Inflation Reduction Act Affects Lower And Middle Income Earners; Making Life Harder, Not Better

The Inflation Reduction Act (IRA), the latest gift from the Biden administration and the Democrats, is only going to make life harder for lower to middle income earners and it will be those two groups who will pay the most.

Carol Roth, a former investment banker, said during an interview with radio host Glenn Beck, that the United States is currently experiencing a “horror movie economy,” and had predicted that the recession could run well into 2023 – the labor market the most affected.

“Some of these bright spots, I think, are going to start to deteriorate. If you just look at the consumer, which is 70 percent of our economy, you know they have a personal savings rate at the lowest levels since the Great Recession.”

“We know that credit card debt is up double digits since the beginning of the year, so the financial balance sheet of the average American is weakening, and all of these things are likely to come together on top of issues, [although] with energy, we’ve seen a little bit of a reprieve.”

Roth also told Beck that it is becoming increasingly clear that Biden cares more about pushing his agenda, than the American people – he is willing to allow citizens to freeze and starve in the name of “climate change.”

To which Beck replied that the Biden administration should “stop trying to turn America into Europe.”

“Europe is self-destructing right now, and America does not need to follow suit,” he said. 

Europe is also buckling under its own virtuous weight, as their own green agenda, coupled with the arbitrary “sanctions” on Russia, have depleted oil and gas supplies, creating an energy crisis and this coming winter will be tough.

During an interview with Fox News, Roth said that Biden’s new scheme is not helping the poor, but instead creating more chaos as the only affected families are those earning under $200,000 per year.

“I can tell you it’s not the wealthiest people, billionaires who are triggering a $600 Venmo aggregate set of transactions in a year or selling $600 on eBay. That is squarely in the middle class and probably to some extent the lower class,” Roth explained.

Natural News reported:

On average, people who identify as self-employed make less than $70,000 per year, according to the data. The bipartisan Congressional Budget Office (CBO) also informed lawmakers that audits of taxpayers making under $400,000 accounts for around $20 billion in revenue within the bounds of the IRA.

The IRS’s recent $80 billion funding and hiring of up to 87,000 additional agents will “affect a lot of people” working for themselves or small businesses.

A freelancer and Independent Women’s Forum Senior Fellow Gabriella Hoffman explained, “The burden will largely fall on independent workers, independent contractors, freelancers, anyone who comprises the gig economy, because they see them as this kind of uncharted workforce, kind of a wild workforce that has to be reined in,” adding, “They think that we don’t pay enough in sufficient taxes, although we are paying more than our share.”