Ex-IRS whistleblower says middle class targeted under inflation bill

It was definitely part of the problem. I'm more than willing to admit that. However injecting trillions more of unfunded money supply into the system during the current administration, during an inflationary period with 2 consecutive decline in GDP growth is NOT sound policy either.

 

Except that the first Biden stimulus occurred just BEFORE inflation reared its ugly head. At that time, nobody had a crystal ball and people couldn't predict that the economy would recover so quickly from covid.

With that said, I didn't think the second covid stimulus was prudent and would have been glad if it hadn't happened.

 

We have several prime examples with empirical data. Again, one only needs to look at the Weimar Republic. And as I stated to Quantum, Trump's infusion of trillions into the economy ALSO contributed to an increase in unfunded money supply. However, the current administration is continuing the practice during an inflationary period when we are in a recession. Not good economic policy.

 

You and I agree here fully. However, Larry Summers (I feel both sides respects his opinion as an economist) was pretty emphatic about not doing the second stimulus (at the level we did-he was for the stimulus) that was proportionally 5 times as large as the size of the GPD gap. He also thinks the continued influx of money supply overheated our economy and continues with the new spending bill as well as increasing the potential of stagflation.

 

If a person has filed an accurate and complete tax return and has paid any monies owed, what's the problem?

Regards, stay safe 'n well.

 

There is no empirical data on government spending causing inflation. None. Von Mises institute makes this argument, but they don't use empirical data. They use non-empirical methods to make their arguments, usually semantics and overemphasizing anecdotal incidents that may or may not be relevant. There have been op-eds and opinion papers that theorize this, but they cannot use historical data in the United States to prove it empirically. Just not there. More than likely, you will probably provide links from the WSJ or the Von Mises institute or conservative think tanks and call it empirical evidence despite the fact that it is just a theory not yet proven.

Using government spending causes inflation is only something that has gained popularity in the last year or two. Prior to that arguments for government spending and large deficits were more on the total debt to GDP ratio in which the argument is that the economy will collapse. This is what was argued between 2007 to 2016, but suddenly stopped when DJT became president it suddenly stopped despite the that his first budget proposal had a projected deficit of over $600 billion before Congress got a hold of it.

As for the Weimar Republic, it was not government spending. It was that huge debt from the Versalis treaty during the great depression that caused inflation. The government couldn't borrow, nor could raise enough revenue to pay the debt from WW1. France decided not to temporarily halt the payments because they too were facing severe economic hard times because of the Great Depression and required the payments from the Weimar Republic in order not to increase their taxes.

 

Asking logical questions, to point out another person's hypocrisy, is not the equivalent of acting as if one is the Pope. So, again, is it your contention that the speculated opinion of this one person, who hasn't worked at the IRS in five years, about what will happen, at his old agency, in the future, as a result of this new legislation, has any real merit; and, if so, how could you possibly discount the views of all those who had still been part of Trump's Administration, who painted a very dark picture of previous events which they had witnessed, beginning with, but far from limited to, the now former Deputy Assistant to the President, and Senior Director for European & Russian Affairs, on the National Security Council, Fiona Hill, and now former Director for European Affairs, on the U.S. National Security Council, Lieutenant Colonel Alexander Vindman?

My asking this, to check the consistency, within your appraisals, has nothing to do with my being an apologist for President Biden but, rather, casts light upon the extreme partisan bias, behind your own role, as a Biden maligner.

 

Having to be an apologist for your Biden-pology is pretty sad.

 

Evasion noted, by all.

 

More apologist tactics.

 

1) Medicare Part D, passed in the middle of the night in 2003, without a single penny of new funding, by the GOP, forbid negotiating with Pharma. Typical GOP policy


Why can't Medicare negotiate with pharma?


Bush and Republican leaders said the new law would cost $400 billion, providing drug benefits to seniors beginning in 2006, as well as subsidies to insurance companies and HMOs. It would also allow the first steps to allow private plans to compete with Medicare.

...To get the bill passed, the attitude across the board, from the White House to the Department of Health and Human Services — which oversees Medicare — to the GOP leaders in Congress was "win at any cost," Ornstein said. "And now we're beginning to see how big that cost was."


https://abcnews.go.com/Nightline/story?id=128998&page=1

Estimated Budgetary Effects of H.R. 5376, the Inflation Reduction Act of 2022

Summary. CBO estimates that enacting this legislation would result in a net decrease in the deficit totaling $102 billion over the 2022-2031 period.

https://www.cbo.gov/publication/58366#:~:text=Summary,over the 2022-2031 period.


Based on the CBO score, the legislation would reduce deficits by $305 billion through 2031 – including over $100 billion of net scoreable savings and another $200 billion of gross revenue from stronger tax compliance. (IRS enforcement)

https://www.crfb.org/blogs/whats-inflation-reduction-act

 

Yeah, who in their right mind believes going after tax cheats would bring in more revenues after a decade of GOP gutting IRS funding/enforcement?

"It makes more sense when you consider that every additional dollar invested in the IRS generates a $6 return, according to Treasury estimates, by enabling the agency to detect and collect tax bills already owed."

https://www.washingtonpost.com/opin...59bcd8-8d90-11eb-9423-04079921c915_story.html

 

True, right wingers ALWAYS are concerned about those "working class" types though, lol


According to the IRS, a $400,000 or more annual household income represents America's top 1.8% income-earners.

 

Source?

Aug 3, 2022 — If the U.S. economy is in recession, someone forgot to tell the jobs market


Aug 5, 2022 — 'A clear sign that the U.S. economy is not in a recession': Economists react to blowout July jobs report.


Aug 2, 2022 — The two quarters of declining GDP definition is a rule of thumb that does not officially define a recession.

U.S. Likely Didn’t Slip into Recession in Early 2022 Despite Negative GDP Growth
https://www.dallasfed.org/research/economics/2022/0802

 

Larry Summers details how Senate plan will reduce inflation
Argues it will also help environment, fairness in health care, strengthen tax system

https://news.harvard.edu/gazette/st...etails-how-senate-plan-will-reduce-inflation/
Aug 9, 2022 — Larry Summers is 'appalled' by the private equity carve outs (Sinema) in the Inflation Reduction Act .


Statement from Former Treasury Secretaries on Inflation Reduction Act
https://home.treasury.gov/news/press-releases/jy0912

 

My Part D is with private insurance which negotiates prices and always has. Government "negotiation" is government "dictation" and will result in fewer drugs developed and higher prices in the private sector.

Spare me CBO predictions, they are good and maintaining historical data and quite inept at future ones.

 

Sure, that's what Part D is. lol

"Medicare Part D is a voluntary program that covers retail prescription drugs for Medicare beneficiaries through stand-alone insurance plans. Because these plans cover prescription drugs only, beneficiaries' costs (e.g., insurance premiums and cost-sharing) are directly related to their prescription drug spending. While individual private insurers who offer part D plans can negotiate drug prices with pharmaceutical companies, the Medicare program is prohibited from using its leverage to directly participate in these negotiations (this is often referred to as the "noninterference" clause)."

GOP put that into the law when they pushed this through, in the middle of the night


Prescription drug prices in the United States are significantly higher than in other nations, with prices in the United States averaging 2.56 times those seen in 32 other nations, according to a new RAND Corporation report.

 

Isn't it great how history shows that federal legislation always achieves its stated goals?

 

Ah another government hater happily collecting government benefits. Oh, the irony...

 

I didn't think that economic concepts were so foreign to you, that you didn't understand the way that a HUGE customer-- like, say, Walmart, or Medicare-- has enhanced ability to negotiate lower prices from any producers who wish to participate in its market.

 

And the insurance companies negotiate what they will pay. I take nine differenent ones and pay between $300-$400 a year I think 4 with no co-pay at all.

The federal government doesn't negotiate it dictates. And who do you think will pay the difference, just as now with hospital stays and doctors visits, those with private insurance.

 

Benefits I was FORCED to pay for my entire working life. I would have gladly not done so and kept the money myself but those of you who prefer to be dependent on government officials prevented me.

Of you can vote to refund all the money I paid in with interest................deal?

 

RETAIL prices..... and what is the availability of all the drugs we have here especially new drugs in those countries? I don't pay retail my insurance negotiates prices many I don't pay anything out of pocket how much lower can that get. I also use GoodRx which anyone can use to get "negotiated" prices. And I would fully support a bill that requires exported drugs to be sold overseas at the average wholesale price here how about that would you support that?

Government doesn't negotiate it dictates.

 

I don't trust your source. Sorry.

 

So you think the IRS needs 80K armed agents to dig deeper into the few rich LMFAO