By any other name
Has the nation entered a full-blown economic downturn?
House Democrats this week expect to pass the Inflation Reduction Act to calm rising prices and stabilize the U.S. economy.
“Working families and small businesses are the backbone of our economy, but big corporations continue raising prices making it harder for Americans to get by,” tweeted Rep. Kathy Castor, a Tampa Democrat. “I am proud to support the House Democrats bill to grow opportunity for families and put (money) back into Americans’ pockets.”
But the policy tactic has the delegation divided, both about the challenges that lay ahead and the solutions.
Sen. Rick Scott has pounded President Joe Biden for more than a year over inflation and spending. Now he said the administration’s “reckless spending” sent the nation into a genuine recession, and answering involving the printing of more money will make matters worse
“Now, Democrats will do two things: they’ll say that the U.S. isn’t in a recession and that their new, partisan tax-and-spending spree will reduce inflation. It’s all lies,” Scott wrote in an open letter to House members. “Joe Biden’s Recession has begun and more spending will never equal less inflation. It’s time for