Inflation Reduction Act

[Tgo01]

So we should increase food stamps?

I mean I guess?

Or Democrats could stop taxing and spending like a bunch of drunken sailors so inflation won't continue to spiral out of control.

[Seran]

I mean I guess?

Or Democrats could stop taxing and spending like a bunch of drunken sailors so inflation won't continue to spiral out of control.

80% of inflation found to be from energy prices affecting all levels of the supply chain, and you're blaming government spending. Go back go bed.

[~Rocktar~]

80% of inflation found to be from energy prices affecting all levels of the supply chain, and you're blaming government spending. Go back go bed.

So here is an interesting piece discussing the energy sector issues and how the administration could fix them without spending a dime. But you are a self rightious moron and won't read it. Keep in mind, each of these things involves policies and actions the current administration has taken that get in the way of domestic energy production.

The first solution involves lifting restrictions and reinstating canceled sales and valid leases on federal lands and waters. The API called for the U.S. Department of the Interior to issue a 5-year program for the Outer Continental Shelf and hold mandated quarterly onshore lease sales with equitable terms.

The second suggests the administration designate critical energy infrastructure projects to support the production, processing and delivery of energy. The third urges Congress to fix the National Environmental Policy Act process by establishing agency uniformity in reviews, among other reforms.


The fourth is to accelerate exports and approve pending liquified natural gas (LNG) applications. Congress should amend the Natural Gas Act, the API argues, to streamline the Department of Energy’s approval process for all U.S. LNG projects. This is something U.S. Sen. Ted Cruz, R-Texas, has advocated for that’s helped expand LNG projects in Texas.

The fifth is to expand access to capital and mandate the Securities and Exchange Commission to drop its “overly burdensome and ineffective climate disclosure proposal,” which is hampering investment in oil and natural gas production. Currently, access to capital is based on “artificial constraints based on government-preferred investment allocations” rather than on individual company merit, API argues.

The Western Energy Alliance and U.S. Oil and Gas Association called on the SEC last month to rescind its climate change disclosure rule after the Supreme Court ruled against the EPA in a landmark case. It ruled the EPA doesn’t have the authority to regulate greenhouse gases from power plants, therefore, they argue, the SEC doesn’t have the authority to regulate greenhouse gases related to financial disclosures.

The high court ruled “an agency cannot conjure up regulatory authority without a basis in law. It’s really that simple,” Kathleen Sgamma, president of the Alliance, said. “The SEC is not an environmental regulatory agency. It cannot be a driver of climate change policy to force a societal transition away from oil and natural gas. It cannot impose a rule that requires companies to reduce their GHG emissions.”


The sixth solution is to dismantle supply chain bottlenecks by rescinding steel tariffs, which will reduce the price of steel, a critical component of energy production, transportation and refining. The seventh is to lower carbon energy tax provisions. Congress should expand and extend Section 45Q tax credits for carbon capture, utilization, and storage development and create a new tax credit for hydrogen produced from all sources, the API says. Instead, Congress passed massive taxes on the industry, which Cruz warned will only drive up energy costs.

The eighth ensures that future federal agency rulemakings will enable U.S. refineries to use the existing critical process technologies to produce the fuels needed for global energy markets. The ninth proposes ending the Federal Energy Regulatory Commission from obstructing permitting for natural gas projects. The commission has overstepped its permitting authority, API argues, under the Natural Gas Act.

Richard Welch, a board member of the Houston-based Oil & Gas Workers Association, told The Center Square, that reducing regulations is imperative “for growth and speed of process. Over-regulating causes unnecessary funds that could be used for production equipment to be delegated elsewhere.

“ESG ratings coupled with over-regulating makes acquiring funding for projects unfavorable to potential investors,” he adds. While Florida Gov. Ron DeSantis has proposed fighting “woke” ESG ideology, the reality is that “the banking system already discriminates against the oil and natural gas industry,” he says. It imposes “higher than average, government approved, loan rates of up to an additional 2.5 interest points above other companies not in the industry.”


U.S. Sen. Joe Manchin, D-W.Va., who cosponsored the bill, argues it imposes “tax fairness,” including imposing spending more money on “technologies needed for all fuel types – from hydrogen, nuclear, renewables, fossil fuels and energy storage – to be produced and used in the cleanest way possible.” The technologies will help reduce domestic methane and carbon emissions and “decarbonize around the world as we displace dirtier products,” he says.

The tenth solution prioritizes domestic energy production and expanding a domestic oil and natural gas workforce through federally funded training and education in the industry. Instead, the bill includes Green New Deal tax credits of $257 billion and solar company loan guarantees of $250 billion.

https://justthenews.com/nation/state...ices-wont-cost

[Seran]

They're also things that even the Republicans didn't want, as evidenced by the lack of any movement by Bush or Trump. Pie in the sky wishes from the Oil & Gas industry aren't anyone's priority but theirs.

[Candor]

I mean I guess?

Or Democrats could stop taxing and spending like a bunch of drunken sailors so inflation won't continue to spiral out of control.

Oh sure, THAT will happen (the day after Hell freezes over)...

[~Rocktar~]

They're also things that even the Republicans didn't want, as evidenced by the lack of any movement by Bush or Trump. Pie in the sky wishes from the Oil & Gas industry aren't anyone's priority but theirs.

Yeah, no. Most are things the current administration did during it's reign. So keep sucking Biden dick and covering for the scum hurting Americans to push a retarded "green" agenda.

[Tgo01]

Oh sure, THAT will happen (the day after Hell freezes over)...

I know, I got a little carried away there. Taxing and spending like drunken sailors is in their DNA.

[Suppa Hobbit Mage]

If your only take away from a bill helping save hundreds of billions for Medicare, helping its longterm financial solvency, or that hundreds of billions in tax revenue will help to reduce the deficit, is that it'll cost people making up to $500,000 a year another $7. Well then you might just be a Trump Conservative after all.

Another sign of a true Trump Conservative. Bludgeon facts like deficit reduction and Medicare solvency to death with baseless allegations of bias or corruption!

3 Democrats and 2 Republicans on the Joint Committee on Taxation and Conservashits like Parkbandit wanna imply the single extra Democrat calls their work into question. Lol, such a Trumper.

Because a bill that reduces Medicare costs for enrollees, provides EV pricing incentives for majority American built cars isn't inflation prohibitive enough for Republicans. Nevermind the Medicare prescription inflation cost caps. That's probably not inflation reducing in coming years either, right Conservashits?

All posts of no substance. Troll says what?

[Seran]

Really sad just how much corporations get away with driving inflation by taking advantage of the anticompetitive markets they've created. The conversation shouldn't be how the government is going to increase interest rates to tame inflation, but how corporate profits are taxed in relation to the spread of per unit cost, versus price margin.

This fifty year high in profit margins at a time when Republicans are fighting to reduce corporate taxes at every turn at the expense of our federal solvency.

US Corporate Profits Soar With Margins at Widest Since 1950

A measure of US profit margins has reached its widest since 1950, suggesting that the prices charged by businesses are outpacing their increased costs for production and labor.

After-tax profits as a share of gross value added for non-financial corporations, a measure of aggregate profit margins, improved in the second quarter to 15.5% -- the most since 1950 -- from 14% in the first quarter, according to Commerce Department figures published Thursday.

The data show that companies overall have comfortably been able to pass on their rising cost of materials and labor to consumers. With household budgets squeezed by the rising cost of living, some firms have been able to offset any slip in demand by charging more to the customers they’ve retained -- though others like Target Corp. saw their inventories swell and were forced to discount prices in order to clear them.

The surge in profits during the pandemic era has fueled a debate about whether price-gouging companies carry a share of the blame for high inflation -- an argument pushed by President Joe Biden’s Democrats. Most economists have been skeptical about the idea.

US inflation has surged this year and stood at 8.5% in July, not far short of the previous month’s four-decade high. Federal Reserve officials have pointed to rising wages as one of the big risks that could keep inflation entrenched. But some economists say that historically elevated profit margins mean there’s room for businesses to accommodate worker demands for better pay without setting off a wage-price spiral.

https://finance.yahoo.com/news/us-co...154202598.html

[Parkbandit]

Really sad just how much corporations get away with driving inflation by taking advantage of the anticompetitive markets they've created. The conversation shouldn't be how the government is going to increase interest rates to tame inflation, but how corporate profits are taxed in relation to the spread of per unit cost, versus price margin.

This fifty year high in profit margins at a time when Republicans are fighting to reduce corporate taxes at every turn at the expense of our federal solvency.

Not going to lie.. I'm making a killing this year.

Democrats might be bad for the economy and the country.. but for me, they aaaaalways deliver the $$$.