Despite claims to the contrary from the Biden administration, America has begun to enter into a recession.
This is made clear by the twice-in-a-row declining GDP rates, inflation, and the rise in Americans who cannot afford to live. People continue bleeding their savings accounts dry, going into debt, and even leaving retirement.
In the middle of all this, the Biden administration continues its work to retcon the criteria for a recession. The White House likewise has yet to reverse its claim that the United States economy stands in a place of historical strength.
However, the White House and Democratic lawmakers have agreed on legislation known as the Inflation Reduction Act. The notion of passing a spending bill to counteract inflation currently faces widespread backlash from the GOP.
Republicans on the Inflation Reduction Act
In a nutshell, this legislation contains components that will raise corporate taxes, along with implementing changes to healthcare, energy, and climate policies. Democrats remain on board with this. They even claim it will provide relief to Americans.
Although Republicans strongly insist otherwise. It is the GOP’s view that America cannot spend its way out of inflation. Conservatives also warn this new legislation will actually worsen inflation and the economy at large.
Thus far, the Inflation Reduction Act appears poised to become law. Democrats likely hold the necessary votes to pass this bill and dodge the Senate filibuster in the process.
In doing so, this would allow the passage of the legislation with just left-wing votes alone. Interestingly enough, this is how the American Rescue Plan passed into law. Likewise, this bill is now heavily regarded as a catalyst for inflation.
Hard times for the American people coming very soon
Heavy spending created current economic problems. More spending will only worsen these problems.
Considering the major economic troubles that Americans face today, there’s no telling what else may follow after the Inflation Reduction Act.
To this day, concerns exist that America could enter not just a recession, but also a depression. If this happens, there’s no telling what the United States may look like by the time 2024 rolls around.