Last Wednesday, Senator Joe Manchin of West Virginia appeared to succumb to pressure to support a revived version of the “Build Back Better” bill. This plan is deceptively wrapped up in a new package called the Inflation Reduction Act of 2022.
What’s in this legislation and why is Manchin turning his back on the people of West Virginia? Is this just another step toward the Great Reset?
Joining Jim to investigate this latest development was Peter Rykowski. Peter is a research associate and writer for The New American.
Despite its name, Peter noted that everything in the 720 page Inflation Reduction Act would actually expand inflation and wreck the economy. It would spend a total of 740 billion dollars. Almost 400 billion of that would go to promoting radical climate change programs. There’s also another 60-100 billion for extending and expanding Obamacare and its related subsidies. Another 80 billion would go to the IRS.
So how do the proponents expect to pay for this? Peter indicated it would simply involve raising taxes. One example he gave in this regard concerned energy. If you wanted to produce oil or some form of electricity or energy and you wanted to do it on federal land, the fees would be going up.
What about the claim that this bill would reduce the deficit? Peter explained that this is based upon some tenuous, long-term projections that aren’t likely to come to pass.
As Jim pointed out, there was a 3 trillion plus dollar deficit in 2020. It went to 2.5 trillion in 2021. Now the Congressional Budget Office is predicting a 2.1 trillion dollar deficit for 2022. Overall we’re at 30.6 trillion in national debt. We’re spending money we don’t have and this situation isn’t sustainable.
What does this legislation have to do with climate? How does “environmental justice” play into this? Is this proposal and our debt pushing us toward a Great Reset/world government? Jim and Peter examined these questions and more, while callers communicated their thoughts, on this edition of Crosstalk.
Kyrsten Sinema of Arizona
Joe Manchin of West Virginia