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78. Making Numbers Count: Inflation Reduction Act Raises Taxes, Adds Inflation, & Deepens Recession
Latest big news was passage of the IRA bill by Congress and signed by President Biden, which will make the weak economy weaker. Let's dive into the problems with it and what should be done instead.
I hope you’re doing well and prospering. There’s been a lot going on with public policy, especially with Congress passing the “Inflation Reduction Act.”
I probably don’t need to tell most of you but this bill doesn’t reduce inflation. In fact, the way I’ve been describing it based on what’s in it and what economics tells us is that it will lead to higher taxes, more debt, more inflation, and a deeper recession.
I joined more than 360 economists who signed a statement noting the terrible results that this bad progressive bill will have on the American economy and families.
We tried to warn Congress but Democrats wanted too much control over our lives in terms of more debt, energy, healthcare, and income. Let’s hope that there is a move soon toward making spending bad so that there are more opportunities to let people prosper.
I discussed these points and more in my recent speech to the great audience at the Young Americans for Liberty’s Revolution 2022 conference in Orlando, Florida.
Watch my speech here:
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I recently read the book Making Numbers Count: The Art and Science of Communicating Numbers by Chip Heath and Karla Starr.
It’s a good, short book on how to make numbers resonate with your reader. Too often we get caught up telling stories with numbers that make sense to us but the reader can’t follow along. Following some simple advice of breaking down the numbers into something that will resonate with the reader is what this book is about. Given the national debt is now $30.7 trillion, it is important to note that this is now more than $90,000 owed per American or nearly $250,000 owed per taxpayer. This amounts to five years of a taxpayer earning $50,000 per year. And given how the latest bills passed by Congress are wrecking the economy with trillions of dollars of new spending and taxing, we need more relatable data. Check out the book.
So in addition to reaching a broader audience to let people prosper with this newsletter, I’ve recently expanded my YouTube channel to a podcast that you can listen to on Spotify and Apple Podcasts. Please check them out below and subscribe to whichever is best for you.
I have added my recent episodes along with older lessons that I recorded on key economic issues. It was a pleasure to have top economists like Chicago’s Casey Mulligan on recently to discuss the economy. Watch or listen:
And here’s my previous discussion with Stanford economist John Taylor.
I have been on Fox News, Fox Business, OANN News, or NTD News recently to talk about the economy and the bad Inflation Recession Act, which is a better name for it. You can watch all of my recent media hits and read my commentaries to learn more about the economy and how to talk about it here. Here are a few highlights:
TAKE ON ECONOMIES & POLICIES IN STATES
The time for school choice that empowers parents in Texas is now! Listen why.
Stop corporate welfare at every level of government.
We spend WAY TOO MUCH on government schools.
Local governments are spending way too much. Need local spending limit.
Every state should eliminate its personal income tax.
Texas must pass school choice next session!
Texas has the lowest gasoline prices but they’re still relatively high.
States must lead the way in poverty relief.
The CHIPS Act is a bad deal for states and especially taxpayers. Watch.
TAKE ON ECONOMIES & POLICIES IN U.S.
My latest on the U.S. economic situation.
Too many progressives and conservatives want larger government.
The zombie economy is starting to crumble, as I said it would.
End the Fed! It’s still not aggressively reducing its balance sheet to reduce inflation.
Government screws up so much, including trying to affordably raise kids. Reduce government spending, taxes, and regs and costs would plummet.
The cost of regulation continues to soar under President Biden.
Massive expansion of the number of IRS employees…and cost to you.
More evidence of a recession in the U.S. economy.
The social institution of the family is essential for future opportunities to prosper.
End government-imposed minimum wages!
I had valuable opportunities recently to explain the importance of free markets and liberty so that people can prosper. The latest was a trip to Harlingen, Texas near the Mexico border where I joined the first Mexican-American member of Congress (Congresswoman Mayra Flores (R-TX)), Jorge Martinez of LIBRE, and Daniel Garza who is president of LIBRE at The LIBRE Initiative’s event.
You can find more of my takes on multiple venues on Link Tree:
My family is doing well. The boys started second grade and Pre-K at a private school, and my daughter will soon be five months old and is at daycare now. We’ve had our trials over the last few months but we’re truly blessed. More changes coming soon but I’ll leave that for the next newsletter. Oh, and I celebrated my 11-year wedding anniversary with my best friend and beautiful wife recently and we went to a Garth Brooks’ concern in Houston, Texas.
I was happy about this quote…it succinctly brings together my ideas on government spending.
I’m praying that we will give the Lord praise for bearing our burdens.
Thank you for reading and sharing this newsletter. Many blessings to you and yours!
Why Let People Prosper: An inclusive institutional framework with individual liberty, intact families, robust civil society, competitive capitalism, and a constitutional republic best supports abundant opportunities to mitigate poverty and let people prosper. This prosperity isn’t just material but spiritual, psychological, social, etc. that satisfies human desires. Given this understanding and my experience and research as a free-market economist, I provide trusted views on economies and policies. Please subscribe & share.