Senate passes the Inflation Reduction Act - Kotaku In Action 2

Senate passes the Inflation Reduction Act (media.kotakuinaction2.win)

posted 2 years ago by SparkMandrill83 2 years ago by SparkMandrill83 +53 / -0

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– dekachin 13 points 2 years ago +15 / -2

Both the CBO and PWBM found this bill to have 0 effect on inflation:

The impact on inflation is statistically indistinguishable from zero for either estimate. https://budgetmodel.wharton.upenn.edu/issues/2022/8/5/inflation-reduction-act-comparing-cbo-and-pwbm-estimates

Also it is actually going to increase the deficit in the near term, which is all that matters because the Republicans are going to repeal it after 2024:

PWBM projects that the legislation would have no significant effect on the deficit in 2023 and would add around $25 billion to deficits in 2024 and 2025.

What the bill does:

extends and expands Obamacare subsidies = $70 billion
subsidies for climate shit = $369 billion
massive tax hikes on corporations = -$260 billion
massive expansion of IRS funding to audit people

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▲ 8 ▼

– almond_activator 8 points 2 years ago +8 / -0

the Republicans are going to repeal it after 2024:

I'm not so sure they will. It's damned hard to fire government employees. Those IRS agents may be here to stay.

The usual breed of Republican ain't going to do shit. Time will tell if the new one is also all talk.

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– deleted 10 points 2 years ago +10 / -0