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Larry Kudlow: This is $93 billion in direct attacks on fossil fuels and energy independence
Larry Kudlow: This bill raises inflation and deepens recession
FOX Business host Larry Kudlow exposes what is in the Democrats’ social spending bill on ‘Kudlow.’
Sometime later this week, Joe Biden is going to sign the fraudulently named "Inflation Reduction Act." This whole story is most unfortunate for Americans suffering from high inflation and recession.
It's a terrible bill and actually might increase inflation and deepen recession in the period ahead. Above all, middle income working folks making less than $200,000 a year will pay significantly higher taxes. Federal debt will rise over $50 billion and a massive increase in the IRS will trample American privacy and basic constitutional rights even more than has already been the case.
In fact, many of the new 87,000 IRS agents are likely to be armed, which is an incredible thing if you think about it, but among all the nutty things in this pathetic bill is another massive taxpayer-funded dose of Green New Deal programs that the public rejects but the Bidens obsessively support.
Some of the lowlights will be a $250 billion slush fund for the Energy Department (think of Solyndra to the 100th power), $134 billion in tax credits for corporate welfare and Biden donors and $27 billion for a national climate bank. That's right, a national climate bank—as in an EPA slush fund.
SOARING INFLATION DRIVES MORE AMERICANS TO LIVE PAYCHECK TO PAYCHECK DESPITE 5.1% INCREASE IN WAGES