KENNEDY: The Inflation Reduction Act Is An Inflation Machine

The Inflation Reduction Act is an Inflation Machine, and I won’t stop fighting it

Due to President Biden’s reckless spending and energy policies, inflation has risen 13.2% since he took office and is now at a 40-year high. Biden’s out-of-control spending has plunged our economy into a near recession, lowered wages, hurt seniors’ retirement accounts, and increased the cost of everyday goods.

Energy prices are up 23.8% in the last 12 months, grocery prices have seen the largest increase since 1979, and homeownership is now 35% less affordable than when Biden took office.

Yet, President Biden has chosen to ignore the consequences of the inflation he caused as he recently signed the Inflation Reduction Act into law—another one of his massive tax-and-spend bills.

The Inflation Reduction Act was a gut punch to the American people at a time when they can least afford to take the blow.

Despite its name, the Inflation Reduction Act is an inflation machine. It totals over $700 billion, adds over $100 billion in new debt, increases energy costs, and raises taxes on low and middle-income families.

The non-partisan Joint Tax Committee confirmed that Americans making less than $400,000 per year will be the ones to pay more than half of the new tax increases from this bill.

Even President Obama warned, “The last thing you want to do is raise taxes in the middle of a recession because that would just . . . take more demand out of the economy and put businesses in a further hole.”

Inflation is not complicated: When the government prints too much money, everything we buy gets more expensive. In order to defeat inflation, the Biden administration has got to stop its reckless spending.

I’ve consistently tried to stop the Biden White House’s irresponsible tax-and-spend tricks. In fact, I’ve opposed over $13 trillion in wasteful Washington spending.

I voted against President Biden’s $1.2 trillion fake infrastructure bill. This bill added at least $256 billion to America’s debt and increases taxes on Louisiana businesses.

I also voted against Biden’s $1.9 trillion spending bill that was disguised as COVID-19 relief, Biden’s $5 trillion Build Back Broke bill, as well as trillions more in irresponsible spending bills.

Not only will the Inflation Reduction Act make our nation’s inflation crisis worse, but Americans just simply cannot afford it right now.

The average American has lost the equivalent of $4,200 in annual income due to inflation and higher interest rates.

People are making less while everyday items are skyrocketing in cost. Right now, the price of eggs is up 39.8%, coffee is up 17.6%, and baby food is up 12.6%.

Inflation is killing the American Dream.

As President Biden continues to push forward with his reckless tax-and- spend agenda, I promise to fight for Louisianians who are hurting under his economy. I will continue to combat wasteful Washington spending, lower taxes, unleash our American energy, and oppose any far-left polices that hurt Louisiana’s families and businesses.

John N. Kennedy is a U.S. senator  representing Louisiana. This piece originally appeared at the Ouachita Citizen.

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