Over 230 economists warn Manchin's spending bill will perpetuate inflationA letter sent to House and Senate leadership from 230 economists argue that the Infrastructure Reduction Act is expected to contribute to skyrocketing inflation and will burden the U.S. economy, contrary to President Biden and Democrats' claims.
The economists wrote in the letter first obtained by Fox News Digital that the U.S. economy is at a "dangerous crossroads" and the "inaptly named ‘Inflation Reduction Act of 2022’ would do nothing of the sort and instead would perpetuate the same fiscal policy errors that have helped precipitate the current troubling economic climate."
Sen. Joe Manchin, D-W.Va., announced last week he reached an agreement with Senate Majority Leader Chuck Schumer, D-N.Y., on the $739 billion reconciliation package after more than a year of negotiations among Democrats.
The economic experts point out the $433 in proposed government spending, which the experts argue "would create immediate inflationary pressures by boosting demand, while the supply-side tax hikes would constrain supply by discouraging investment and draining the private sector of much-needed resources."
Joe Manchin spending bill....................
https://www.foxbusiness.com/politics/230-economists-warn-manchins-spending-bill-will-perpetuate-inflation
