New unemployment claims rise againto new high Nov to level. If the economy continues to contract as it did in his first two quarters of 2022, the unemployment rate could get even worse. And help is definitely not en route from Washington.
The scaled-back "Build Back Better" bill the Democrats are pushing this week will ultimately mean higher taxes for Americans in the midst of a recession.
Yes, what's worse than the ridiculous misnamedis that the "Inflation Reduction Act" does nothing to keep A new tax is worrisome to Americans {
- A $6.5 billion tax on energy companies that will also be passed on to consumers and imported oil that will further raise the price of gasoline at the pump. $12 billion tax on
- A $124 billion stock buyback tax will weigh on many Americans' retirement plans.
- Enhanced IRS audits generate $200 billion in new tax revenue.
Tax increases are bad enough for individuals, but if the recession deepens as tax increases usually do, whole nations can suffer. Is the economy shrinking?
Because the bill contains items on the Democratic Party's wish list long before recession, soaring inflation, and other pressing national problems. Her $400 billion new spending for environmental protection and a new cap on Medicare drug prices.
This follows on the heels of the Democrats passing the equally now irrelevant American Rescue Plan Act early last year. This is supposedly to "bail out" an economy that was already booming post-COVID, but really just to shell out $1.9 trillion in Democratic goods. Worse, they blown away warnings that it would add to the very inflation the country is currently suffering from.
In other words: Democrats sent prices skyrocketing with one bill that pretended to goose the economy, and now they are blaming the economy with another bill that pretends to fight inflation (and, as Biden said"God only knows what else"). Watch out for the upcoming Life Extension and Universal Prosperity Act.
