Category: Economics

Debt Ceiling–In Case You Want To Know

A deal has been made between Biden and the House GOP….I would like for the people, my readers, that would like to know more beyond the god awful deal that was finally settled upon….

Here is the takeaways and the answers to most questions…..

https://abcnews.go.com/Politics/key-questions-takeaways-debt-ceiling-deal/story

Personally this article is just the MSM trying to turn chicken manure into sirloin…..

If you do not like ABC then maybe this will be more favorable to your thinking…..

https://www.pbs.org/newshour/politics/whats-in-and-whats-out-of-the-debt-ceiling-deal-between-biden-and-mccarthy

I still do not see where the American people made out in this deal…..basically it is to protect the markets and give cover for their re-election……

An agreement has been reached, at least in principle, by President Biden and House Speaker Kevin McCarthy on raising the nation’s debt limit, and now the final OK is in Congress’ hands. Both progressive Democrats and ultra-conservatives are already pushing back on the deal, and if Biden and McCarthy can’t convince members of their own parties to vote for it by a June 5 deadline, a default looms. Negotiators are scrambling to finalize the bill’s details, and the takes are starting to trickle in. Some thoughts on what this agreement could mean:

  • View on proposed spending cuts: Economists tell the New York Times they don’t think those “modest” cuts will seriously shake up a “well-positioned” economy that should be able to absorb them. “The most important impact is the stability that comes with having a deal,” Ben Harris, a former deputy Treasury secretary, tells the paper. “Markets can function knowing that we don’t have a cataclysmic debt ceiling crisis looming.”
  • A Balanced deal, but…: The editorial board at the Washington Post notes that both the GOP and Dems got “some of what they wanted,” and that “most Americans will probably approve” of the “sensible” basics of the deal. The panel argues, however, that the agreement sets a “dangerous precedent,” as “House Republicans have now used the debt limit twice to create a hostage-like situation that brings the nation close to an unthinkable default.” The board’s recommendation: “The debt limit itself needs to be scrapped,” as it “no longer makes any sense.”
  • “Wrinkles and curveballs”: Politico outlines the details that make “even more clear what kinds of trade-offs [Biden] and McCarthy had to accept in ways that are already angering members of the parties’ bases”—including a thumbs-up for an Appalachian gas pipeline promoted by Democratic Sen. Joe Manchin.
  • Cautious optimism from investors: They note the debt deal could “boost overall appetite for risk” in the stock market, while also boosting some of the “unloved corners,” including cyclical stocks, defense stocks, and energy stocks, per Reuters. “The hope is that the approval of this tentative deal will help underpin the broader market and not just the handful of big tech names that have kept the market well in positive territory,” Quincy Krosby, chief global strategist at LPL Financial, says.
  • Temporary relief? A second piece in Reuters takes the stance that any market relief that emerges out of the deal will only be a “short-lived sugar high.” The outlet notes that’s because once the agreement is struck, it’s believed the US Treasury will rapidly issue nearly $1.1 trillion in Treasury bills—a move that would “effectively suck a bunch of liquidity out of the marketplace” and create “an environment where markets are crash prone,” experts say.
  • “Fiscal hangover”: Investors.com similarly warns that “a fiscal hangover is just beginning,” and that “we’re about to get Fed quantitative tightening on steroids,” with a possible stock market dip and recession around the corner.
  • The art of compromise: Writing for CNN, Dean Obeidallah notes that making concessions is part of the game, and for fellow Democrats who don’t like the agreement, he has some advice. “There is an easy fix: Win back control of the House in 2024—while retaining the Senate and White House—and they can roll back any parts of the deal they find objectionable,” he writes.

Not to worry we will play this same game in a couple of years….just another way to do nothing while appearing to do something.

All this is just so much theater of the absurd…..and it is pathetic.

I Read, I Write, You Know

“lego ergo scribo”

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A Deal For Our Time

Over the weekend the drama of the negotiations for the deal to handle the debt came to an end…..Biden, Dems and GOP have cut a deal…

President Biden and House Speaker Kevin McCarthy have reached an agreement in principle to increase the nation’s borrowing authority and avoid a default. Negotiators are now racing to finalize the bill’s text. McCarthy said the House will vote on the legislation on Wednesday, giving the Senate time to consider it ahead of the June 5 deadline to avoid a default. While many details are unknown, both sides will be able to point to some victories, per the AP. Some details, based on what’s known so far:

  • Two years: The agreement would keep non-defense spending roughly flat in the 2024 fiscal year and increase it by 1% the following year, as well as provide for a two-year debt-limit increase—past the next presidential election in 2024. That’s according to a source familiar with the deal who provided details on the condition of anonymity.
  • Veterans: The agreement will fully fund medical care for veterans at the levels included in Biden’s proposed 2024 budget blueprint, including for a fund dedicated to veterans who have been exposed to toxic substances or environmental hazards. Biden sought $20.3 billion for the toxic exposure fund in his budget.
  • Work requirements: The agreement would expand some work requirements for the Supplemental Nutrition Assistance Program, or SNAP, formerly known as food stamps. The agreement would raise the age for existing work requirements from 49 to 54, similar to the Republican proposal, but those changes would expire in 2030. And the White House said it would at the same time reduce the number of vulnerable people at all ages who are subject to the requirements.
  • Energy projects: The deal puts in place changes in the the National Environmental Policy Act that will designate “a single lead agency” to develop environmental reviews, in hopes of streamlining the process.
  • Student debt: Republicans had sought to repeal Biden’s efforts to waive $10,000 to $20,000 in debt for nearly all borrowers who took out student loans. But the provision was a nonstarter for Democrats. The budget agreement keeps Biden’s student loan relief in place, though the Supreme Court will have the ultimate say on the matter.

No one will be happy with the plan….the markets ought to open higher come Tuesday…..so some will be happy….t least the VA got a small victory just in time for Memorial Day.

I had a problem with the role that the media played in the coverage of this issue…..there are a couple of ‘notions’….

“First, the notion that ‘modest cuts’ to spending are inconsequential.”

Second is the role of inflation,” Hauser continued, charging that the brewing potential deal between President Joe Biden and House Speaker Kevin McCarthy (R-Calif.) “would be a catastrophe for government capacity, and coverage that ignores the role of inflation (hardly a low profile issue in 2023!) is wildly and indefensibly misguided.”

“Third, the notion that the president was trapped under the gun of McCarthy is ridiculous,” he added. “Because the debt ceiling is an unconstitutional, incoherent excuse for a law and because there is an active lawsuit from the National Association of Government Employees [NAGE], Biden’s status as a hostage merely reflects an advanced case of Stockholm Syndrome.”

Given arguments that the president “has a wide number of ways out from the debt ceiling and no legal way to implement it,” Hauser asserted, “the media needs to quit deferring to the debt ceiling’s political theater and engage more with the essentially uncontroverted legal experts pointing out that it cannot be implemented in a constitutional manner.”

(commondreams.org)

I Read, I Write, You Know

“lego ergo scribo”

Work Until You Die

That seems to be the answer dollar crisis that the GOP has for the crumbling retirement infrastructure….every time they control something in DC their first reaction is that workers need to retire later than last fiddled with…..

And it is that time again…..GOP is trying to push through another extension on your working ages…..

But is that truly the answer to the looming crisis?

Right-wing lawmakers’ preferred method for dealing with the United States’ looming retirement crisis—telling older workers to keep toiling until they’ve saved enough to stop—is “not a viable solution,” says a report published Wednesday.

“Millions of people are entering their retirement years with insufficient savings to cover basic expenses and medical bills,” the new analysis from the Economic Policy Institute (EPI) notes. “In response, some policymakers have proposed that older Americans could delay retirement to increase their savings.”

But this ostensible fix “overlooks the large group of older Americans who work in difficult conditions—ranging from the physically demanding to the outright dangerous,” EPI points out. “If older Americans endure difficult conditions that often force earlier exits from the workplace, proposals to delay retirement make little sense.”

Rather than forcing aging employees to postpone retirement, lawmakers should implement full-employment macroeconomic policies to ensure that workers have “access to jobs that pay fair wages and provide solid benefits during their prime working years,” says the report, calling the latter approach “a more effective way to close the retirement savings gap.”

To make sure “older workers can afford to retire when they need to,” EPI also urges policymakers to bolster “support for workers with caregiving responsibilities, expand Social Security coverage and benefits,” and improve “conditions for all workers through collective bargaining, stronger labor standards, and more effective health and safety protections.”

Those who portray working longer as a legitimate solution for people who cannot afford to retire assume that “as workers age and gain more work experience, they are able to transition into jobs that are less physically demanding, less onerous, and less hazardous—making it possible to extend their working lives,” the report notes. But as it goes on to show, “many workers in fact see little or no improvement in working conditions as they age.”

https://www.commondreams.org/news/working-longer-no-solution-to-us-retirement-crisis

Wait an see just what silliness the GOP has to offer to solve this problem….and believe me it will be silly.

I Read, I Write, You Know

“lego ergo scribo”

The GOP Debt Plan

After a couple of weeks of no progress on the debt ceiling thing the GOP has come up with a plan (they always have a plan that does little to solve the problem…..as usual it will involve benefits for business and of course the inevitable tax cuts.

Here is a look at this ‘plan’…..

With the U.S. careening toward a default crisis that they manufactured, House Republicans are reportedly crafting a major tax cut package that would overwhelmingly benefit the rich and corporations while blowing a multitrillion-dollar hole in the federal deficit.

The fresh push for tax cuts, according to Rep. Ilhan Omar (D-Minn.), further shows that “this hostage crisis has never been about deficits for the GOP.”

“It has always been about wealth transfer—taking away food and healthcare from the poor and middle class to give away $3 trillion more in tax cuts to their rich friends,” Omar, the deputy chair of the Congressional Progressive Caucus, tweeted Tuesday.

Politicoreported earlier this week that Republicans on the House Ways and Means Committee hope to finish work on their emerging tax legislation by June 16, just over two weeks after the so-called “X-date”—the day on which the Treasury Department expects the federal government to run out of money to cover its obligations unless Congress raises the debt limit or President Joe Biden acts unilaterally.

“Key parts of the [tax cut] package… will likely include a full restoration of research and development deductions, full bonus depreciation, removing caps on business interest expensing, and a doubling of the $1.08 million limitation on the section 179 deduction (which, like bonus depreciation, allows a company to deduct an asset’s cost up-front),” Politico noted.

The Congressional Budget Office (CBO) estimated last week that extending the individual provisions of the 2017 tax cuts—which are currently set to expire in 2025—would add $2.5 trillion to the deficit over the next decade. The original law made the cut to the corporate tax rate from 35% to 21% permanent.

https://www.commondreams.org/news/gop-tax-cuts-debt-limit

Let me ask you….if you have a debt problem would cutting your income help solve your problem?

GOP wants to cut the revenue that the country gets….but they want to keep spending on stupidity like wars…..I cannot see our debt ceiling problem being solved by these plans from the Right.

They keep doing this horrible plan so that they can attack social safety nets while giving a helping hand to those that need no help.

But these plans do keep the dollars rolling into their coffers….and that is what it is all about.

Pay attention!

I Read, I Write, You Know

“lego ergo scribo”

Is Debt Ceiling Constitutional?

Now there is an excellent question.

For the last month we have had the back and forth with the looming governmental shutdown. Some have even asked if all this drama is truly necessary?

So to answer the question I went to Vox for their take on the whole enchilada….

The United States has a time bomb written into federal law, and no one knows whether it is constitutional or not.

As anyone who has paid attention to the last dozen years of fighting over the federal budget knows, Congress must periodically raise the nation’s debt ceiling, the amount of money that the US Treasury is allowed to borrow, because the US spends more than it takes in. If the debt ceiling is raised or repealed on schedule, nothing happens. The Treasury will continue to pay for all federal expenses Congress has ordered it to pay, and it will continue to borrow money to pay for these obligations when necessary.

…

This completely unnecessary threat to the US economy arises from the odd way Congress manages the federal budget. As a general rule, Congress enacts one set of laws that govern taxation and revenue; these laws determine how much money the United States brings in every year. It enacts another set of laws, known as appropriations, that determine how much money the United States will spend every year. If appropriations exceed revenue, then the United States will run a budget deficit and will need to borrow money to cover the gap.

But, rather than automatically authorizing the Treasury to borrow however much money is necessary to cover this deficit, Congress also enacted a third law — the debt ceiling — that prohibits Treasury from borrowing more than a set amount of funds. Once this limit is hit, the country is unable to pay its bills unless Congress raises the debt ceiling. And that will cause the United States to default on at least some of its financial obligations, triggering the same spiral of reduced creditworthiness that faces consumers who refuse to pay their credit card bills.

https://www.vox.com/politics/2023/5/11/23712477/supreme-court-debt-ceiling-fourteenth-amendment-unconstitutional-kevin-mccarthy-joe-biden

With all the info then you decide if it is constitutional for yourself.

My thoughts here are…..with some time the US could make this less a problem by enacting two simple things…..1–corporations should be paying their way in this society through taxation….2–rein in the military adventurism world wide.

This will not immediately fix the debt problem but it would be a good road to find that solution all seem to be looking for with all this dramatics from Congress.

Just me thinking out loud.

I Read, I Write, You Know

“lego ergo scribo”

Ever Wonder Where The Money Goes?

I know most people walk around in a haze and believe the hype that is spread by the War Department on the need for more and more cash…..

So keeping with my attempts to be an FYI blog I offer this info on the Pentagon budget…..if you care where your tax dollars go then you might want to read this carefully and decide if it is money well spent.

This will give my reader an idea of just how much money is being spent under the guise of defense and where these dollars will go.

Now that I have your attention let us look at how the media plays into to censorship of information around our War Department and our lust for war…..

If I have peaked your interest then by all means read on…..

On January 17, 1961, outgoing President and former Supreme Allied Commander Dwight D. Eisenhower gave one of the most consequential speeches in American history. Eisenhower for eight years had been a popular president, whose appeal drew upon a reputation as a person of great personal fortitude, who’d guided the United States to victory in an existential fight for survival in World War II. Nonetheless, as he prepared to vacate the Oval Office for handsome young John F. Kennedy, he warned the country it was now at the mercy of a power even he could not overcome. 

Until World War II, America had no permanent arms manufacturing industry. Now it did, and this new sector, Eisenhower said, was building up around itself a cultural, financial, and political support system accruing enormous power. This “conjunction of an immense military establishment and a large arms industry is new in the American experience,” he said, adding:

In the councils of government, we must guard against the acquisition of unwarranted influence, whether sought or unsought, by the military-industrial complex. The potential for the disastrous rise of misplaced power exists and will persist. 

We must never let the weight of this combination endanger our liberties or democratic processes… Only an alert and knowledgeable citizenry can compel the proper meshing of the huge industrial and military machinery of defense with our peaceful methods and goals, so that security and liberty may prosper together. 

This was the direst of warnings, but the address has tended in the popular press to be ignored. After sixty-plus years, most of America – including most of the American left, which traditionally focused the most on this issue – has lost its fear that our arms industry might conquer democracy from within. 

https://www.racket.news/p/report-on-the-censorship-industrial-74b

Keep an eye on the news….there may be a request for even more cash for Ukraine by mid-Summer….

The last massive aid package Congress authorized for Ukraine has about $6 billion left, which is expected to be used up by mid-summer, POLITICO reported Monday.

So far, the US has authorized about $113 billion in spending on the war in Ukraine, which includes military aid, direct budgetary aid, training, funding for US troop deployments in Eastern Europe, and other types of assistance.

Once the final $6 billion dries up, the Pentagon won’t be able to ship more weapons to Ukraine. That means the White House is expected to ask Congress to authorize more spending on the war soon.

A senior Biden administration official told POLITICO that the White House is discussing a new package and is going to time it so the weapons can keep flowing to Ukraine. The official said the administration is “fully committed” to supporting Kyiv in the war “for the long haul.”

The POLITICO report said that massive aid packages for Ukraine might not be as easy to ram through Congress as they were before, citing the debate over the debt ceiling and dissent from a small but significant group of Republicans. But the majority of Republicans support arming Ukraine, including GOP leadership, who have been critical of President Biden for not sending longer-range weapons and fighter jets.

“Although there are dissenting voices, the large majority of certainly Republicans — for sure in the Senate and arguably in the House as well — believe strongly that we need Ukraine to win and that the outcome there is something that matters not only to that region, but to the United States and our national security interests,” said Sen. Lindsey Graham (R-SC).

On the Democrat side, there is virtually no opposition to arming Ukraine. While there’s still strong support in Congress for arming Ukraine, hawks in Washington are concerned it could decline if Ukraine’s long-awaited counteroffensive fails.

(antiwar.com)

For god sake please pull your head out of the proverbial sand pile….or better yet out of your ass.

Be Smart!

Learn Stuff!

I Read, I Write, You Know

“lego ergo scribo”

What Is That ‘Sucking’ Sound?

It is common knowledge that I think our War Department is like a spoiled child…..we throw money at it to keep it quiet and pacified. Americans care more about some far away mud hole than the people down the street…..we have become a bloodthirsty pack of ingrates.

The War Department must invent international problems to ensure the money keeps rolling in.

So the ‘sucking’ sound you hear is the tax dollars being siphoned off to appease the gods of war.

America is a stratocracy, a form of government dominated by the military. It is axiomatic among the two ruling parties that there must be a constant preparation for war. The war machine’s massive budgets are sacrosanct. Its billions of dollars in waste and fraud are ignored. Its military fiascos in Southeast Asia, Central Asia and the Middle East have disappeared into the vast cavern of historical amnesia. This amnesia, which means there is never accountability, licenses the war machine to economically disembowel the country and drive the Empire into one self-defeating conflict after another. The militarists win every election. They cannot lose. It is impossible to vote against them. The war state is a Götterdämmerung, as Dwight Macdonald writes, “without the gods.”

Since the end of the Second World War, the federal government has spent more than half its tax dollars on past, current and future military operations. It is the largest single sustaining activity of the government. Military systems are sold before they are produced with guarantees that huge cost overruns will be covered. Foreign aid is contingent on buying U.S. weapons. Egypt, which receives some $1.3 billion in foreign military financing, is required to devote it to buying and maintaining U.S. weapons systems. Israel has received $158 billion in bilateral assistance from the U.S. since 1949, almost all of it since 1971 in the form of military aid, with most of it going towards arms purchases from U.S. weapons manufacturers. The American public funds the research, development and building of weapons systems and then buys these same weapons systems on behalf of foreign governments. It is a circular system of corporate welfare. 

https://scheerpost.com/2023/04/30/chris-hedges-the-enemy-from-within/

Americans piss and moan about this part of society or that is falling apart and yet are uncaring about needed funds being sent aboard on some adventure that never turns out to be good for the nation as a whole.

Why?

I Read, I Write, You Know

“lego ergo scribo”

Eggs-actly What We Need

Awhile back we were hit in the pocket book by the rapid rise of egg prices….the excuse for the price increases was that because of avian flu many egg layers had to be killed.

Of course I felt I needed to inject my humble opinion on the price of eggs….read it here…

Is It Price Gouging?

Now there is a wave of dissent against big ag…..

U.S. Sen. Bernie Sanders this weekend renewed his call to break up agricultural monopolies after the nation’s largest egg producer reported that its quarterly profits soared more than 700%.

Cal-Maine Foods, which controls about 20% of the U.S. egg market, announced last week that its revenue for the quarter ending February 25 rose 109% to $997.5 million, while profit for the same period skyrocketed 718% to $323.2 million.

In a statement, Cal-Maine president and CEO Sherman Miller attributed the company’s soaring profits to “the ongoing epidemic of highly pathogenic avian influenza which has significantly reduced the nation’s egg-laying capacity.”

According to the United States Department of Agriculture, “U.S. egg inventories were 29% lower in the final week of December 2022 than at the beginning of the year,” while “more than 43 million egg-laying hens were lost to the disease itself or to depopulation since the outbreak began in February 2022.”

Sanders (I-Vt.)—who took on agricultural monopolies while campaigning for president in 2016 and 2020—questioned Cal-Maine’s narrative in a tweet arguing that “we must break up Big Ag and enact a windfall profits tax.”

Sanders wasn’t the only congressional critic of Cal-Maine’s latest profits.

“While working families paid record prices for eggs, Cal-Maine raked over 700% more in profits—without reporting a single case of avian flu,” Sen. Elizabeth Warren (D-Mass.) tweeted on Thursday. “We need to crack down on corporate price gouging to provide Americans with relief at the grocery store.”

Rep. Katie Porter (D-Calif.), who is running for U.S. Senate, wrote on Twitter last week that “corporate greed is driving inflation.”

“We need more competition to drive down prices,” she added. “In the meantime, I’m demanding answers from Cal-Maine directly.”

https://www.commondreams.org/news/why-are-egg-prices-so-high

Granted the prices have come down a bit but they are still high and I will back Bernie on his crusade.

This is an all too familiar situation…price gouging that few ever pay a price for screwing the public.

I will watch to see how quick this investigation is thrown into the dust bin.

I Read, I Write, You Know

“lego ergo scribo”

Another One Bites The Dust

For the past week or so there has been the failure of a couple of banks…..something not happening since 2008 and Lehman Bros. Well a 3rd bank has failed.

The government has taken what the AP calls “extraordinary steps” to avert a potential banking crisis in the wake of Silicon Valley Bank’s failure, with the Treasury Department, Federal Reserve, and FDIC issuing a joint statement Sunday assuring SVB clients they would all be protected and that depositors, starting Monday, will be able to access their money, even if their holdings exceed the FDIC’s $250,000 insurance limit. The statement also notes that “no losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.” As the AP points out, there has been no bailout of the actual bank—banks, actually; more on that below:

Another bank fails: Signature Bank, which is based in New York, also failed and was being seized Sunday, regulators announced. The feds’ statement says “a similar systemic risk exception” will apply to Signature Bank: “All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.” It’s the third-largest bank failure in the nation’s history at more than $110 billion in assets (SVB was the nation’s second-largest ever). It’s also the third bank failure in recent days after Silvergate Bank and then SVB.

  • Shoring up other banks: The feds’ statement said “additional funding” will be available “to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors,” and First Republic Bank has already announced it’s getting access to that funding as well as funding from JPMorgan Chase. The Wall Street Journal has more on that.
  • Emergency lending program: The Fed also announced an emergency lending program Sunday, under which banks that need to raise money to pay depositors can borrow it from the Fed instead of dumping Treasuries or other securities, as SVC was forced to do at a loss to cover customer withdrawals. MarketWatch has more on the program.
  • Who’s not protected: The feds’ joint statement notes that “shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed.” Axios reports that SVB had reportedly paid out bonuses to some US employees hours before it was seized.
  • Biden comments: Speaking as he boarded Air Force One Sunday on his way back to Washington, Biden said he was “firmly committed to holding those responsible for this mess fully accountable and to continuing our efforts to strengthen oversight and regulation of larger banks so that we are not in this position again.” He said he’d address the situation in further remarks Monday.
  • What will Monday look like? Analysts predicted financial markets would be soothed a bit by Sunday’s moves. “Monday will surely be a stressful day for many in the regional banking sector, but today’s action dramatically reduces the risk of further contagion,” economists at Jefferies, an investment bank, said in a research note.

Is this the beginning of another economic crisis?

Shades of 2008!

You might want to keep an eye on your accounts in these large banks….you may be in line for a problem.

I Read, I Write, You Know

“lego ergo scribo”

Far Right Demands

Let’s start the week with some outrageous Right wing demands.

These are the demands being made by House far righters, the Freedom Caucus, (love the name it is anything but about freedom)….

The debt ceiling debate is about to begin and these are the demands from the far right for that debate.

A cadre of far-right Republicans announced Friday that they may only vote to raise the debt ceiling if Congress agrees to cut hundreds of billions of dollars in social spending, limit federal agencies’ future budgets, and abandon progressive elements of President Joe Biden’s economic agenda.

Since Washington’s arbitrary and arguably unconstitutional borrowing limit was breached in January, the Treasury Department has implemented “extraordinary measures” enabling the U.S. government to meet its obligations for a few additional months. Unless the Biden administration takes unilateral action to disarm the debt ceiling, Congress has until sometime between July and September to increase or suspend the nation’s borrowing cap. If Republicans refuse to do so, the U.S. is poised to suffer a catastrophic default.

Led by Rep. Scott Perry (R-Pa.), the House Freedom Caucus said Friday in a statement that its 45 members would “consider voting” to raise the debt limit if their colleagues in the House and Senate agree to:

  • Eliminate Biden’s $400 billion student debt cancellation plan;
  • Rescind unspent Covid-19 relief funds;
  • Nix nearly $400 billion worth of clean energy investments approved in the Inflation Reduction Act (IRA);
  • Repeal the IRA’s roughly $80 billion funding boost for the Internal Revenue Service (IRS);
  • Restore Clinton-era work requirements on welfare recipients;
  • Require congressional approval before any major federal regulations can take effect;
  • Cap future federal spending at 2022 levels for the next 10 years; and
  • Find “every dollar spent by Democrats that can be reclaimed for the American taxpayer.”

This is the official release from the Caucus…

Image

I see lots that will effect the common voter and very little about actually decreasing the “reach” of government.

I love these ‘small government’ conservatives and their alt-right blowhards.

What crap!

I Read, I Write, You Know

“lego ergo scribo”