Commentary
The egregiously misnamed Inflation Reduction Act of 2022 is hardly anti-inflationary by virtue of the hundreds of millions of dollars in “green energy” subsidies it has authorized. However, some of its proponents—adherents of Modern Monetary Theory—may genuinely believe that the act will reduce inflation.
MMT holds that the way for government to reduce inflation is to take more money out of the private sector via taxation. That’s right folks: The “experts” propose to reduce the inflation that is making life difficult for you by siphoning more money from the private sector to government.
The most ominous provision in the act is the appropriation of $80 billion to hire an additional 87,000 IRS agents. President Joe Biden and his minions have argued that this massive increase in IRS manpower is needed because there aren’t enough agents to properly review the quarter-billion-plus individual and business tax forms that are filed each year….