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Opinion: Four ways the Inflation Reduction Act doesn't live up to the hype
Jeffrey Sachs - Gabriella C. Marino
The Democrats are celebrating the passage of the Inflation Reduction Act over unified Republican opposition, claiming that the legislation is a historic breakthrough. Sadly, it’s not.
Though the new legislation takes some steps in the right direction on climate and drug prices, it falls far short of what is needed. The Democrats, with control over the White House and both houses of Congress, squandered the historic opportunity for a progressive breakthrough.
There are four big reasons to be skeptical of the Democratic Party’s self-congratulation.
1. Despite its title, the new legislation will have essentially no effect on reducing inflation during the next few years.
Today’s inflation, running at 8.5% year-over-year in July, results from economy-wide imbalances of supply and demand. Even the small steps on drug pricing in the new law – allowing Medicare to negotiate the prices of some drugs as of 2026 – will have no effect on current inflation, and only tiny effects later. One study at Penn Wharton, for example, expressed “a low level of confidence that the legislation would have any measurable impact on inflation.”
Calling the legislation the “Inflation Reduction Act” was a marketing ploy, not reality.
2. Most of President Joe Biden’s original social agenda was left out of the legislation.
Unlike the first draft of the legislation (under the original banner of “Build Back Better”), the new law stripped out most of the social programs in Biden’s original program, essentially because conservative Democrats blocked all of the proposed tax hikes on the rich that would have paid for such programs. The Dems abandoned earlier proposals for universal pre-kindergarten and subsidized child care, paid family and medical leave, free community college and expanded child tax credits, among other initiatives.
3. Democrats once again sided with campaign donors and lobbyists over everyday voters.
Biden’s initial plan called for at least partly reversing the unjustified giveaway to the rich in former President Donald Trump’s 2017 corporate tax cut. It also called for raising personal income taxes on the richest Americans and on ending some egregious tax loopholes. These tax objectives were abandoned when conservative Democratic Sens. Joe Manchin of West Virginia and Kyrsten Sinema of Arizona protected the rich rather than their own constituents. They went with the campaign contributions, not the voters.
With no meaningful tax increases on the rich, the federal government will continue to run chronic and irising budget deficits as a share of GDP, even with the legislation stripped of important social initiatives. Federal outlays as a share of GDP are rising over time as the US population ages, health care costs rise and as money continues to be squandered on record military budgets and overseas wars. Direct outlays on wars since 9/11, including the current war in Ukraine, have cost $2.3 trillion and many trillions more in other costs, such as veterans’ care.
The long upward march of the debt-to-GDP ratio will therefore continue. When former President Ronald Reagan assumed office in 1981, the federal debt was 24.6% of GDP. He sold the American people on the idea that they could have their social programs and tax cuts at the same time. Yet the real result has been a 40-year build-up of public debt. In 2021, the debt was 96.9% of GDP. According to the most recent projection of the Congressional Budget Office, the debt will grow to a staggering 185% of GDP in thirty years on the current tax and spending plans.
4. The much-touted climate actions will deliver modest results despite the headline promises and bravado.
Here’s a hint why: Sen. Manchin, owner of two coal companies and darling of the oil lobby, let the bill pass. He knows the truth that the Democrats won’t admit. This bill will not come close to putting the US or the world on the path to energy decarbonization.
According to much-touted claims, the new law will direct nearly $370 billion to clean energy and will reduce US greenhouse gas emissions as of 2030 by around 40% below the 2005 level. Yet this claim is easily misunderstood. The Princeton study used to support it actually asserts that the legislation will reduce emissions by around 15% of 2005 emissions, with the remaining 27% reduction as of 2030 predicted to occur based on pre-existing trends, even without the new legislation.
Yet there is more worrying news. The Princeton study also comes with the following small print: “Several constraints that are difficult to model may limit these growth rates in practice, including the ability to site and permit projects at requisite pace and scale, expand electricity transmission and CO2 transport and storage to accommodate new generating capacity, and hire and train the expanded energy workforce to build these projects.”
Put more simply, the actual reduction of emissions under the new law is likely to fall short of the widely advertised 40% relative to 2005.
What the US truly needs is a decarbonization plan involving public land use, the national transmission grid, limits on new deployments of fossil-fuel infrastructure and more – not simply a set of tax incentives, as provided in the new law. The new legislation includes no energy plan, and the Supreme Court recently struck down the authority of the Environmental Protection Agency to put forward any such plan.
In short, despite some steps for a safer climate – almost all revolving around tax credits for clean energy – we are almost surely stuck with an inadequate pace of decarbonizing the energy system. Global warming is likely to hit very dangerous levels, and US efforts to cajole other countries to decarbonize faster will be stymied by insufficient action at home.
Yes, the legislation marks a small step forward. It is better than not having it. But Biden certainly shouldn’t have handed his signing pen to Sen. Manchin as a mark of honor.
It was Manchin, with Sinema and probably Democratic Party conservatives behind the scenes, who scuttled the country’s once-in-a-generation chance for the progressive change we need to achieve a prosperous, fair and sustainable society. We could have had a progressive breakthrough of the kind that Biden proposed last year but later abandoned, when conservative members of his party sided with the rich and powerful lobbies rather than the interests of the working people of this country.
A staggering 85% of Americans say that the country is on the wrong track. We are often told that this is because America is divided. The real reason is that our political system represents narrow interests, not those of the vast majority of Americans. Alas, there is far too little to celebrate in this regard with the new legislation.
unfortunately this doesnt seem to fully play the film. The entire film is available at www.youtube.com/watch?v=ErBBYFcDv6w
This is my first stop motion film to the song 'Lego House' by Ed Sheeran. I used dance to express the meanings of the song and after a lot of time and effort it finally came together! It was great fun to produce and I can't wait to make some more!
Doesnt exist much anymore. Last time used to have quite alot, now only left a few in Singapore. Found this at Toa Payoh, "the dragon playground". I know there's two more at jurong west and heard there's one more at ang mo kio. Soon to be demolish.. But childhood memories stays.
It doesnt have a meaning. I just wanted something pretty and henna inspired. I like it like this but might shade it later.
When you play by their rules you get burned.
It's bad enough that the technology itself is so mediocre. Optical disks, with their scratchy surface, wasteful drives, moving parts, dirty lenses, rubber-band driven, plastic, tooth-skipping gears... etc.
Extract from my journal : She doesnt smile or laugh much.
Given that she was one of them, I found it a bit abnormal.
Says she wouldn't know if Fridays or Saturdays make for best nights out in Blackpool.
I think she is denied the freedom to find out.
She doesnt meet my stare. Probably doesnt even know im lookin. Probably doesnt want to know.
I cant stop staring.
She doesnt talk much either. Ask a question and a quick reply is all you get.
I didnt ask any questions but couldnt stop wanting to.
She finds solace in cigarettes and and a girl friend.
I find her upset when her demonic mother humiliates her in front of her friends.
She sat next to me, for one of those hard-to-come-by rides that her stepfather gave us to the city-centre.
I could only wonder, how it was for her. about how she didnt look anywhere but out of the window, occasionally lookin at her iPod to change tracks. (She played 'push the button')
I think no 18 year old girl should have to be this way. And just when I decide to pay no attention to my vague ideas of how she is being opressed and raped by her stepfather, I see her in my dreams, looking very vague.
Alan and I've been thinking that those buncha inbreds that run the family-hotel, are possibly doing something wrong to their children. Its been 4 days since I got back. I cant get my mind off it. Off her.
Actor Ethan Hawke on the Red Carpet at the Tiff 08 Premiere of What Doesnt Kill you at Ryerson University in Toronto Canada
Photo by Chris Harte Photography
Find deployment information regarding this photo activation project in Chris' Portfolio
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it doesnt look as bad as it really was. APPARENTLY.
i need to get some more pictures of it from the side. it looks badddd.
some fat old man from PA rearended me while going 55 while i was STOPPED at a red light for at least ten seconds while coming back from work. he pushed me into the intersection and i almost got hit again.
ford explorer vs volvo s70 :(
all i know is.
i sat for awhile.
then i got out
and screamed "WHAT THE FUCK IS WRONG WITH YOU"
at least 3x.
then like 5 people stopped.
and the cops were there so fast.
God bless all the people that stopped and called.
and due to being 2 months short of 18... i had to go to the hospital.
chest/rib xrays.
but it's cool.
i'm cool.
just reallyreally sore. :(
the emt said if it wasnt a volvo... i probabaly wouldnt be so okay...
i would agree.
my whole window is GONE. GONEEE.
and all the shit in the front of my car flew to the back.
flying spare change for everyoneee!
oh and my minolta was in the back under the passenger seat. :(
i hope it doesnt get wet. or have shards of glass or anything.
Neil doesnt think so. But when I think about horses, I can only imagine their teeth! So... this the.. large canines showing.
Today was neat. We traveled over to Anacordes, Wa which is a cute little town with some neato fabric shops in it. I got some really pretty things I cant get back home as easily and my day was made.
We had Neils favorite for dinner, Hamburger soup and i helped Neils momma bake some blackberry cobbler since we have so many blackberries here!
for FGR- horse face and horsefaces!
Doesnt come through well in the photo but the only flat surface on this bench is the bottom of the legs. All other surfaces and edges have gentle curves and contours. Did it all with handtools just for fun. The outside is smooth and the inside has texture, wonderful to feel. Made from Port Orford Cedar.
Sometimes it doesnt matter how much you try life always shows you how it has to be. It doesnt matter how much you wait if things won't come just let them go, let the feelings go which makes you feel alone, even its hard, i believe everybody needs an answer in life for something but maybe we should answer it all by ourselves... Seasons change we must do so.
this doesnt work as well because its a straight on shot. would be better from a top down angle, but i really liked this picture from last year anyways and thought i would try it. --------why did this get so many views?
ift.tt/1ULsQ57 + 18 girls literally get naked! In music video🔥🔥 Renza – Living For The Moment on youtube/ LINK UP TV hopefully youtube doesnt take it down .. please show luv LIKE & SHARE via insta fb or twitter LINK IN BIO!!! #sbtv #linkup #linkuptv #grmdaily #pressplay #grime #rap #kreptandkonan #yungen #chip #nines #cbiz #pussyfuck #pussyfuck #breast #kyliejenner #kanyewest #panda #kimkardashian #drake
The Contessa doesnt have a choice. After that scandal of a launch, she has to take back Jordan as the Face of Goldstar. She kept on searching for Elise but she's disappeared and her campaign should take its time table. Goldstar's first installment was their green lip color line named "Mariposa" and the eco friendly tag gave the lip line a boost... Jordan graced the ad and was amazing the Contessa thought, and she was delighted with what was presented to her...
The dice were rolling though on the other pits of the evil earth. an Empire is slowly growing from the dark. Goldstar's greatest competitor is on its way. VW Cosmetics. Headed by Agnes Von Weiss, also know as "The Madame"...
What would happen to Elise who was now long forgotten? To the Contessa and the bug she planted inside her company? or what plans are in store from The VW Cosmetics group to their beloved competitor?
Stay tuned for Season 2 soon : "The Rogue Empires"
and super thanks for reading everyone! :)
and a shout out too for all the people who helped me pull this off... Anj Calvo and Manolito Garcia for the outfits and Marco for helping out and sweeping the dolly stage. lols
This photo doesnt have favourites or only a few favourites because i temporarily removed it from the public batch and lost all favs in the process. Help me get them back please! :D
Taken as part of a Photo Marathon in Stuttgart, Germany where the aim was to take photographs in adaptation to a certain topic within a limited amount of time in different parts of the city.
Oh DOESNT HE LOOK HAPPY?! Have you ever seen Fluffy look so happy...so good, so young or even so thrilled that I am frosting his hair for Valentines day?
Youve got to say that Fluffy wearing his Magicap gives him that `sweet little old lady look!" Whats your opinion?
Elbe Philharmonic Hall - Hamburg, Germany
Plaza - Viewing Gallery
The Elbe Philharmonic Hall (Elbphilharmonie) is a concert hall in the HafenCity quarter of Hamburg, Germany. It is one of the largest and most acoustically advanced concert halls in the world. It is popularly nicknamed Elphi.
The new glassy construction resembles a hoisted sail, water wave or quartz crystal; it sits on top of an old warehouse building near the historical Speicherstadt and is designed by architecture firm Herzog & de Meuron. It is the tallest inhabited building of Hamburg, with a final height of 354 ft (108 metres).
Heavies heaven. Woodhead.
It doesnt happen very often but a gloriously sunny, clear and warm day over Woodhead bathed the fabulous scenery ... too good to resist.
Been over many times to and from Barnsley etc, today was the day we photographed it!
A constant stream of mainly artics in both directions including a surprising percentage of continentals, a honk, wave or lights flash from many of the drivers, well ... heres a selection, enjoy.
Missing, no peewits or indeed any bird noise at all, nor any sheep. Complete silence in between tranches of traffic.
Present ....sadly the idyllic scenery was marred by the huge amount of rubbish ranging from bottles, cans, binbags of rubbish, a car seat and even a bathroom sink and cistern, dumped at the roadside by those that think it is acceptable not to dispose of their rubbish properly ......
Doesnt look like the nice chaga Ive been finding ...could be very old almost decomposed chaga but probably just birch fungus.
Doesnt this make an otherwise ordinary gray brick wall into something so cool to look at. Come on really graffiti can make a difference!!!!!
Heavies heaven. Woodhead.
It doesnt happen very often but a gloriously sunny, clear and warm day over Woodhead bathed the fabulous scenery ... too good to resist.
Been over many times to and from Barnsley etc, today was the day we photographed it!
A constant stream of mainly artics in both directions including a surprising percentage of continentals, a honk, wave or lights flash from many of the drivers, well ... heres a selection, enjoy.
Missing, no peewits or indeed any bird noise at all, nor any sheep. Complete silence in between tranches of traffic.
Present ....sadly the idyllic scenery was marred by the huge amount of rubbish ranging from bottles, cans, binbags of rubbish, a car seat and even a bathroom sink and cistern, dumped at the roadside by those that think it is acceptable not to dispose of their rubbish properly ......
This is what it was like last year - see this picture: www.travelpod.com/travel-photo/indianature/9/1250160396/g... I think the earlier simple orange painted version looked more aesthetic, but this one is cute.
