Commentary: ‘Inflation Reduction Act’ won’t slow inflation; it’ll feed it

Unless you redefine what constitutes inflation, this will only make the pain worse. 

Sen. Joe Manchin speaks at a 2016 press conference. (Senate Democrats/Flickr)

The reconciliation bill that Sens. Joe Manchin and Chuck Schumer sneaked in late last week with some subterfuge will not quell soaring inflation, despite hilariously being called “The Inflation Reduction Act of 2022.”

A grab bag of corporate giveaways, it encompasses the same misguided tax-and-spend progressive hijinks that were part of the original Build Back Better failure. Unless you redefine what constitutes inflation, this will only make the pain worse.

The only other halfway-sane Democrat senator, Arizona’s Kyrsten Sinema, may be the last chance to derail the boondoggle. She was recently described as “frustrated” and “totally shocked” at not being consulted on such an important maneuver.

All last year, Democrats arrogantly and wrongly claimed inflation was “transitory,” part of an ignoble effort to ignore the problem long enough to waste $6 trillion more.

When inflation suddenly became politically problematic, Team Biden still denied reality and argued that more spending would alleviate inflation.

After 18 months of rising prices crippling Americans, the nonsensical bill will raise them more. Being that studies show the preponderance of Democrats are now wealthy, overeducated and urbane, it’s possible the elites simply don’t care about whether minorities and working-class Americans can buy groceries.

The bill also dumps almost $400 billion into “green” endeavors, which basically constitutes a separate fund for unsustainable environmental projects that weaken our global standing.

Even if brainwashed members of the Al Gore/John Kerry cult of hypocrites believe natural summer weather patterns are an existential threat to humanity, energy will not become more affordable by pumping money into profligate green technology. We’ve proven this before.

Naive journalists and leftist politicians claim this bill “encourages a transition” on energy. They promote subpar, overpriced alternatives — wind, solar, and electric cars no one wants — they hope will replace reliable oil and gas options that enhance our security.

Why would a West Virginia senator support a proposal that promises new taxes on natural gas and coal production? The Mountain State is the nation’s second-leading producer of coal and also receives nearly 90% of its electricity from coal.

Only a month ago, Manchin said, “I don’t think during a time of recession you mess with any of the taxes, or increase any taxes.” Fewer than three weeks ago, responding to the latest disastrous inflation report, the West Virginia moderate supposedly told Schumer he was done with any climate bill.

Manchin appeared on five Sunday news shows to explain his rationale.

“If you’re pitching the exact same policy, but saying it solves whatever the current political or substantive problem is, I don’t believe you; you don’t have credibility,” Republican strategist Sarah Isgur said on The Dispatch Podcast. “This is the same bill from a year ago, but now they’re calling it an Inflation Reduction Act. And it’s announced hours before we get the new GDP numbers, which are two quarters in a row of a decrease, which colloquially means it’s a recession.”

Yes, Democrats preferred to confiscate several trillion dollars more of your money but will settle for $430 billion.

Reading through the 725 laborious pages proves the bill does nothing beneficial, unless you want higher prices and more government dependency. And those prices mean Americans will buy fewer products, while rising interest rates continue to slow the housing market and make obtaining loans more difficult.

Bottom line: the new H.R. 5376 lines the pockets of special interest groups with wind and solar subsidies specifically tailored for the privileged. It also advances a radical left agenda, and with fewer energy choices, will make Americans suffer — while having no effect on the “climate” either.