Democrat Rep. Kim Schrier, who is seeking re-election this fall, said that the Democrats recent spending 'rescued' the economy, despite inflation
Sen. Joe Manchin, D-W.Va., and Sen. Chuck Schumer, D-N.Y., introduced the Inflation Reduction Act of 2022.
Despite claims that the Manchin-Schumer climate bill, labeled the Inflation Reduction Act would combat rising prices and the tanking economy,from the University of Pennsylvania Penn Wharton found that the legislation would only reduce annual inflation by 0.1 percentage point over the next five years.
The Joint Committee on Taxation reported that middle-class earners would see an increase in their taxes as a result of the bill. Reporting from the committee revealed that taxpayers making less than $200,000 per year would have their taxes increased cumulatively by $16.7 billion and for those earning between $200,000 and $500,000 annually, the bill would increase taxes by $14.1 billion.
President Joe Biden, with first lady Jill Biden, delivers remarks on Hurricane Fiona in Ponce, Puerto Rico. Along with signing the recent packages into law, Biden announced a student loan handout that according to The Penn Wharton Budget Model,"will cost between $300 billion and $980 billion over the 10-year budget window."
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