Inflation Reduction Act may cause a recession: Sen. Bill Cassidy | ABC News

46 thoughts on “Inflation Reduction Act may cause a recession: Sen. Bill Cassidy | ABC News”

1. It would be nice if the Fed sped things up. I understand they want to be careful but the housing market and economy at large will not change until interest rates are higher than inflation. Until then, assets will be a good investment. Sure they double the interest rate since 2021 (from a little under 3% to almost 6%) but inflation is up to 9%… Better to borrow money at a low rate when the value of assets are growing faster. Interest rates are still historically low and unemployment is still historically low. The Fed believes inflation is transitory 😒

2. Recession is here for some time now, we are being led into a depression. It's over if Biden leadership through weakness get USA in a war with China, we have no supply chain here at home.

3. We have the lowest job participation rate in USA in 40 years. When the government doesn't have taxpayers, they steal money from middle and low income Americans through inflation and taxation- EXACTLY what's going on now. They will hire 80,000 new IRS agents who will be weaponized against conservatives and small businesses. This is why the founders put the second amendment in the constitution. Vote conservative in November to stop this madness.

4. Lol let’s reduce inflation by printing 3/4 of a trillion dollars! My god they can’t be this stupid. This destruction of America is on purpose!

5. You can't tax and spend your way out of a recession.

6. Why doesn't Bill Cassidy talk about how much the climate emergency is hurting Louisiana? Why is he not taking steps to protect his constituents from the rising sea levels caused by greenhouse gas emissions from burning fossil fuels? Why is he NOT DOING ANYTHING TO ADDRESS THE CLIMATE EMERGENCY THAT IS THE GREATEST THREAT HUMANKIND HAS EVER FACED AS YOU CAN SEE WHEN LONDON REACHES BIZARRE AND UNHEARD OF TEMPERATURES OF104 DEGREES?

7. This increases everyone's taxes!!!! Typical Nazicrat lies. While they arm the IRS
   the Joint Committee on Taxation (JCT) has done its job, estimating the increase in taxes for people in each income group.

   The $54.3 billion tax increase for 2023, the JCT estimates, won’t increase taxes for anyone with income between $0 and $30,000. But the JCT also points out that its measure of income includes not just adjusted gross income but also employer contributions to health insurance, the employer’s share of the Social Security tax (FICA), and the insurance value of Medicare benefits. So millions of people whose adjusted gross income is below $30,000 will pay somewhat higher taxes.

   People with income up to $75,000 won’t pay much more. But people with income between $75,000 to $100,000 will see their average tax rate rise from 15.8 percent to 16.0 percent. The average tax rate for people with income between $100,000 and $200,000 will rise from 19.1 percent to 19.4 percent, and between $200,000 and $500,000 will rise from 24.1 percent to 24.4 percent.

8. Did they double speed the speech of Larry Summers?

9. We're already heading to a recession next year at the very least.

10. Stupid voters

11. We ARE in a recession wtf is this

12. Sounds like Cassidy supporting semiconductors being manufactured here means he has stocks in semiconductors. Taiwan has a $600 Billion dollar semiconductor business. The chemicals used like 123 TCP is already in our water and it causes cancer, and it takes millions of gallons of water to manufacture semiconductors. In order to save our water we're going to have to slow and stop production. Face facts tech and convenience is killing us and our environment. Do not let greed and arrogance blind you from reality. People need to think more, and question everything. Where is your heart.
    Aniyunwiya Tsi Tsalagi, Wado 🪶🤍

13. Republicans are lying rats. Got played very well by Manchin and Schumer.

14. American voters own this. We people we put in place that are a bunch of cowards. Read Friedman, Sowell and other economists that know Inflation is an mortal enemy.
    The Fed needs to raise rates and yes, push us further into recession.
    The consequences of letting inflation drag on for years will be severe.
    But I think America can make it through if we face the facts and understand them.

15. Of course he won't support anything the dems do awful people Republicans

16. Soaring energy prices are what is driving inflation. Surging prices have been a boon for investors, including energy executives, who receive a large share of compensation through the company stock. On Friday, Exxon Mobil booked an unprecedented $17.85 billion profit for the second quarter, and Chevron made a record $11.62 billion. Revenue at Exxon skyrocketed to $115.68 billion, up from $67.74 billion during the same quarter last year. Consumers are facing high fuel prices not just at the pump, but soaring energy prices are being baked into delivery costs, which is driving up the cost of everything from apples to toilet paper.

17. Soooo who thinks it's a good idea to hire 66,000 new IRS agents. Please, I'd love to hear from you.

18. How do you think the U.S. Government is getting all this money for aid packages? THEY ARE PRINTING IT. We are going to pay for it with high inflation. Stop government spending, inflation will go down.

19. Nothing the biden administration has done has lead to a better life for anyone.

20. "May cause recession" WTF- We're already in recession- More gaslighting by FAKE MEDIA. You must not listen to their LIES anymore!!!

21. Inflation has and continues to increase,taxes are rising, why don't they raise the SSDI CHECKS by 15%? Hell those on it can't keep up now as it stands now and when taxes and Inflation rise even more then it's going to be EVEN HARDER! DO AWAY WITH STUDENT LOAN DEBT or it'll be EVEN WORSE for those on SSDI! SSI recipients CAN AND SHOULD HAVE TO GET A JOB AND GET OFF WELFARE AND SSI!!! THAT WOULD DRAMATICALLY REDUCE THE BURDEN ON THE GOVERNMENT IF THEY'D make all those who have 3-10 kids and are only on welfare for the check get JOBS INSTEAD OF A HANDOUT!

22. In my opinion, every one of these politicians pulls a fast one every time they open their mouths.

23. Um it might?, lol its literally a half trillion in new spending

24. Investing in crypto now should be in every wise individuals list, in some months time you'll be ecstatic with the decision you made today

25. Raising taxes on the poor…no surprise there. 🤭

26. Wait, you mean the recession we're already in? Or the new definition that the white house made so that they can say we aren't in a recession while people still can't afford gas or food or rent. I miss the days when the MSM was for the people.

27. His saying "it may cause recession" like we are not already in one…lol

28. Voted for a bill,
    nothing changed
    Voted against
    Says the bill needs changed

    Why did you vote for it the 1st time you?

29. Bill Cassidy is against higher wages for workers. Did he just claim higher wages causes businesses to leave the country? Sure sounds like Mr. Cassidy is representing the interests of business over the people.

    He also said he highly supports a bill he voted against. This dude makes no sense.

30. We are in one you damn clowns. Keep changing words to fit your bs like fow-chi. This is outrageous!

31. Lol. Everyone read on history of money. Buy gold/silver/crypto/land. Dollar is now 20c

32. My life has totally changed since I started an investment of $6,000 and now earning over $57,000.

33. Yo Cassidy. Unlike white Christian conservatives the rest of us can do math you broke butt con man. People do the math for yourself. If you cannot, then use an app, but for the love of the gods don't take Sen. Cassidy's word for anything.

34. May cause???? We ARE IN A RECESSION NOW!!

35. only recession can get us out of this spiral. worked for reagan in 1982 even though his party took major hits that year.

36. He makes me sick! 🤢

37. Why giving these liars a platform to spread more of the same! Vote republicans out! 👏👏👏🌀🌀🌀💙💙💙

38. Omg. Put those masks back on and take 3 more jabs (emergency act).

39. The American dream is dead

40. Raising TAXES ON CORPORATIONS AND HEDGE FUN MANAGERS. Go pound sand , Cassidy

41. Stop giving Trumplicans equal time. The only thing Republicans give us tax cuts for the rich.

42. So taxes go up for people making 30,000 and up according to this. act

43. May cause a recession? What's it going to do for the recession we're already experiencing? Nothing good for sure.

44. How do you cause something you’re already in?

45. The only thing China is good for is knock-off purses, cheap car parts, and a vegetable rich diet. We should *need *nothing from China. Need is the operative word there.

46. What is Joe Biden doing to make our money worth MORE? So far, all he's done is make our money worth LESS.

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