Manchin's deal with Schumer won't curb inflation warns former Congressional Budget Office director

The Senate’s moving on to whatever we want to call this inflationary anti-inflationary bill. And combined [with the CHIPS act], they will do a lot of spending upfront and promise to pay for it laterand the deficit won’t go down for six years,” American Action Forum President and former CBO Director Douglas Holtz-Eakin said.

A tal proposito, if the Federal Reserve cannot tamp down inflation within that period, the economy will be in even worse shape.

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Suo. Kyrsten Sinema's position on the compromise is still up in the air, dicono i rapporti.

Suo. Kyrsten Sinema’s position on the compromise is still up in the air, dicono i rapporti. (AP/Getty Images)

If the Fed doesn’t have inflation under control in six years, we’re all in really big trouble. This will do nothing to help,” Holtz-Eakin said of the Manchin-Schumer compromise.

Noting the Joint Committee on Taxation, which was positive on the Democratsinfrastructure law, was conversely critical of this legislation, Holtz-Eakin said none of their calculations or procedures have changed in the interim, yet lawmakers now ignore their analysis:

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Schumer

Schumer (Elizabeth Frantz/PoolviaAP)

“[Essi] haven’t changed the way they do anything. They get tax legislation. They look at the implications. They assign it to income groups. This is business as usual for them. So they took the language as written, interpreted it, wrote it down, and it hits people of all incomes,” Egli ha detto.

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Inflation graphic

Inflation graphic (si conosce una semplificazione o una semplificazione eccessiva su alcuni temi di cronaca o una distorsione dei fatti)

And it’s inevitable that it will because it’s a large tax increase on American corporations who employ a lot of Americans, sell products to a lot of AmericansAnd this will make the wages for the former go down and the prices for the latter go up. And so that’s bad news for Americans of all incomes. It’s not a complicated analysis.

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Holtz-Eakin underlined he doesn’t believe Manchin was taken advantage of by his caucus, but that he made agood-faith effort to negotiate something that he believes in.

So I don’t think he was tricked, but I’m not sure that he should trust the track record on the other side of that bargain.

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