Carol Roth: Biden's Inflation Reduction Act forces Americans to pay more for everything in a "horror movie economy"
Former investment banker Carol Roth denounced President Joe Biden's Inflation Reduction Act (IRA), claiming that it makes Americans – especially low- and middle-income earners – pay more
During an interview with conservative political commentator Glenn Beck, Roth described the current situation in the U.S. as a "horror movie economy." In the current moment, everyone feels like they are taking a breather based on figures that do not look quite as bad as they seem. But just like in a horror move, the killer returns with a vengeance as everyone becomes complacent.
The author of "The War on Small Business" predicted that the recession will continue later in 2022 or in 2023, with the labor market being 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 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."
Amid all these, the Democrats are putting in possible "game-changing" climate laws, the "build back better" campaign and the recent IRA. Roth said this sends a message that the Biden administration does not care
if the people suffer as long as it can push its initiatives – a terrifying mindset, according to her.
Beck agreed with his guest, adding 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. The region experienced an economic collapse after it decided to impose sanctions on Russia following the latter's attack on Ukraine.
Roth: IRA disadvantageous to middle and lower class
Roth previously told Fox News
that the administration is not helping the poor, but making them suffer more with their various plans. For instance, the IRA will only affect families making less than $200,000 per year. (Related: “Inflation Reduction Act” completely absurd; if you were bleeding out from a wound, you wouldn’t want the doctor to tell you, “we’re slightly reducing the amount of blood you’re losing.”
"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.
She also raised a "red flag" in the knowledge that IRS agents could specifically target e-commerce business as well."
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.
"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," Gabriella Hoffman, a freelancer and Independent Women’s Forum Senior Fellow explained.
"They think that we don't pay enough in sufficient taxes, although we are paying more than our share."
for more updates about the IRA and other policies by the Biden administration.
Watch the conversation between Glenn Beck and Carol Roth about why Europe serves as a warning for Americans
This video is from the High Hopes channel on Brighteon.com
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