Op-eds
Inflation Reduction Act — the worst may be yet to come
Washington, DC,
August 12, 2022
As we find ourselves in the Dog Days of summer, hardworking Virginians have felt the devastating impacts of one-party rule in Washington. Inflation is at a 40-year high, historic interest rate hikes from the Federal Reserve have reduced purchasing power, gas prices are still too high, and two consecutive quarters of negative economic growth have confirmed what families already knew: our nation is in a recession. Unfortunately, the worst may be yet to come, as Senate Democrats have just passed a revived “Build Back Broke” plan to the tune of $740 billion, and Speaker Nancy Pelosi and President Joe Biden have signed on. Misnamed the “Inflation Reduction Act,” the bill includes not only $480 billion in tax hikes that will hit workers through slashed wages, but $16.7 billion in increased taxes for folks making less than $200,000. Economists agree the bill will do nothing to tame inflation and may make it worse. |