Quote (RedFromWinter @ Nov 6 2024 11:23pm)
Democrats passed the Inflation Reduction Act, about $900bn and with added 87k more IRS government employees to payroll. Yet it rises and rises.
Quote (tommyd323 @ Nov 7 2024 12:33am)
Inflation is down to 2.4% from its peak June 22nd at 9.1%. Inflation has been a global issue since COVID. US did manage inflation better than other developed nations, however.
I'd say the ratio of how much it has to do with the inflation reduction act and how much it has to do with fed policy of contracting M2 is about 0:1. Though maybe its more fair to allow the ratio be negative since it probably aggravated inflation slightly
It's about as aptly named as the Patriot Act
>raise some taxes on businesses (could raise inflation a bit)
>spend more money on social services (could raise inflation a bit)
>hires 87,000 IRS employees (!?!)
CBO was generous in saying it wouldn't impact inflation at all, I'd say that only makes sense if you consider a red queen hypothesis where the US government would continue ratcheting up taxes and spending either way, so you're not comparing the IRA to "doing nothing" but comparing it passing some other stupidly named budget measure with the same kind of shakedown and pork