Republicans Denounce Inflation, but Few Economists Expect Their Plans to Help

[brooklynite]

New York Times

WASHINGTON — Republicans are riding a wave of anger over inflation as they seek to recapture the House and the Senate this fall, hammering Democrats on President Biden’s economic policies, which they say have fueled the fastest price gains in 40 years.

Republican candidates have centered their economic agenda on promises to help Americans cope with everyday price increases and to increase growth. They have pledged to reduce government spending and to make permanent parts of the 2017 Republican tax cuts that are set to expire over the next three years — including incentives for corporate investment and tax reductions for individuals.

They have vowed to repeal the corporate tax increases that Mr. Biden signed into law in August and to gut funding for the Internal Revenue Service, which was given more money to help the United States go after high-earning and corporate tax cheats.

“The very fact that Republicans are poised to take back majorities in both chambers is an indictment of the policies of this administration,” said Senator Bill Cassidy, Republican of Louisiana, noting that “if you look at the spending that they did on a partisan basis, we certainly would be able to stop that.”

[HariSeldon]

1. Not only won't Republicans' stated plans not help

In fact, most of those things are pro-inflationary. Taxes (especially on the wealthy) create deflationary pressure, but only if they are effectively enforced.

[jimfields33]

2. Wealthy taxes were permanently done

Working class sunset in 2026. Congress need to make working class permanent or in 2026, you’ll see a huge tax increase on everybody but the rich.

[SWBTATTReg]

3. And I daresay that a lot of the actions that repugs and djt took during djt's term in the WH

in ways contributed to inflationary pressures, and when you look at the global economy, everyone is suffering from inflationary pressures. The wealthy didn't have to pay as much tax thus have more disposable income, and the markets (every one of them) are all maxed out, so what else is left for the wealthy to buy/accumulate? Not much, thus fewer assets available to buy, larger number of buyers available leading to higher prices on everything.

The tax cuts (and supposed jobs too) of 2017 are to blame IMHO being that investors (the 1% w/ higher net incomes) are searching for higher returns (year after year after year etc.) and thus, we see it in businesses budgeting their projections for net income to increase by major percentages year after year. There are no dampers anywhere on stopping this acceleration of increasing net incomes on those that are part of the top 1% in this Country, an interesting confirmation of the vital role taxing plays in our economy.

If anything, repugs will make it far worse if they retake the House and/or Senate (IMHO, they won't, and they'll lose by resounding numbers, look at KS). They'll say 'Oh, look at bad things are (like they are now, and they're not) and give yet more tax cuts, tax breaks to those that need it the least (the 1%).

[crickets]

4. No paywall link:

https://archive.ph/wsPyJ

Republican economic plans are always a disaster.

[Hermit-The-Prog]

5. GOP economic plans are a disaster by design.

It's a long-haul plan to take over government for the billionaires in the background. Boom-and-bust is the natural cycle of unregulated, and under-regulated, capitalism. It also maintains an outrage as Democrats are blamed for not fixing what Republicans destroy. Our election cycles now pretty much match the boom and bust cycle that is so profitable for those who have enough wealth to coast through the bust times.

https://www.ineteconomics.org/perspectives/blog/meet-the-economist-behind-the-one-percents-stealth-takeover-of-america

[Grins]

6. Republicans have PLANS?????

Given I’m still waiting on their national plan for health care (it’s been 10-years) - call me skeptical.

Call them full of shit.

[smb]

7. Their Plan

[WarGamer]

8. Time will heal inflation... GOP'ers are just hoping they're in charge to take credit.

[TomCADem]

9. Actually, Their Plan To Reduce Inflation Will Work...

Republicans will...
1. Win control of Congress.
2. Back Putin in Ukraine War by supporting Russia while also impeaching Biden for whatever reasons that Marjorie Green can think up. When Ukraine falls under Russian control, Russia expands oil production while also expanding his power of Europe, which now knows that they cannot rely on the U.S.
3. Suck up to Saudi Arabia and the oil industry who will then expand oil production, which will then reduce gas prices and prices over all.
4. In return, Republicans will oppose climate initiates in an effort to further increase U.S. and European dependence on oil producers like Russia and Saudi Arabia.

Republicans take credit for falling prices due to OPEC easing embargo even as the world burns and Putin realizes his dreams of global conquest in his dream to be a modern day Ceasar with the U.S. and the rest of the world just being vassal states. As the world burns, Republicans scapegoat Democrats, immigrants, LGBT, woke women, liberals, minorities, etc. for the ills being suffered.

[czarjak]

10. The Rich White Guy Party's policies will be a boon for whom?