Insight - Aug. 4th, 2022
Insight
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04-Aug-2022
How will more government spending reduce our inflation? It won’t. Today on Insight, John and Josh Rosenstern discuss the Inflation Reduction Act currently going through the Senate; it’s similar to the Build Back Better plan that did not pass. This slimmed down version of the first bill, which originally targeted government monies going out to a tune of 3-trillion dollars, is deemed a reconciliation bill. Typically, the Senate needs 60 of the one hundred votes, but only 51 votes are needed when it is a reconciliation bill, i.e., a simple majority. The Federal Reserve’s raising of interest rates has tightened things up in an effort to reduce the rate of increasing prices by only 2-percent. In the bill, nearly 300-billion is set aside for climate initiatives alone; also included is a minimum tax rate, which will cause higher taxes on corporations.
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