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.