WASHINGTON, D.C.— Last Friday, Rep. Elaine Luria (D-VA) voted to send the Inflation Reduction Act to the President’s desk and lower health care and prescription drug costs, combat climate change, tackle the root causes of inflation, and reduce the deficit.
“Rising prices have impacted working families across the country, and the Inflation Reduction Act will put money back into the pockets of Coastal Virginians by lowering health care costs, reducing energy prices, creating jobs, and fighting inflation. The Inflation Reduction Act will also combat climate change and invest in American energy to end our dependence on foreign energy sources like Russia and China,” Rep. Luria said. “The Inflation Reduction Act delivers for Coastal Virginians in the short-term while making long-term investments to reduce the deficit and build a better future for generations of Americans.”
According to 126 leading economists—including seven Nobel Prize winners, three former chairs of the Council of Economic Advisers, two former Treasury Secretaries— the Inflation Reduction Act “will fight inflation and lower costs for American families while setting the stage for strong, stable, and broadly-shared long-term economic growth.”
The Inflation Reduction Act will lower health care costs by allowing the federal government to negotiate prices for prescription drugs, limiting the out-of-pocket prescription costs for seniors, and ensuring that drug companies can no longer raise prices faster than the rate of inflation.
The legislation also represents the largest single federal investment to combat climate change and promote energy security through growing our domestic energy production and ending our reliance on foreign sources.
The Inflation Reduction Act is fully paid for and will not add to the national debt or raise taxes on working families, and will reduce the deficit by more than $100 billion over the next decade.
The Inflation Reduction Act:
Enacts historic deficit reduction to fight inflation.
Lowers energy costs, increases cleaner production, and reduces carbon emissions by roughly 40 percent by 2030.
Allows Medicare to negotiate drug prices and caps out-of-pocket costs to $2,000.
Lowers ACA health care premiums for millions of Americans.
Caps insulin costs at $35 a month for seniors and individuals with disabilities on Medicare.
WHAT HOGWASH!
The Democrats have now handed Joe Biden almost $TWO TRILLION in NEW SPENDING on what amounts to MASSIVE PATRONAGE and ELECTORAL BRIBERY (see, Cape Charles Mirror, August 22, 2021 Opinion: On Electoral Bribery in America http://www.capecharlesmirror.com/news/opinion-on-electoral-bribery-in-america/#comment-447331 ) with Joe’s $1 trillion infrastructure bill plus $52 billion more in the CHIPS ACT, $170 billion in the Research and Development, Competition, and Innovation Act and $740 billion in this so-called inflation reduction act ($962 billion).
As to lowering insurance costs, here is the PIE-IN-THE-SKY view through ruby glasses that Congresswoman Luria is pushing as a loyal, indoctrinated Democrat:
THE WHITE HOUSE
Remarks by President Biden At Signing of H.R. 5376, The Inflation Reduction Act of 2022
AUGUST 16, 2022
State Dining Room
3:49 P.M. EDT
THE PRESIDENT: The Inflation Reduction Act locks in place lower healthcare premiums for millions of families who get their coverage under the Affordable Care Act.
Last year, a family of four saved on average $2,400 through the American Rescue Plan that I signed into law that Congress voted in place.
In the years ahead, thanks to the Inflation Reduction Act, 13 million people are going to continue — continue to save an average of $800 a year on health insurance.
**********************************
Here is operative reality:
“New Yorkers facing health insurance rate increases in January – Average increase is 7.9 percent for small company plans, 9.7 percent for individuals”
Larry Rulison, Albany, New York Times Union
Aug. 18, 2022
ALBANY — Many New Yorkers can expect their health insurance rates to rise an average of about 9 percent in January.
For people who work at companies with 100 or fewer employees, the average rate hike will be 7.9 percent, while the individual commercial marketplace increases are slightly higher at 9.7 percent.
Health insurers in the Capital Region and elsewhere in New York were requesting much higher rate increases than what the DFS approved.
For instance, CDPHP, a major local health insurer, requested a 17.4 percent increase for its small company clients but was only approved for an 11.5 percent increase.
MVP, another local health insurer, requested a 14.2 percent increase for its small company plans but was granted an increase of 11.7 percent.
Rates on plans for individuals buying insurance directly are generally more expensive, and the rate increases are higher.
For instance, CDPHP requested a 28.4 percent increase in individual plans and received a 16.5 percent increase from DFS.
Although these are significant increases that will pinch average workers, DFS says its decisions on rates kept health insurer profits to half of 1 percent, which it said was “historically low” compared to previous years.
When submitting their requests this year, insurers said they needed to charge more due to the COVID-19 pandemic, inflation and new government regulations and taxes.
“Rising medical costs and inflation continue to put upward pressure on premiums,” DFS Superintendent Adrienne Harris said in a statement.
“With our rate actions announced today, we continue to prioritize the financial wellbeing of consumers while ensuring that New Yorkers have access to a robust, stable health insurance market.”
However, the industry was not happy that their requests were watered down and do not reflect the reality of the health insurance industry.
“The rate submissions were reasonable and appropriate, reflecting underlying costs and taking into account the premium reductions the state has imposed the last several years,” Eric Linzer, CEO of the New York Health Plan Association said in a statement.
“Unfortunately, the final approved rates do not fully account for the factors driving underlying health care costs.”
The Washington Examiner
“‘Inflation Reduction Act’ is corporate welfare in disguise”
Opinion by Timothy P. Carney
20 August 2022
The Democrats’ “Inflation Reduction Act” will not decrease inflation, but it will shovel hundreds of billions of dollars in corporate welfare to lucky companies and their lobbyists.
This is what Obamanomics was, and it’s what Bidenomics is: Government gets bigger to the benefit of Big Business.
Veronique de Rugy at Reason puts it well: “Why should we believe that the Inflation Reduction Act’s massive swelling of ‘investment’ in climate action will succeed as advertised and completely ignore the long record of failure of government subsidies of green energy?”
We shouldn’t.
And “investment” typically means transfer from taxpayers to the big companies with the best lobbyists.
Investment companies are already scrambling to figure out who will be the biggest winners from this law.
Rigzone
“Inflation Reduction Act To Help Inject $270Bn in US Wind, Solar By 2030”
by Bojan Lepic | Rigzone Staff
Monday, August 22, 2022
The Inflation Reduction Act is set to boost installed solar and onshore wind capacity in the US by 40 percent by 2030, with an extra 155GW of capacity expected to come online this decade, Rystad Energy research shows.
The Inflation Reduction Act, signed into law just recently, extends and expands upon existing tax credits, improving project economics and encouraging investments in renewable energy projects.
The projects added due to the new incentives are expected to attract additional investments of more than $270 billion in the next eight years as developers take advantage of the beefed-up tax credits.
Reuters
“White House cuts FY 2022 budget deficit forecast as revenues rise”
By David Lawder
August 23, 2022
The new forecasts, completed on June 9, do not include legislation passed since then, including a $52 billion semiconductor and research subsidy act and a $430 billion package of tax increases and healthcare and clean energy investments.
Outlays increased $121 billion from the March forecast, largely due to spending legislation passed earlier this year, and estimated increases in net interest costs and higher spending on Medicaid healthcare for the poor, as well as student loans and financial assistance.
The White House also adjusted down its economic projections, with 2022 U.S. real GDP growth cut sharply to 1.4% from 3.8% in March, based on fourth-quarter comparisons.
It revised its inflation projection for 2022 to 6.6%, now in line with private forecasters, from 2.9% in the March forecast.
And as we can clearly see from the fact that Joe’s white house is revising its inflation projection for 2022 to 6.6% from 2.9% in the March forecast, thi8s so-called inflation reduction act Democrat ideologue Elaine Luria is touting as a Democrat achievement is not going to lower inflation in 2022, which happens to be the year everyone in the US is living in, which makes the claim that the inflation reduction act tackles the root causes of inflation mere piffle, because it is not true.
Reuters
“U.S. new vehicle prices to hit record high despite rising interest rates”
Reuters
August 24, 2022
Aug 24 (Reuters) – U.S. new vehicle prices are expected to hit a record high in August on the back of strong demand despite rising interest rates, an industry report showed on Wednesday.
Average transaction prices are set to reach a record $46,259, an 11.5% increase from a year earlier, according to the report from auto industry consultants J.D. Power and LMC Automotive.
THE WHITE HOIUSE
FACT SHEET: The Inflation Reduction Act Supports Workers and Families
AUGUST 19, 2022
By signing the Inflation Reduction Act, President Biden is delivering on his promise to build an economy that works for working families.
President Biden is the most pro-worker, pro-union President in history, and the Inflation Reduction Act builds on that legacy.
President Biden and Congressional Democrats beat back special interests to pass this historic law that lowers costs for families, creates good-paying jobs for workers, and grows the economy from the bottom up and the middle out.
The Inflation Reduction Act lowers prescription drug costs, health care costs, and energy costs.
It’s the most aggressive action on tackling the climate crisis in American history, which will lift up American workers and create good-paying, union jobs across the country.
It’ll lower the deficit and ask the ultra-wealthy and corporations to pay their fair share.
And no one making under $400,000 per year will pay a penny more in taxes.
CREATE CLEAN ENERGY JOBS
The Inflation Reduction Act creates good-paying union jobs that will help reduce emissions across every sector of our economy.
As President Biden promised when running for president, the law includes some of the strongest labor protections and incentives ever attached to clean energy tax credit programs.
It will:
* Incentivize prevailing wages. The expanded tax credits for energy efficient commercial buildings, new energy efficient homes, and electric vehicle (EV) charging infrastructure will include bonus credits for businesses that pay prevailing wages and hire registered apprentices, ensuring local wages are not undercut by low-road contractors.
* Stop companies from ripping off workers. It will penalize companies that promise to pay prevailing wages but don’t follow through, and workers who are owed prevailing wages will receive the difference, plus interest.
* Make it in America. For the first time ever, the Inflation Reduction Act establishes Make it in America provisions for the use of American-made equipment for clean energy production.
The law provides expanded clean energy tax credits for wind, solar, nuclear, clean hydrogen, clean fuels, and carbon capture, including bonus credits for businesses that pay workers a prevailing wage and use registered apprenticeship programs.
MAKE THE TAX CODE FAIRER
The Inflation Reduction Act will make our tax code fairer by cracking down on millionaires, billionaires, and corporations that evade their obligations, and making sure the largest corporations pay their fair share.
No family making less than $400,000 per year will see their taxes go up by a single cent.
The Inflation Reduction Act will raise revenue by:
* Going after tax dodgers, ensuring the wealthy and large corporations pay the taxes they already owe.
* Cracking down on the largest profitable corporations that currently get away with paying little to no federal income tax, instituting a minimum corporate tax of 15%.
* Imposing a 1% surcharge on corporate stock buybacks, to encourage businesses to invest instead of enriching CEOs or funneling profits tax-free to shareholders.
* Making transformational investments in taxpayer service so that regular Americans can get their questions answered and access the credits and benefits they are entitled to.
The law’s tax reforms won’t just raise revenue to finance critically needed investments to lower costs for working families and combat climate change, they are also an important component of building an economy that rewards work rather than wealth and doesn’t let the rich and powerful get away with playing by a separate set of rules.
REVITALIZE AMERICAN MANFACUTURING
President Biden made a promise to re-energize American manufacturing, and he kept his promise.
The President already has the strongest record of growing manufacturing jobs in modern history, and this law invests in American workers and industry.
The Inflation Reduction Act will:
* Build American clean energy supply chains, by incentivizing domestic production in clean energy technologies like solar, wind, carbon capture, and clean hydrogen.
* Support American workers with targeted tax incentives aimed at manufacturing U.S.-sourced products such as batteries, solar, and offshore wind components, and technologies for carbon capture systems.
* Strengthen America’s manufacturing base. The Inflation Reduction promotes domestic sourcing and American jobs. For example, clean energy tax credits are increased if the amount of American steel used in wind projects meets the domestic content threshold, and bonus credits apply to employers who use of prevailing wages and apprenticeships, ensuring that federal tax policy supports good-paying, high-skilled jobs.
* Create good-paying union jobs in energy communities. Clean energy tax credits will be increased by 10% if the clean energy projects are established in communities that have previously relied upon the extraction, processing, transport, or storage of coal, oil, or natural gas as a significant source of employment, creating jobs and economic development in the communities that have powered America for generations.
LOWER HEALTH CARE COSTS
President Biden has followed through on his promise to lower the cost of prescription drugs.
The Inflation Reduction Act will protect Medicare recipients from catastrophic drug costs by phasing in a cap for out-of-pocket costs and establishing a$35 cap for a month’s supply of insulin.
And, as an historic win, Medicare will be able to negotiate prices for high-cost drugs for the first time ever.
For union members or family members who benefit from the Affordable Care Act, it extends health insurance premium subsidies.
With the shape our country is in, why not give it a chance. How about we wait 6 months or so before we decide that something isn’t going to work.
Remember, the combustion engine powered automobile wasn’t suppose to succeed either.
And for proof that it is not going to work, Joe Biden himself just raised his inflation projection for 2022 to 6.6% from 2.9% in his flawed March forecast.
So much for reducing inflation!
That was BULL**** all along:
Reuters
“TREASURIES-U.S. yields retreat as markets cautiously look to Jackson Hole”
By Gertrude Chavez-Dreyfuss
August 25, 2022
Ahead of Powell, St. Louis Fed President James Bullard repeated on Thursday that he would like the policy rate to climb to between 3.75% and 4.00% by year-end from its current range of 2.25% to 2.50%.
He added that U.S. inflation would be higher for longer.
Remember when a little bit back Joe Biden himself said it was the job of the fed to fight inflation, not him?
So given that, and as I recall, it was reported on in the CCM, what’s up with his so-called “inflation reduction act,” other than a flim-flam?
Reuters
“Fed’s Harker: Would like to get rates above 3.4% and ‘sit for a while'”
Reuters
August 25, 2022
Aug 25 (Reuters) – Philadelphia Federal Reserve President Patrick Harker on Thursday said he would like to get interest rates above 3.4% and then “maybe sit for a while,” adding his voice to the recent chorus of policymakers pushing back against market expectations for a series of rate reductions next year.
“We’ve got to get inflation under control.”
“That is Job One.”
Harker said he needs to see more data on inflation before deciding what he thinks is appropriate for the Fed’s next meeting in September, either a third straight 75-basis-point increase or a slower, 50-basis-point hike.
IF this following is true, then what really is up with Joe Biden’s so-called “inflation Reduction Act,” besides a massive theft of public money to give the Democrats massive amounts of PORK and PATRONAGE to buy the mid-terms with as well as the 2024 presidential race:
Bloomberg
“Biden Says Inflation Fight Starts With Powell’s Fed, Jabs GOP”
By Alex Wayne
May 11, 2022
President Joe Biden said that the Federal Reserve has primary responsibility for fighting inflation, placing the burden for his party’s top political problem with the central bank after a report Wednesday showed continuing price spikes.
Biden called inflation “unacceptably high” and said that “bringing it down is my top economic priority” in a statement following a Labor Department report that showed the consumer price index climbed faster than economists had expected in April.
But he said that action to lower prices “starts with the Federal Reserve, which plays a primary role in fighting inflation in our country.”
While the president has noted the Fed’s role for some time, the statement put more emphasis on the central bank.
But inflation is the top headwind for Biden’s hopes of retaining Democratic Party control of Congress in November.
Polls show that a majority of Americans disapprove of his performance as president and his handling of the economy in particular, putting Republicans in position for broad gains in the midterm elections.
“While I will never interfere with the Fed’s independence, I believe we have built a strong economy and a strong labor market, and I agree with what Chairman Powell said last week that the number one threat to that strength — is inflation,” Biden said in his statement.
“I am confident the Fed will do its job with that in mind.”
He has sought to pin blame for the surge in the cost of living on pandemic disruptions to the economy and on Russian President Vladimir Putin’s invasion of Ukraine, which has particularly affected global food production.
Republicans, though, have blamed Biden’s economic policies, including the $1.9 trillion pandemic-relief bill he signed soon after taking office.
Well, because some of us can read, and understand economics.
INCREASING the monetary supply IS inflation, and can never EVER stop inflation.
And what are you talking about? ICE’s worked from the start-small tools and equipment, and in the late 19th and early 20th century, just like VHS beat Beta, the ICE beat the ELECTRIC CAR for market dominance because the miles per gallon was far far in excess of the miles per charge.
Just like now.
This whole “let’s give it a chance” is WHY the Country is in this shape.
CNBC
“Powell warns of ‘some pain’ ahead as the Fed fights to bring down inflation”
By Jeff Cox
August 26, 2022
Federal Reserve Chairman Jerome Powell delivered a stern commitment Friday to halting inflation, warning that he expects the central bank to continue raising interest rates in a way that will cause “some pain” to the U.S. economy.
In his much-anticipated annual policy speech at Jackson Hole, Wyoming, Powell affirmed that the Fed will “use our tools forcefully” to attack inflation that is still running near its highest level in more than 40 years.
Remember, the combustion engine powered automobile wasn’t supposed to succeed either?
That’s absurd!
Where did you read that?
In a Howard Zinn history book?
Remember that the combustion engine powered automobile did succeed because it was based on solid scientific principles that people with a brain in their head could perceive and build upon.
This, on the other hand, is PURE POLITICAL HORSECRAP where the Democrats are stealing from the American people to give them an enormous supply of PORK and PATRONAGE.
And how is this any different from Trump’s “AMERICA FIRST” policy?
And the answer is that it is Trump’s AMERICA FIRST on steroids.
Reply
Ukraine is Joe Biden’s Afghanistan, and Iraq, and Syria, and VEET NAM all rolled up into one as we again begin to hemorrhage money on one of Joe’s blundering fiascos, this as Joe and his pack of Democrats, including Virginia’s Elaine Luria who was quoted during a recent campaign rally in Virginia Beach declaring “thank God we elected Joe Biden and Kamala Harris, they’ve done so many good things,” tell us Joe is loweriung OUR deficit:
UPI NEWS
“White House asks Congress for $47 billion ahead of midterms”
Clyde Hughes
2 September 2022
Sept. 2 (UPI) — The White House asked Congress on Friday to approve more than $47 billion in emergency spending to address everything from COVID-19 and monkeypox to the war in Ukraine and flooding in Kentucky.
The funding request comes as Democrats are feeling more upbeat about retaining control of the Senate and closing the expected shortfall of seats in the House during the coming midterm elections.
The White House is asking for another $11.7 billion to assist Ukraine in its ongoing fight against Russia.
Those funds will go for security and economic assistance.
“We have rallied the world to support the people of Ukraine to defend their democracy and we simply cannot allow that support to Ukraine to run dry,” an administration official said on Friday, according to The Hill.
end quotes
Defend Ukraine’s “democracy?”
What a load of horse**** that is!
Ukraine is not a democracy!
It is a fascist dictatorship that Joe is supporting with our tax dollars.
It’s constitution has been suspended.
In true democratic fashion a la Joe Biden and his pack of Democrats including Elaine Luria, opposiution parties have been suspened and outlawed.
That is what Joe Biden is spending our tax dollars on – supporting a fascist dictatorship in Ukraine!
Why is Elainbe Luria for this?
Hopefully, before November, she will let us all know.
CNBC
“Fed Chair Powell says smaller interest rate hikes could start in December”
Jeff Cox
November 30 2022
WASHINGTON – Federal Reserve Chairman Jerome Powell confirmed Wednesday that smaller interest rate increases are likely ahead even as he sees progress in the fight against inflation as largely inadequate.
“Despite some promising developments, we have a long way to go in restoring price stability,” Powell said in remarks delivered at the Brookings Institution.
“It is likely that restoring price stability will require holding policy at a restrictive level for some time.”
“History cautions strongly against prematurely loosening policy,” he added.
“We will stay the course until the job is done.”
“It will take substantially more evidence to give comfort that inflation is actually declining,” Powell said.
“By any standard, inflation remains much too high.”
****************************************************
Reuters
“Fed’s Williams: Too high inflation calls for more Fed rate hikes”
By Michael S. Derby
December 1, 2022
Dec 1 (Reuters) – New York Federal Reserve President John Williams reiterated on Thursday in a television interview his belief that more interest rate rises will be needed to bring down overly high levels of price pressures.
Lowering inflation back to 2% will “take a good couple of years,” he said.
Trim coil or coil stock is a 50-foot roll of light-gage aluminum 2 feet wide that is used to make aluminum trim around windows, doors, soffits, etc.
A roll of trim coil today is no different than a roll of trim coil that was sold in the 1980’s.
Still light-gage aluminum, still 50 feet long and still 2 feet wide.
So what has changed?
And why?
The WHAT, of course, is the price, and the why is BIDENFLATION, or BIDEN RAPE or BIDENGOUGE.
Several years ago, that roll of trim coil was between $30 and $40 per roll.
Two years ago, it was up to $82 for the same exact roll, and just so many days ago, it was $125 per roll, due to BIDENFLATION and BIDENRAPE, which is patently ridiculous, especially in the light of Joe Biden’s Inflation Reduction Act which isn’t reducing inflation, at all, while his other massive borrow and spend bills are causing the inflation that has a roll of coil stock up to $125 for 100 square feet of light-gage aluminum, this as Joe’s government is recording record obscene profits from taxes levied on we, the poor people in America through inflation who are feeding Joe’s bottom up, middle out economy, which robs from the poor to feed the rich.
So much for Joe Biden’s inflation reduction act actually reducing inflation instead of causing it:
CNBC
“Wholesale prices rose 0.3% in November, more than expected, despite hopes that inflation is cooling”
Jeff Cox
December 9, 2022
* The producer price index, a measure of what companies get for their products in the pipeline, increased 0.3% for the month and 7.4% from a year ago.
* A 38% surge in wholesale vegetable prices helped push the food index up by 3.3%, offsetting an identical 3.3% decline in energy costs.
Wholesale prices rose more than expected in November as food prices surged, dampening hopes that inflation could be headed lower, the Labor Department reported Friday.
Policymakers have been pushing rates higher in an effort to quell stubborn inflation that has emerged over the past 18 months after being mostly dormant for more than a decade.
Services inflation accelerated for the month, rising 0.4% after being up just 0.1% the previous month.
One-third of that gain came from the financial services industry, where prices surged 11.3%.
THE BIDEN-ESQUE HYPE (actually, just a lot of hot air):
SEPTEMBER 14, 2022
“FACT SHEET: President Biden’s Economic Plan Drives America’s Electric Vehicle Manufacturing Boom”
President Biden, American families, automakers, and autoworkers agree: the future of transportation is electric.
The President’s economic plan has generated an American, electric vehicle (EV) manufacturing boom that is creating new economic opportunity and tens of thousands of good-paying and union jobs across the country.
Since his first day in office, President Biden’s auto vision and leadership has positioned the United States to lead the EV future – to create jobs, make more in America, and fight climate change while advancing environmental justice.
The President united automakers and autoworkers around the bold goal for electric vehicles to make up 50% of all vehicles sold in the United States by 2030.
His economic agenda, including robust new “Made in America” policies, has spurred domestic manufacturing of EVs, EV chargers, and batteries.
And, thanks to the Inflation Reduction Act, President Biden is making new and used EVs affordable for consumers and providing the auto industry market certainty.
NEW MODELS FOR CONSUMERS
President Biden’s economic plan and leadership are also driving automakers to create more models of electric vehicle than ever before for drivers to choose from – including trucks, SUVs, trucks, and more.
In 2021, all major automakers announced their shared aspiration to achieve sales of 40-50% of annual U.S. volumes of electric vehicles (battery electric, fuel cell and plug-in hybrid vehicles) by 2030 in order to move the nation closer to a zero-emissions future consistent with Paris climate goals.
At the Detroit Auto Show, the evidence of this shift is easy to see.
For example, Stellantis will showcase two new hybrid electric Jeeps and demonstrate the performance of electric in off-road applications.
THE REALITY IN THE WORLD OUTSIDE OF JOE BIDEN’S HEAD:
Reuters
“Stellantis to indefinitely idle Illinois plant, cites EV costs”
By David Shepardson and Ben Klayman
December 9, 2022
WASHINGTON/DETROIT, Dec 9 (Reuters) – Chrysler parent Stellantis on Friday said it will indefinitely halt operations at an assembly plant in Illinois in February, citing the rising costs of electric vehicle production.
The automaker, which employs about 1,350 workers at the Belvidere, Illinois, plant that builds the Jeep Cherokee SUV, said the action will result in indefinite layoffs and added it may not resume operations as it considers other options.
Stellantis said the industry “has been adversely affected by a multitude of factors like the ongoing COVID-19 pandemic and the global microchip shortage, but the most impactful challenge is the increasing cost related to the electrification of the automotive market.”
The White House did not immediately comment, but has repeatedly argued EVs will boost U.S. auto employment.
Tim Ferguson, shop chairman for United Auto Workers (UAW) union Local 1268, which represents the Illinois plant’s hourly workers, said in an interview that company documents show Cherokee production being moved to the company’s Toluca, Mexico, plant.
“It’s a pretty tough pill to swallow that they’re going to ship your vehicle to Mexico,” Ferguson said.
Reuters
“U.S. November deficit rises sharply as revenues fall, outlays jump”
Reuters
December 12, 2022
WASHINGTON, Dec 12 (Reuters) – The November U.S. budget deficit jumped by $57 billion or 30% from a year earlier to $249 billion, a record for the month, as revenues fell and outlays for education, healthcare and interest on the public debt rose sharply, the U.S. Treasury said on Monday.
Receipts for November fell 10% or $29 billion from a year earlier to $252 billion, while outlays rose 6% or $28 billion to $501 billion, also a November record.
Driving the revenue decline was a 4% drop in individual withheld tax receipts, a 64% increase in individual tax refunds and a 98% decline in Federal Reserve earnings.
The outlays were driven by a $14 billion, or 18% increase in Medicare costs, and an $11 billion, or 94% increase in education costs due to changes in direct student loan programs and public service loan forgiveness, a Treasury official said.
The Treasury’s interest costs on U.S. public debt grew 53% or $19 billion during November, but this was largely offset by a $17 billion decline in tax credits for children and low-income workers.
For the first two months of fiscal 2023, the Treasury’s interest payments are up $48 billion, or 87%.
CNBC
“Fed raises interest rates half a point to highest level in 15 years”
Jeff Cox
December 14, 2022
The (federal reserve) balance sheet now stands at $8.63 trillion.
********************************
Reuters
“U.S. November deficit rises sharply as revenues fall, outlays jump”
Reuters
December 12, 2022
The Treasury’s interest costs on U.S. public debt grew 53% or $19 billion during November, but this was largely offset by a $17 billion decline in tax credits for children and low-income workers.
For the first two months of fiscal 2023, the Treasury’s interest payments are up $48 billion, or 87%.
end quotes
Does everyone realize that it is we, the American people who are making those interest payments to the federal reserve on all the bonds the fed was buying with funny money it printed for Joe Biden’s “BORROW HUGE AND SPEND BIG” programs?
And as bond interest rates go up, as they have been doing, we have to pay yet more interest.
INFLATION IS A TAX THAT HITS THE LOWEST EARNERS AND THE ELDERLY ON FIXED INCOMES THE HARDEST!
Reuters
“U.S. government posts $378 billion deficit in March”
By Reuters Staff
APRIL 12, 2023
(Reuters) – The U.S. government recorded a $378-billion budget deficit in March as outlays outpaced revenues, the Treasury Department said on Wednesday.
That compared to a budget deficit of $193 billion in the same month last year, according to the Treasury’s monthly budget statement.
The March deficit brought the year-to-date fiscal deficit to $1.1 trillion, up 65% from a year earlier.