When the “Inflation Reduction Act” is signed by Joe Biden, two major crimes will have been initiated. First, they will be murdering the U.S. economy, sending millions of struggling Americans into deeper financial despair. Second, since the effects will be felt by voters before the midterms, Democrats are essentially committing electoral suicide.
As they say, “It’s the economy, stupid.”
Before any Republicans cheer about the latter, we have to understand the implications of the former. Democrats were already hurting electorally, so they’re throwing up a Hail Mary that has zero chance of reaching the end zone. But they’re doing it anyway, and that’s a major concern because it seems they’re continuing the trend we’ve seen for the last year-and-a-half: A political party doing the bidding of the globalist elites to damage the U.S. economy beyond repair and hoping their corporate media propaganda machine can spin it for them.
Republicans winning in November will be a Pyrrhic victory at best. But it’s probably much worse than that — very little victory at all — because with feckless RINOs Mitch McConnell and Kevin McCarthy likely running their respective chambers, it’s a near certainty they’ll be unable to get a single thing done to reverse the damage this bill will do. Instead, they’ll just obstruct the Biden-Harris agenda which is a good thing, but they won’t do much more than fundraise off it. They’ll talk big and pretend to be tough which will help them score even more electoral victories in 2024 for fellow RINOs, should we even make it as a nation until then.
Get ready for two years of bellyaching just like we heard from McConnell and Paul Ryan during the Obama era. They pretended to be tough and passed conservative bills like the many Obamacare repeal pieces of legislation because they knew they would get vetoed. The moment they had someone in the Oval Office who would actually sign them, suddenly they were unable to put a single Obamacare bill on the president’s desk for two years. That’s the type of fake leadership we’ll be seeing if the GOP Establishment replaces their fellow Uniparty Swamp leaders after the midterms.
So no, I’m not excited about gaining seats in Congress in exchange for this abomination of a bill. We’ll be watching our nation’s remaining fiscal strength drained in exchange for two years of RINO Kabuki Theater.
The article below by Richard Stern from Daily Signal details pretty concisely why this bill is bad in the short term and worse in the long term. Naming it the “Inflation REDUCTION Act” is like naming naming a hangman’s noose a “Neck Protective Covering.” In both cases, the name is the opposite of what it will actually do. Inflation will rise, perhaps faster than it has in recent months, because you can’t raise corporate taxes and expect costs to go down. Wall Street will lurch. Meanwhile, the people will continue to struggle.
This is just another reason why we recommend four things. First, look at moving some of your wealth, investments, and/or retirement to precious metals. Second, focus on solidifying your city, county, and state governments with America First patriots. If you can’t, consider moving to redder pastures. It seems the federal government is on a collision course with economic totalitarianism. You’ll want conservative and populist leaders in your city, county, and state to try to hold DC back.
Third, make the necessary changes in your life to be best able to sustain yourself and your family through even tougher economic times than most are going through now. Those who have read my work or watched my show in the past know that I have never been a “doomsday” guy. I countered those who claimed during the 2009 economic downturn that we had to pull all of our money out of the bank and stash cash, gold, and ammunitions under our mattresses. I railed against the people who were buying two-year supplies of toilet paper in Spring, 2020.
Today, I have a three-year supply of toilet paper in my garage.
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Fourth, take care of your long-term food situation immediately. Start a garden. Move to a homestead. Get a freeze drier, mylar bags, and oxygen absorbers. Raise chickens. For those who cannot do these things (or even if you can), I recommend buying long-term storage food, as much of it as you can afford and fit in your home.
We’ve been ringing the alarm bells for the last year. The “Inflation Reduction Act” is another major stepping stone for the globalist elites in their quest to manifest The Great Reset. This isn’t a conspiracy theory. The writing is on the wall. We are witnessing an economic murder-suicide taking place and it’s going to affect nearly everybody. Don’t be filled with regrets while you stand in breadlines thinking back to what you did in lieu of listening to these warnings. Here’s Richard Stern‘s article…
Gimmicks in ‘Inflation Reduction Act’ Mask True Costs, Massive Inflationary Deficits
As Senate Democrats achieve their goal of jamming through the so-called Inflation Reduction Act, reality is becoming clear: The bill will likely increase near-term inflation, depress household incomes, and produce the long-term deficits that fuel long-term inflation.
Using the Congressional Budget Office’s latest scoring, estimates of the most recent changes, and accounting for very expensive gimmicks, it’s likely that the bill will produce deficits.
The cumulative deficit would be around $52.5 billion over the next four years, at least $110 billion through fiscal year 2031, and more beyond. That would mean adding to near-term and long-term inflationary pressures, in contrast to what proponents such as Sen. Joe Manchin, D-W.Va., claim.
In short, the bill is about as far away from a genuine Inflation Reduction Act as possible. Though it would be harmful under any circumstances, signing it into law during a period of stagflation would be the worst possible timing.
The Inflation Reduction Act utilizes three major sets of common congressional gimmicks to mask its true costs: cherry-picked expiration dates, ignoring net interest costs, and indirect tax burdens.
As one very costly example, the bill would extend for three more years “temporary” Obamacare subsidies that were supposed to expire this year. That brings to mind the wisdom of the late economist Milton Friedman, who once observed, “Nothing is so permanent as a temporary government program.”
Despite the Obamacare subsidies being peddled as temporary, extending them was among the first provisions of the Inflation Reduction Act that Senate Democrats committed to voting for. It just goes to prove something the everyone knows: There are certain taxpayer-funded handouts and giveaways that seem to always get extended in perpetuity.
To keep the reported cost of the provision down, a three-year expansion was chosen because it is what they could afford on paper. However, accounting for political reality, these subsidies will likely cost at least $146.5 billion more than what is being reported through fiscal year 2031.
That would be further compounded by Congress yet again delaying implementation of the Trump-era Medicare rebate rule, a move that shifts federal costs further into the future and arbitrarily reduces the portion of the costs included in the budgetary window. While the future costs would remain real, they would conveniently slip under the radar of the formal score.
Yet another overestimation of savings presented by the bill’s authors is a claim to $204 billion in increased revenues from cracking down on tax fraud.
While increased enforcement activity might result in higher revenue collections, estimates are highly speculative. Because the actual results are so uncertain, such revenues are not included in official cost estimates under the bipartisan scorekeeping guidelines.
The deficits created by the bill, and the fact that they are front-loaded, would increase federal net interest costs by more than $14 billion—a fact that is not reflected in the formal CBO estimates.
In total, the bill would add at least $110 billion to the federal deficit through fiscal 2031. To put that level of spending in perspective, $110 billion is roughly four-and-a-half times NASA’s annual budget, or nearly the cost of the ships in six U.S. Carrier Strike Groups. In this case, however, the $110 billion will be used to buy more inflation.
When the federal government runs a deficit, it eventually must be paid back. That’s either done through job- and wage-killing taxes or by way of the Federal Reserve printing new money to finance the deficits.
During the height of the COVID-19 pandemic, the Fed financed 56% of new federal debt with trillions upon trillions of newly created dollars. Those dollars devalued paychecks and Americans’ lifetime savings. When the federal government attempts to print its way out of fiscal irresponsibility, it does so by imposing an inflation tax on every American household.
With that precedent, no one can be certain of how much the federal government will use new taxes or new money creation to cover deficits. The expectation of future money printing causes immediate inflationary pressures as people act now to mitigate such future possibilities.
As such, the deficits created by the Inflation Reduction Act would simply be the newest addition to the current inflation tax.
To add insult to injury, almost every provision of the bill will bleed the bank accounts of American families. Tragically, the deficit- and inflation-increasing aspects of the Inflation Reduction Act are only the beginning of its burdens.
In these provisions we find the third set of gimmicks; namely, indirect tax burdens. Despite President Joe Biden’s assurances, the tax and price-control burdens of the Inflation Reduction Act will fall squarely on families trying to make ends meet.
Companies are combinations of workers, tools, and institutional knowledge that when brought together can produce the goods and services we need and enjoy. As such, companies can’t absorb a tax. They only direct how American households will feel it.
The bill’s business-tax hike will leave companies with no choice but to cut wages, increase consumer prices, or cut future investments in a growing and prosperous economy. The bill’s requirement that the government get a deal on drug prices will simply mean that drug prices will go up for families and that research budgets for new lifesaving drugs will be slashed.
The stock-buyback tax will trap capital with stagnant companies and will prevent investors from reallocating those funds to new, growing, and innovative ventures. The $80 billion IRS slush fund in the bill will go to “enforcement” activities that will likely target low-income families and minority populations.
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In reality, this bill is a litany of policies aimed at scoring political points that has been recklessly and hurriedly slapped together. If it’s signed into law as expected, long after the press conferences and congressional pats on the back have faded into distant memory, it’s inflationary, tax, and other burdens will continue to haunt every American household.
Five Things New “Preppers” Forget When Getting Ready for Bad Times Ahead
The preparedness community is growing faster than it has in decades. Even during peak times such as Y2K, the economic downturn of 2008, and Covid, the vast majority of Americans made sure they had plenty of toilet paper but didn’t really stockpile anything else.
Things have changed. There’s a growing anxiety in this presidential election year that has prompted more Americans to get prepared for crazy events in the future. Some of it is being driven by fearmongers, but there are valid concerns with the economy, food supply, pharmaceuticals, the energy grid, and mass rioting that have pushed average Americans into “prepper” mode.
There are degrees of preparedness. One does not have to be a full-blown “doomsday prepper” living off-grid in a secure Montana bunker in order to be ahead of the curve. In many ways, preparedness isn’t about being able to perfectly handle every conceivable situation. It’s about being less dependent on government for as long as possible. Those who have proper “preps” will not be waiting for FEMA to distribute emergency supplies to the desperate masses.
Below are five things people new to preparedness (and sometimes even those with experience) often forget as they get ready. All five are common sense notions that do not rely on doomsday in order to be useful. It may be nice to own a tank during the apocalypse but there’s not much you can do with it until things get really crazy. The recommendations below can have places in the lives of average Americans whether doomsday comes or not.
Note: The information provided by this publication or any related communications is for informational purposes only and should not be considered as financial advice. We do not provide personalized investment, financial, or legal advice.
Secured Wealth
Whether in the bank or held in a retirement account, most Americans feel that their life’s savings is relatively secure. At least they did until the last couple of years when de-banking, geopolitical turmoil, and the threat of Central Bank Digital Currencies reared their ugly heads.
It behooves Americans to diversify their holdings. If there’s a triggering event or series of events that cripple the financial systems or devalue the U.S. Dollar, wealth can evaporate quickly. To hedge against potential turmoil, many Americans are looking in two directions: Crypto and physical precious metals.
There are huge advantages to cryptocurrencies, but there are also inherent risks because “virtual” money can become challenging to spend. Add in the push by central banks and governments to regulate or even replace cryptocurrencies with their own versions they control and the risks amplify. There’s nothing wrong with cryptocurrencies today but things can change rapidly.
As for physical precious metals, many Americans pay cash to keep plenty on hand in their safe. Rolling over or transferring retirement accounts into self-directed IRAs is also a popular option, but there are caveats. It can often take weeks or even months to get the gold and silver shipped if the owner chooses to close their account. This is why Genesis Gold Group stands out. Their relationship with the depositories allows for rapid closure and shipping, often in less than 10 days from the time the account holder makes their move. This can come in handy if things appear to be heading south.
Lots of Potable Water
One of the biggest shocks that hit new preppers is understanding how much potable water they need in order to survive. Experts claim one gallon of water per person per day is necessary. Even the most conservative estimates put it at over half-a-gallon. That means that for a family of four, they’ll need around 120 gallons of water to survive for a month if the taps turn off and the stores empty out.
Being near a fresh water source, whether it’s a river, lake, or well, is a best practice among experienced preppers. It’s necessary to have a water filter as well, even if the taps are still working. Many refuse to drink tap water even when there is no emergency. Berkey was our previous favorite but they’re under attack from regulators so the Alexapure systems are solid replacements.
For those in the city or away from fresh water sources, storage is the best option. This can be challenging because proper water storage containers take up a lot of room and are difficult to move if the need arises. For “bug in” situations, having a larger container that stores hundreds or even thousands of gallons is better than stacking 1-5 gallon containers. Unfortunately, they won’t be easily transportable and they can cost a lot to install.
Water is critical. If chaos erupts and water infrastructure is compromised, having a large backup supply can be lifesaving.
Pharmaceuticals and Medical Supplies
There are multiple threats specific to the medical supply chain. With Chinese and Indian imports accounting for over 90% of pharmaceutical ingredients in the United States, deteriorating relations could make it impossible to get the medicines and antibiotics many of us need.
Stocking up many prescription medications can be hard. Doctors generally do not like to prescribe large batches of drugs even if they are shelf-stable for extended periods of time. It is a best practice to ask your doctor if they can prescribe a larger amount. Today, some are sympathetic to concerns about pharmacies running out or becoming inaccessible. Tell them your concerns. It’s worth a shot. The worst they can do is say no.
If your doctor is unwilling to help you stock up on medicines, then Jase Medical is a good alternative. Through telehealth, they can prescribe daily meds or antibiotics that are shipped to your door. As proponents of medical freedom, they empathize with those who want to have enough medical supplies on hand in case things go wrong.
Energy Sources
The vast majority of Americans are locked into the grid. This has proven to be a massive liability when the grid goes down. Unfortunately, there are no inexpensive remedies.
Those living off-grid had to either spend a lot of money or effort (or both) to get their alternative energy sources like solar set up. For those who do not want to go so far, it’s still a best practice to have backup power sources. Diesel generators and portable solar panels are the two most popular, and while they’re not inexpensive they are not out of reach of most Americans who are concerned about being without power for extended periods of time.
Natural gas is another necessity for many, but that’s far more challenging to replace. Having alternatives for heating and cooking that can be powered if gas and electric grids go down is important. Have a backup for items that require power such as manual can openers. If you’re stuck eating canned foods for a while and all you have is an electric opener, you’ll have problems.
Don’t Forget the Protein
When most think about “prepping,” they think about their food supply. More Americans are turning to gardening and homesteading as ways to produce their own food. Others are working with local farmers and ranchers to purchase directly from the sources. This is a good idea whether doomsday comes or not, but it’s particularly important if the food supply chain is broken.
Most grocery stores have about one to two weeks worth of food, as do most American households. Grocers rely heavily on truckers to receive their ongoing shipments. In a crisis, the current process can fail. It behooves Americans for multiple reasons to localize their food purchases as much as possible.
Long-term storage is another popular option. Canned foods, MREs, and freeze dried meals are selling out quickly even as prices rise. But one component that is conspicuously absent in shelf-stable food is high-quality protein. Most survival food companies offer low quality “protein buckets” or cans of meat, but they are often barely edible.
Prepper All-Naturals offers premium cuts of steak that have been cooked sous vide and freeze dried to give them a 25-year shelf life. They offer Ribeye, NY Strip, and Tenderloin among others.
Having buckets of beans and rice is a good start, but keeping a solid supply of high-quality protein isn’t just healthier. It can help a family maintain normalcy through crises.
Prepare Without Fear
With all the challenges we face as Americans today, it can be emotionally draining. Citizens are scared and there’s nothing irrational about their concerns. Being prepared and making lifestyle changes to secure necessities can go a long way toward overcoming the fears that plague us. We should hope and pray for the best but prepare for the worst. And if the worst does come, then knowing we did what we could to be ready for it will help us face those challenges with confidence.
Coffee the Christian way: Promised Grounds
Oh, they built the ship Titanic to sail the ocean blue / and the built it so no water could get through / but the good Lord raised his hand / and said that ship would never land / oh, it was sad when that great ship went down / oh, it was sad / so sad / it was sad / so sad / it was sad when that great ship went down …
… to the bottom of the sea
“we” are stupid, gutless cowards, and “we” deserve every bit of pain, suffering and communism we get. Many of us were screaming for years, and many of YOU ignored it… Eat it and weep fools. Your ignorance is responsible.There is no way out. NONE! Get that through your thick heads
The abuse of language with the title of this monstrosity is criminal. It is most unfortunate more citizens do not understand the devious minds behind such deceit.
Republicans 2012: We need The House to get anything done.
We gave them The House.
Republicans 2014: We need the Senate to get anything done.
We gave them the Senate.
Republicans 2016: We need the WH to get anything done.
We gave them the WH.
Republicans 2018: WE HATE TRUMP
Republicans resigned, They lost The House.
Republicans 2020: ………..
They helped steal the WH and Senate for Democrats.
Republicans 2022: We need The House to get anything done…..
Well said!
That is a bit true for my liking.
I agree about the economic effects being bad but don’t take quite an extreme view as presented in this article.
What this article ignores if the fact that a whole new cadre of America First folk will hit Congress. It may be enough or close to enough to put all Rinos on notice that they are done.
Trump nominated people are winning hands down. Go against America First and you end your political career.
Now how many want to end their political careers is the question.
Headline: Health Premiums Have Climbed $4,865 Since Obama Promised to Cut Them $2,500
Oops. More of the same with out taxes in this monstrosity.