by Martin Armstrong, Armstrong Economics:
The Inflation Reduction Act has only increased inflation. Secretary of the Treasury Janet L. Yellen came out and admitted the truth – the act’s entire premise is to push the climate change agenda forward. “The Inflation Reduction Act is, at its core, about turning the climate crisis into an economic opportunity,” Yellen admitted.
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It provided the government with an opportunity to eliminate our energy independence. We did not have an energy crisis before Joe Biden took office. He killed the Keystone deal on his very first day in office and has been promoting the larger WEF Build Back Better plan at the expense of the nation. Biden implemented policies that worsened inflation and then convinced mindless politicians, who never read the large bills put forward, to vote for a $369 billion act under the premise of fixing a problem he created.
Now Joe Manchin, who brokered the deal with Biden, claims he was duped into believing the act was actually designed to reduce inflation. In an op-ed published in the Wall Street Journal, Manchin criticized the need to raise the debt ceiling as a “needless emergency.” Manchin wrote:
“America is fast approaching another needless emergency—the raising of the national debt ceiling. This impending crisis isn’t an accident but a result of the inaction of various actors who refuse to confront fiscal reality, sit down, negotiate and make hard decisions for the sake of our nation’s future. While all parties have a responsibility to negotiate in good faith, recent actions make clear to me that the Biden administration is determined to pursue an ideological agenda rather than confront the clear and present danger that debts and deficits pose to our nation.”
He goes on to state that the national debt is nearly $31.5 trillion, “or close to $95,000 for every man, woman, and child, and represents 120% of our gross domestic product.” He proposes negotiating the debt ceiling and is pleading with “Mr. Biden to instruct his administration to implement the Inflation Reduction Act as written and stop redefining its credits and other subsidies.”
The Senator from West Virginia stated that Americans will pay the price for generations if Biden fails to act, but Yellen has now admitted that the goal of the IRA has been achieved. As Trump said, if you put the worst five presidents in American history together, they’ve done less damage to the nation than Biden in under three years.
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