With inflation soaring, and the US officially in a recession, Democratic leaders are moving forward with Joe Biden’s excessive spending initiatives.
Backed by Senator Joe Manchin, a deal has reportedly been met to pass a massive government spending bill called the “Inflation Reduction Act of 2022.” As part of Biden’s failed “Build Back Better” agenda, this bill seeks to increase corporate taxes, spend billions of dollars on woke climate programs and subsidize three more years of parts of the Affordable Care Act.
Manchin’s support comes as a surprise, as he has repeatedly shot down many of the Democrat’s spending initiatives, particularly ones that could harm jobs within the energy industry.
Even though this bill is just another Democrat spending bill, Manchin is claiming the billions of dollars that will be spent by the government will fight inflation. Manchin said in a statement, “We must be honest about the economic reality America now faces if we want to avoid fanning the flames of inflation. At its core, the purpose of reconciliation is to get our economic and financial house in order. Contrary to foolish talk otherwise, America cannot spend its way out of debt or out of inflation.”
Manchin went on to say, “In practical terms, the Inflation Reduction Act of 2022 would dedicate hundreds of billions of dollars to deficit reduction by adopting a tax policy that protects small businesses and working-class Americans while ensuring that large corporations and the ultra-wealthy pay their fair share in taxes.”
Manchin’s surprise reversal comes a day before economic numbers came out showing the US has experienced two consecutive months of negative GDP growth, which is a traditional indicator that a country has entered a recession. Many on the right believe the spending bill is a last-ditch effort to enact some of the Democrat’s agenda before midterm elections are held.