Pirate's Cove

If a team drafts someone in the 1st round, they expect that person to provide value almost immediately, not way down the line. Isn’t that the point of an inflation plan? To make things happen right now, when inflation is running rampant? (Yahoo reprint not behind a paywall here)

Democrats’ Plan to Fight Inflation May Lower Costs Over Time

President Joe Biden said on Thursday that an energy, tax and health care agreement reached with Sen. Joe Manchin of West Virginia would relieve inflation and bring down the cost of living for American families. That key promise helped bring the centrist senator on board for a bill that carries the remnants of the president’s expansive domestic agenda.

Taming inflation has become a top priority for Democrats and Biden, who has seen his approval rating sink as Americans have faced soaring costs for food, gas, rent and other goods and services. With few policy levers under his immediate control to beat back rapid price gains, Biden sought to portray the new package as an economic salve that would put money back in consumers’ pocketbooks.

A top priority? Since when?

(Real Clear Politics) Let’s also remember the Democrats’ deflection on inflation last year — claiming it was “transitory” and “no serious economist” is “suggesting there’s unchecked inflation on the way,” and so on — was all part of a concerted political effort to ignore the problem long enough to cram through a $5.5 trillion iteration of their agenda. And when inflation suddenly became non-transitory, and politically problematic, the Biden administration argued that more spending would relieve inflation. They don’t care about the economy, as long as dependency is being expanded.

They’ve even worked hard to change the definition of recession, and gotten most of their media pals to comply. Back to the Times

The extent to which the package, known as the Inflation Reduction Act, could alleviate the most rapid price gains in 40 years remains to be seen. But many economists agreed that the tax and other provisions would likely help reduce price pressures somewhat, although the overall effect is likely to be modest and potentially will not be felt for months or years.

“Months or years”. So, probably years, meaning that when it comes to something as complicated as the economy, they’ll be no way to know what effect this legislation have, especially since most of it has nothing to do with inflation. Further, if you have to write “remains to be seen” in relation to its effect, well, that doesn’t bode well. Granted, we do not have the legislation yet, it hasn’t been fully fisked nor scored, but, one would think it would be rather important for Democrats to say exactly how this will bring down inflation, and rather important for the news media to ask how.

You do have the giveaways for those going through Obamacare, and then all the taxes on high earners

As a result, the bill could help mitigate inflation in two ways. Reducing the federal budget deficit should reduce consumer spending power in the economy, at least somewhat. In particular, it could take money from high earners, via increased tax enforcement, and large corporations. Its investments in emerging low-emission energy sectors could speed growth and help the economy operate more efficiently.

None of that will work. None of that will speed the supply chain slowdowns, depleted stocks, increase the supply of semiconductor chips (yes, there is legislation for that, which will take years, but, still requires mining for the precious metals on U.S. soil, which will be blocked), and everything else. Giving government more tax money, which will be a whole lot less than they think, won’t help. Giving more money to Ocare recipients won’t help. Lowering Medicare medicine costs won’t help. These aren’t even bandaids.

Manchin told reporters on Thursday that he had been assured by independent experts that the legislation would tame rampant price growth. In remarks at the White House, Biden said the bill “will in fact reduce inflationary pressure on the economy” adding that it “strengthens our economy in the long run as well.”

How? Did anyone ask for specifics?

At a news conference on Thursday, Treasury Secretary Janet Yellen urged Congress to “immediately” pass the legislation, which she said would help lower costs for American families.

“I see that as making a very important contribution to lowering the cost of prescription drugs, which is for many households a very severe burden on their household budgets,” Yellen said.

It won’t bring down the 9.1% inflation rate at all. Not at a rate that’s not statistically insignificant. But, it’s not really meant to. It’s all about the climate crisis scam measures, packaged with a pleasing name. If no news outlet can specifically say how it will bring inflation down, well, that’s because it won’t.