In the United States, a recession is underway with no clear signs of economic recovery. Despite arguments from the White House, when the GDP falls for two quarters in a row, this signifies the arrival of a recession.
Amid the current recession, inflation also stands at 9.1%. This is crushing the average American who’s seeing property taxes, grocery store bills, mortgages, and other expenses go up.
Many Americans are working extra jobs to make ends meet, only to continue struggling. Some folks are even leaving retirement because they just can’t afford it anymore.
Democrats, therefore, put together the Inflation Reduction Act, branding this as a solution to the currently downtrodden economy. However, Rep. Roger Williams (R-TX) warns this latest spending bill will do the opposite of what Democrats claim.
Williams’ Warning on the Inflation Reduction Act
While speaking with Fox Business on Monday, the Texas congressman did not mince words.
Williams explained the Inflation Reduction Act will cause an increase in taxes, excessive money printing, and serious problems for the retail and manufacturing industries.
After warning that businesses will be cutting back on spending if this legislation passes, Williams also told Fox Business the economy will be destroyed.
The destruction of the economy cannot be prevented by increasing taxes and going after small businesses, the congressman pointed out.
The Texas Republican isn’t alone in sounding the alarm, either. Many of his fellow GOP members in the House and Senate warn that Americans’ finances will get even worse if the Inflation Reduction Act isn’t stopped now.
More Broken Promises
Biden ran for office on the vow that he would “Build Back Better.” He also directly promised that any tax increases passed would exempt folks who earn under $400,000 annually.
Meanwhile, the Inflation Reduction Act completely disregards yet another commitment from the president. Once this spending bill becomes law, any American earning more than $30,000 per year will see their taxes increase.
Naturally, Democrats are now claiming the only tax increases to come from this bill will be those for billionaires and giant corporations. A review of the legislation’s measures nevertheless tells a different story.