Updated 10:55 AM PT – Friday, August 12, 2022
Former Congressman Ron Paul (R-Texas) referred to President Joe Biden’s newest spending package as the “Inflation Production Act.” Paul said the so-called Inflation Reduction Act is estimated to cost the American taxpayer dearly.
During a Thursday episode of his podcast Liberty Report, Paul accused the White House of changing economic definitions to avoid responsibility for their abysmal policies. Despite Joe Biden’s rose-colored glasses, the former congressman said Americans aren’t buying it. Their money is evaporating before their eyes.
“I feel so badly that all those things that I learned about frugality and saving money, even when it was back a dollar at a time, you save money,” Paul said. “Now it’s a negative”
Dr. Paul’s guest, Phillip Patrick of Birch Gold, claimed the decreasing inflation rate has mislead the Biden administration into a premature celebration.
“This isn’t on the back of successful Federal Reserve policy or successful policy coming out of the White House. It’s simply on the back of demand going down on the back of high prices,” explained Patrick. “So, you know the fact that inflation is slowing a little bit it’s definitely good news. My big concern though is the direction this administration is going. Now they’re pushing through massive spending packages which, of course in large part, is how we are in the situation we are today.”
Patrick accused the Biden administration of capitalizing on the modest improvement to ram through a re-branded Build Back Better Act. The precious metal specialist called the legislation a confusing mess as it promotes so-called green energy projects while also expanding fuel production and oil drilling.
Others are accusing the Biden administration of digging America deeper into a recession. Economist Casey Mulligan estimated that the so-called Inflation Reduction Act will cost 900,000 American jobs and that it will diminish household incomes by more than $1,200 a year. Additionally, the tax hikes in the bill are estimated to cost the average middle income family more than $2,400.
Citizens will also fall prey to an increasingly weaponized IRS, as four out of five IRS audits are on those making less than $200,000 a year. According to the Heritage Foundation, the most effective methods of attacking inflation are slashing taxes, regulations and spending.
FACTS 🔽🔽🔽 https://t.co/XX3Nh8XX1a
— Heritage Foundation (@Heritage) August 12, 2022
However, the House is unlikely to follow that advice as it will begin considering the bill on Friday.