Guest Post by Martin Armstrong
The Inflation Reduction Act has only increased inflation. Secretary of the Treasury Janet L. Yellen came out and admitted the truth – the act’s entire premise is to push the climate change agenda forward. “The Inflation Reduction Act is, at its core, about turning the climate crisis into an economic opportunity,” Yellen admitted.
Continue reading “Yellen Admits Truth Behind the Inflation Reduction Act”
From Peter Reagan
For older Americans who are saving for retirement or have already retired, President Biden’s “Inflation Reduction Act of 2022” will have several potential impacts.
Let’s take a quick look at a few of these impacts, starting with three key benefits that the Act will provide mostly for seniors.
Dick Pfister, CEO of AlphaCore Wealth Advisory, described the first benefit:
Under the current law, the Medicare program is banned from negotiating drug prices. You have to pay the market price… But with the new law, they actually have to negotiate, and they think that will cause the prices of drugs to drop across the market.
This benefit “will be phased in over time” and will not cover every single drug on the market. If you’re on Medicare Part D, pay close attention whenever you visit the pharmacy counter, and see if this legislation has worked on your behalf over the next decade.
The second benefit that the Inflation Reduction Act will eventually provide retirees is fairly straightforward. Starting in 2025, Medicare beneficiaries’ out-of-pocket spending for prescription drugs will be capped at $2,000 annually.
While that might not help older Americans during bad economic times, but it’s still something to look forward to.
The third benefit is also easy to understand. According to the same U.S. News article cited above, the RAND Review tells us:
Diabetes is one of the most pervasive, deadly and expensive diseases in the United States. “More than 30 million people have it, and nearly a quarter of them use insulin to manage their symptoms and prevent life-threatening complications.
Continue reading “The Biggest Mistake of the Inflation Reduction Act”
Guest Post by Martin Armstrong
Experts have stated that the Inflation Reduction Act will not reduce inflation in any meaningful way. So why is the White House spending $739 billion on this failed act? They have no idea! No Republican voted to pass the act, and the Democrats are yet again spending recklessly without reason.
Continue reading “The Inflation Reduction Act is “Orwellian””
They are going to raise your taxes in the middle of a recession while you're dealing with record high inflation so that people wealthier than you can buy electric cars and call it the "Inflation Reduction Act." https://t.co/n2aIo0k7Pn
— Greg Price (@greg_price11) July 31, 2022
Guest Post by Ron Paul
The Affordable Care Act, No Child Left Behind, and the USA PATRIOT Act received new competition for the title of Most Inappropriately Named Bill when Senate Democrats unveiled the Inflation Reduction Act. This bill will not only increase inflation, it will also increase government spending and taxes.
Inflation is the act of money creation by the Federal Reserve. High prices are one adverse effect of inflation, along with bubbles and the bursting of bubbles. One reason the Federal Reserve increases the money supply is to keep interest rates low, thus enabling the federal government to run large deficits without incurring unmanageable interest payments.