Inflation Reduction Act...

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Libertas
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Inflation Reduction Act...

Post by Libertas »

This can be the official thread, if you like. Given there is a bullshit thread about this here already that I am going to ignore.

Senate Parliamentarian turns out was appointed by Harry Reid.

What the fuck is wrong with her?

https://www.politico.com/newsletters/pl ... l-00050203

BREAKING — Democrats have lost a key piece of the prescription drug pricing reform policy in their reconciliation bill.
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Re: Inflation Reduction Act...

Post by Motor City »

Yea its pretty obvious that the best your going to get from biden is very very conservative regressive legislation that he prefers and is self-serving to him and corporate folks and that he can blame on sinema and the parlimaentarian for just not being able to do any better.
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Re: Inflation Reduction Act...

Post by Glennfs »

Even before today's news the CBO already announced that it would have no effect on inflation
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Re: Inflation Reduction Act...

Post by carmenjonze »

Glennfs wrote: Sat Aug 06, 2022 4:12 pm Even before today's news the CBO already announced that it would have no effect on inflation
What is your Free Dumb Caucus rep doing about inflation?
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Re: Inflation Reduction Act...

Post by gounion »

Glennfs wrote: Sat Aug 06, 2022 4:12 pm Even before today's news the CBO already announced that it would have no effect on inflation
Just watch - Come October, every Republican is going to be bragging about the bill like they voted for it.
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Re: Inflation Reduction Act...

Post by ProfX »

Dunno why they titled it what it did, except that of course lots of people are whining about it, and I guess that sounded better than the original title of the bill.

Here's the reality. Here's what it's going to do.

11 Ways the Inflation Reduction Act Will Help Americans
https://www.americanprogress.org/articl ... americans/

1. Allows Medicare to negotiate lower drug prices.
2. Caps out-of-pocket prescription drug costs for seniors.
3. Prevents higher health care costs.
4. Cracks down on Big Pharma’s greed. It prevents drug companies from hiking prices above the rate of inflation.
5. Cuts carbon pollution dramatically.
6. Lowers energy costs.
7. Creates American jobs.
8. Invests in communities that suffer the most from environmental and health hazards.
9. Cracks down on wealthy tax cheats.
10. Fixes loopholes that allow wealthy corporations and Wall Street fund managers to avoid paying their fair share in taxes.
11. Cuts inflation and drives down the deficit. The IRA decreases demand through fairer taxes; increases supply through investments in manufacturing and clean energy; and cuts costs for energy, health care, and prescription drugs. Unlike the $1.9 trillion 2017 Republican tax bill, the plan is fully paid for and will decrease the deficit by $300 billion on top of $1.7 trillion in deficit reduction already projected this year.

[snip][end]

11. is the key. It WILL reduce inflation. Costs for three types of things, health care, drugs, and energy will go down. Now that may not be the entirety of inflation in all consumer goods ands services. But it is a very good start.

If you're expecting a magic dramatic drop instaneously - won't happen. BUT, then, will inflation drop over time (as it probably would anyway, but due to this bill, more) ... yes.

Plus there's a lot of "kitchen table" stuff in this bill. Dunno why Mr. Kitchen Table doesn't care about reducing pollution and climate change, but this is going to spare a lot of kitchen tables from being destroyed.
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Re: Inflation Reduction Act...

Post by ProfX »

Libertas wrote: Sat Aug 06, 2022 2:12 pm What the fuck is wrong with her?
The good and bad news. You can avoid a filibuster with the reconciliation process, BUT the parliamentarian gets to review whether all parts of the bill are "kosher" for that process.

Here's what she took out of the bill, and here's what got left in.
https://www.cbsnews.com/news/inflation- ... s-to-vote/

Elizabeth MacDonough, the chamber's nonpartisan rules arbiter, said lawmakers must remove language imposing hefty penalties on drugmakers that boost their prices beyond inflation in the private insurance market. Those were the bill's chief pricing protections for the roughly 180 million people whose health coverage comes from private insurance, either through work or bought on their own.

Other major provisions were left intact, including giving Medicare the power to negotiate what it pays for pharmaceuticals for its 64 million elderly recipients, a longtime goal for Democrats. Penalties on manufacturers for exceeding inflation would apply to drugs sold to Medicare, and there is a $2,000 annual out-of-pocket cap on drug costs and free vaccines for Medicare beneficiaries.

[snip][end]

It still will end up cutting the cost of pharma in the U.S. Foremost for those on Medicare. That's good.
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Re: Inflation Reduction Act...

Post by gounion »

Glennfs wrote: Sat Aug 06, 2022 4:12 pm Even before today's news the CBO already announced that it would have no effect on inflation
Fox News freaking out on fantastic news in a GREAT jobs report. Glenn, I'm sure you're pissed because you've GOT to have a recession to have any hope in November. It's funny to watch:

https://www.youtube.com/watch?v=ttX7v7ShJD4

And just a little point of fact mentioned in the video, Glenn. The LAST Democratic President to have a recession in their term was Jimmy Carter. All the rest were given to us by Republicans.
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Re: Inflation Reduction Act...

Post by Libertas »

The only thing cons hate worse than dems are dems who are effective, no wonder they hate Biden so so much.
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Re: Inflation Reduction Act...

Post by Libertas »

I wont post in a thread started by a rightwinger on this topic, so anyway today I guess Sinema is bringing out her demands that the living Koch brother emailed her.
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Re: Inflation Reduction Act...

Post by Motor City »

https://twitter.com/marwilliamson/statu ... 3900686337
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Re: Inflation Reduction Act...

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The Inflation Reduction Act 'could be the most impactful climate legislation of our lifetimes': SunRun CEO
https://finance.yahoo.com/news/inflatio ... 16208.html

The Senate passed the Inflation Reduction Act on Sunday, and the legislation is being hailed by the CEO of a residential solar power provider as perhaps the most important climate bill in modern times.

"We're sitting on the precipice of what could be the most impactful climate legislation of our lifetimes," SunRun CEO Mary Powell told Yahoo Finance Live (video above). "We're really excited about it. We really see it as fundamentally accelerating this customer-led revolution to a much more sustainable, independent, resilient, and affordable energy system for Americans."

If passed, the $369 billion deal would be a major breakthrough for clean energy efforts in the U.S. And although some provisions for the oil and gas industry have received pushback, many have cheered the bill as a significant step forward in tackling climate change.

According to a preliminary analysis by independent research provider Rhodium, the Inflation Reduction Act would reduce greenhouse gas emissions by 31% to 44% from 2005 levels by 2030. That pushes the U.S. closer toward the Paris Agreement goal of limiting global warming to 1.5 degrees Celsius. The earth already warmed by about 1.1 degrees in the last century.

Most of the reduction in U.S. emissions would come from tax credits for clean energy producers. The proposed legislation also aimed to invest in clean technologies such as carbon capture that have yet to scale. There are also provisions aimed at increasing domestic manufacturing for batteries, solar, and offshore wind.

[snip]

One program sets aside $4.5 billion for rebates to help households electrify their homes with more energy-efficient appliances and heat pumps. Electric vehicle owners may also be eligible for an expanded tax credit.

These upgrades may have the added benefit of lowering energy prices over the medium term in addition to shrinking the nation's carbon footprint. According to Rhodium's analysis, the Inflation Reduction Act would contribute to a $730 to $1,135 reduction in household energy costs in 2030 relative to 2021.

[snip][end]
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Re: Inflation Reduction Act...

Post by Glennfs »

https://www.atr.org/list-of-tax-hikes-i ... tion-bill/

Here is a rundown on the democratic party tax increase.
Spoiler alert it will not reduce inflation and much of the increases will fall upon people who can least afford it.
So much for the 400,000 pledge.

On the bright side the prescription price part is way over due. If it will actually effect prices we will ser.
Personally I doubt it because I am still waiting for the $2500 the ACA was going to bring the average family
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Re: Inflation Reduction Act...

Post by Glennfs »

carmenjonze wrote: Sat Aug 06, 2022 5:21 pm What is your Free Dumb Caucus rep doing about inflation?
They aren't in charge.
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Re: Inflation Reduction Act...

Post by Glennfs »

ProfX wrote: Mon Aug 08, 2022 6:53 am The Inflation Reduction Act 'could be the most impactful climate legislation of our lifetimes': SunRun CEO
https://finance.yahoo.com/news/inflatio ... 16208.html

The Senate passed the Inflation Reduction Act on Sunday, and the legislation is being hailed by the CEO of a residential solar power provider as perhaps the most important climate bill in modern times.

"We're sitting on the precipice of what could be the most impactful climate legislation of our lifetimes," SunRun CEO Mary Powell told Yahoo Finance Live (video above). "We're really excited about it. We really see it as fundamentally accelerating this customer-led revolution to a much more sustainable, independent, resilient, and affordable energy system for Americans."

If passed, the $369 billion deal would be a major breakthrough for clean energy efforts in the U.S. And although some provisions for the oil and gas industry have received pushback, many have cheered the bill as a significant step forward in tackling climate change.

According to a preliminary analysis by independent research provider Rhodium, the Inflation Reduction Act would reduce greenhouse gas emissions by 31% to 44% from 2005 levels by 2030. That pushes the U.S. closer toward the Paris Agreement goal of limiting global warming to 1.5 degrees Celsius. The earth already warmed by about 1.1 degrees in the last century.

Most of the reduction in U.S. emissions would come from tax credits for clean energy producers. The proposed legislation also aimed to invest in clean technologies such as carbon capture that have yet to scale. There are also provisions aimed at increasing domestic manufacturing for batteries, solar, and offshore wind.

[snip]

One program sets aside $4.5 billion for rebates to help households electrify their homes with more energy-efficient appliances and heat pumps. Electric vehicle owners may also be eligible for an expanded tax credit.

These upgrades may have the added benefit of lowering energy prices over the medium term in addition to shrinking the nation's carbon footprint. According to Rhodium's analysis, the Inflation Reduction Act would contribute to a $730 to $1,135 reduction in household energy costs in 2030 relative to 2021.

[snip][end]
Last paragraph is so typical of tax increases. Today you pay more but years from now after we are out of power it is going to be great. Sigh this time Lucy is going to let us kick.
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Re: Inflation Reduction Act...

Post by carmenjonze »

Glennfs wrote: Mon Aug 08, 2022 9:07 am They aren't in charge.
:? didn't answer the question.

They're not in charge, but it doesn't stop them from proposing bills about all manner of things, like Ralph Norman's paranoid antivaxx conspiracy theory Religious Freedom Over Mandates Act.

What legislative solutions has this person proposed to stop inflation?

Seventh time asking.
Last edited by carmenjonze on Mon Aug 08, 2022 9:21 am, edited 1 time in total.
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Re: Inflation Reduction Act...

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Spoiler alert it will not reduce inflation
Defined as the rising cost of all goods and services, in the immediate term. Nope. It won't. I wouldn't have named the bill what they did, but ...

The folks at Wharton are questioning some aspects of the CBO's model. I could get into it, but come on, that "academic" debate will just bore people to death, and why bother.

Nobody seems to have a magic wand to end the Ukraine war, or other global supply disruptions. As for consumer demand, well, that's up to the Federal Reserve. The sad part is the whine will simply change as interest rates go up, and so does your mortgage rate, etc. Turns out that's how you fight inflation, be careful what you wish for.

Will it lead to cost reductions in certain goods and services, over the medium term, ... yes, I think it will. And that does affect what people call "inflation"...
On the bright side the prescription price part is way over due.
It's late because Republicans were blocking that part of the bill in the past (negotiation for cost of drugs by the gov't), and continued to block it (see Republican votes on cost of insulin) up until passage.
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Re: Inflation Reduction Act...

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Glennfs wrote: Mon Aug 08, 2022 9:09 am Last paragraph is so typical of tax increases. Today you pay more but years from now after we are out of power it is going to be great. Sigh this time Lucy is going to let us kick.
I notice you keep ignoring the climate impacts, which I'm focusing on, as no one else seems to care.

The poorest, most vulnerable people subject to the impacts of those climate impacts should care, and do, so stop claiming you know what's important for them.
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Re: Inflation Reduction Act...

Post by gounion »

Glennfs wrote: Mon Aug 08, 2022 9:07 am They aren't in charge.
What will they do if they take over Congress and the Senate?

Nothing.
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Re: Inflation Reduction Act...

Post by gounion »

ProfX wrote: Mon Aug 08, 2022 9:20 am Defined as the rising cost of all goods and services, in the immediate term. Nope. It won't. I wouldn't have named the bill what they did, but ...

The folks at Wharton are questioning some aspects of the CBO's model. I could get into it, but come on, that "academic" debate will just bore people to death, and why bother.

Nobody seems to have a magic wand to end the Ukraine war, or other global supply disruptions. As for consumer demand, well, that's up to the Federal Reserve. The sad part is the whine will simply change as interest rates go up, and so does your mortgage rate, etc. Turns out that's how you fight inflation, be careful what you wish for.

Will it lead to cost reductions in certain goods and services, over the medium term, ... yes, I think it will. And that does affect what people call "inflation"...



It's late because Republicans were blocking that part of the bill in the past (negotiation for cost of drugs by the gov't), and continued to block it (see Republican votes on cost of insulin) up until passage.
Glenn and greengrass only champions the CBO when it says what they like. If it says differently, they attack it. Hypocrisy.
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Re: Inflation Reduction Act...

Post by Glennfs »

gounion wrote: Mon Aug 08, 2022 9:39 am What will they do if they take over Congress and the Senate?

Nothing.
I don't expect them to win the Senate until possibly 2024. But, we will now learn if increasing taxes and regulations will grow the economy and fix inflation.
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Re: Inflation Reduction Act...

Post by carmenjonze »

Glennfs wrote: Mon Aug 08, 2022 9:42 am I don't expect them to win the Senate until possibly 2024. But, we will now learn if increasing taxes and regulations will grow the economy and fix inflation.
Ralph Norman campaigns and legislates solely on social issues. That's all the Freedom Caucus has got.

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Re: Inflation Reduction Act...

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The CBO's main job is to estimate the budgetary effects of legislation. Will it raise or lower the deficit, will it raise or increase taxes and on whom, where will spending increase, etc. They are not the Congressional We Can Guess The Macroeconomic, Ecological, and Social Impacts of All Legislation Office. Asking them to do more than what is their real main job, I wouldn't treat the answers as irrefutable.

For impacts of the bill, you need to turn to other experts, and I have. It's just unlike glenn, I have more I can point to than just lone Grover Norquist.
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Re: Inflation Reduction Act...

Post by gounion »

Glennfs wrote: Mon Aug 08, 2022 9:42 am I don't expect them to win the Senate until possibly 2024. But, we will now learn if increasing taxes and regulations will grow the economy and fix inflation.
I'll tell you what the GOP would do if they had control. They would give a big huge tax cut to corporations and the rich. That's all they've ever done and all they will ever do. Oh, and they'll give the working class a little tiny one.

But that won't do shit.
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Re: Inflation Reduction Act...

Post by Glennfs »

ProfX wrote: Mon Aug 08, 2022 9:45 am The CBO's main job is to estimate the budgetary effects of legislation. Will it raise or lower the deficit, will it raise or increase taxes and on whom, where will spending increase, etc. They are not the Congressional We Can Guess The Macroeconomic, Ecological, and Social Impacts of All Legislation Office. Asking them to do more than what is their real main job, I wouldn't treat the answers as irrefutable.

For impacts of the bill, you need to turn to other experts, and I have. It's just unlike glenn, I have more I can point to than just lone Grover Norquist.
Your expert is a left leaning organization.
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