Monday, August 22, 2022
AP rewrites the Inflation Reduction Act
On July 28, AP was ecstatic. It reported, “President Joe Biden hailed a nascent Democratic package of climate, health care and tax initiatives as a giant step forward for the country Thursday as congressional leaders began nailing down votes for a campaign-season bill they’ve cast as a boon for voters struggling with inflation.”
The proposal would whip inflation now!
A companion piece to the main story was billed as “What’s in, and out, of Democrats’ inflation-fighting package.”
10 days later, Democrats passed the bill.
AP downplayed inflation.
It reported, “Not as robust as the proposal President Joe Biden once envisioned to rebuild America’s public infrastructure and family support systems, the Democrats’ compromise of health care, climate change and deficit-reduction strategies is still a substantial undertaking.
“The estimated $740 billion package — passed Sunday by the Senate and heading to the House — is full of party priorities. Those include capping prescription drug costs at $2,000 out of pocket for seniors, helping Americans pay for private health insurance and what Democrats are calling the most substantial investment in history to fight climate change, some $375 billion over the decade.
“Almost half the money raised, $300 billion, will go toward paying down federal deficits.
“It’s all paid for largely with new corporate taxes, including a 15% minimum tax on big corporations to ensure they don’t skip out on paying any taxes at all, as well as projected federal savings from lower Medicare drug costs.”
Inflation was not mentioned until Paragraph 5: “Called the Inflation Reduction Act of 2022, it’s not at all clear the 755-page bill will substantially ease inflationary pressures, though millions of Americans are expected to see some relief in health care and other costs.”
That should have been the lead: The Democrat inflation bill won’t ease inflation.
Instead of calling out Democrats on their bait-and-switch, AP attacked Republicans with yet another Phony Fact Check.
AP belched, “Republican politicians and candidates are distorting how a major economic bill passed over the weekend by the Senate would reform the IRS and affect taxes for the middle class.
“The Inflation Reduction Act, which awaits a House vote after passing in the Senate on Sunday, would increase the ranks of the IRS, but it would not create a mob of armed auditors looking to harass middle-class taxpayers, as some Republicans are claiming.”
87,000 new armed IRS agents aren’t all going after Warren Buffett. Of course, fact checkers for years swore Republicans were wrong to dare criticize Obama for saying you can keep your doctor.
This weekend, AP threw all that out and totally redefined the Inflation Reduction Act of 2022.
AP argued, “Climate bill’s unlikely beneficiary: US oil and gas industry.”
But it is not a bill. It is a law, a law named Inflation Reduction, not climate change.
Of course, the law really is just another financial windfall for Democrat donor/owners. Just as Obamacare’s main goal was to give billions in subsidies to health insurers, this one gives billions to the climate change industry.
Democrats said they were going to reduce inflation. Instead of holding Democrat feet to that fire, AP blew the fire out.
Posted by Don Surber at 8/22/2022 03:00:00 PM