitely more dangerous than a few tax cheats slipping through the cracks. We could have tax riots all over the country. We might even end up with another Whiskey Rebellion.
On Facebook (August 20), Katherine Morris Higginbotham listed some of the poison contained in this monster:
1. $6.5 Billion Natural Gas Tax Which Will Increase Household Energy Bills
2. $12 Billion Crude Oil Tax Which Will Increase Household Costs
3. $1.2 Billion Coal Tax Which Will Increase Household Energy Bills
4. Corporate Income Tax Hike on U.S. Businesses Which Will Be Passed on to Households
5. $124 Billion Stock Tax Which Will Hit Your Nest Egg — 401(k)s, IRAs and Pension Plans
6. 95% Federal Excise Tax on American Pharmaceutical Manufacturers
7. $52 Billion Income Tax Hike on Mid-Sized & Family Businesses
8. Supersizing the IRS to Increase Audits – $124 Billion
9. In fine print, it states that our hard earned tax $$ will also go to support BLM, which we all know by now, is a terrorist organization.
Former congressman and three time presidential candidate RON PAUL had this to say:
“The so-called Inflation Reduction Act… authorizes spending hundreds of billions of dollars on energy and fighting climate change… in other words, green corporate welfare. Government programs… take resources out of the hands of investors and entrepreneurs… and give [them]… to increased cronyism and waste.
“If Congress was serious about ending inflation, it would cut spending — starting with overseas militarism and corporate welfare. A Congress that took inflation seriously would also take the first step toward restoring a free-market monetary system by passing Audit the Fed and legalizing competition in currency.”
But Biden has no motive to cut spending. He wants more of it, not less. And he is desperate to gouge us even more with his 87,000 new tax collectors—some of them armed.
Biden claims that this enhanced enforcement is to target rich tax cheaters who earn more than $400,000 per annum. But Randy Kolosso (see comments in source 2) has researched IRS tax collections and discovered that there are not enough $400,000 earners to justify even a fraction of the agents we already have.
In the IRS fact book for 2019 (the most recent year of available records), the IRS audited about 343,000 individual tax returns, but only 8200 were incomes above $500,000. The IRS audited LOWER incomes OVER 4,400% MORE than higher incomes. The increased tax yield was $28 million from 4350 $1 million earners. But 184,000 audits of low incomes of $1 to $25,000 yielded an extra $707 million.
There is no question that if Biden’s act is fully implemented, we could suffer greater economic trauma than any we have ever had since the great depression.
What should we do to address inflation? The correct answer is precisely the opposite of what Biden and the Democrats had been cooking up. We MUST implement massive cuts in both taxes and spending. We need LESS government, not more.
What should we cut? There is no question that we have numerous unconstitutional government programs and non-essential personnel that we would be better off without, even if they didn’t cost any money. What most people don’t realize is that about 90% of all programs, regulations, mandates, acts and legislation created since about 1963 are undesirable and counterproductive. Scrap them, and our economy will flourish far beyond most people’s wildest imaginations.
What shall we put on the chopping block? The entire Inflation Reduction Act would be a great start; every bit of it is undesirable, counterproductive, and largely unconstitutional. This one repeal by itself would boost our economy significantly.
But we can go much farther than that. Although it might take years to complete, chopping away at the 90% of the bureaucratic oppression we already have can deliver our nation into greater prosperity than ever before.
A short list of these abominations includes federal meddling (both here and abroad), climate change follies, corporate welfare, excessive and abusive enforcement tactics, affirmative action and other racial and ethnic impositions, OSHA, EEOC, DEA, ATF, FEMA, most of the EPA, numerous safety mandates, the Departments of Energy and Education, Homeland Security, the Patriot Act, TSA, all that remains of Obamacare, membership in WHO and the Paris Climate Accord, and most of our military meddling overseas. Of course there are many others.
The tax savings would be huge. Instead of going deeper into debt, we could begin paying it off. At the same time, we could work to massively cut our taxes. One thing we must never do is leave money on the table for bureaucrats to violate our liberty and natural rights.
What about the several million who will be losing their jobs? They won’t like it at first, but as our economy blossoms, multitudes of new careers will be created as a new era of freedom emerges. Like everybody else, the bureaucrats will discover unimagined opportunities, benefits, higher salaries, and greater satisfaction performing productive services and creating useful products instead of oppressing people and making their lives miserable.
1. Paul, Ron, The “Inflation Reduction Act” Is Another DC Lie, August 9, 2022.
2. Downey, Renzo, Ron DeSantis: IRS expansion is ‘middle finger’ to Americans, August 17, 2022.