What it does
22nd August 2022 · 0 Comments
By Dr. E. Faye Williams
TriceEdneyWire.com Columnist
I receive and read emails from many sources – even those I oppose. (I believe in knowing what your adversary is thinking!) Common sense informs me that what I read from the other side is full of misrepresentations and LIES! I am aggravated with their fabrications of working for the benefit of the average citizen. I am angered by what I receive – not for the information, but for an apparent lack of response from my side.
Even with my limited public reach, this week I’m going to brag about and highlight the recent accomplishments of the Biden-Harris administration and Democratic legislators. By any measure, there have been events that can only be described as “good news” for the administration.
The list includes:
• The July job report showed the economy adding 528,000 new jobs and an unemployment rate reduction to 3.5 percent. 6.6 million jobs were created during the first twelve months of the Biden administration.
• The $280 billion CHIPS PLUS Act was signed into law to significantly boost domestic semiconductor production, plus authorize scientific research for the next ten years. This will reduce supply chain shortages and boost technical/economic growth.
• The PACT Act expands VA health care and benefits for Veterans exposed to burn pits and other toxic substances affirming our commitment to their care.
• The Senate approved the NATO Treaty expansion to include Sweden and Finland. This increases the NATO footprint in Europe and reduces the potential for further Russian aggression on the continent.
• New gun safety legislation includes incentives for state initiated red flag laws, expands background checks on people between the ages of 18 and 21 seeking to buy a gun, and expands an existing law that prevents domestic abusers from owning a gun to include dating partners rather than just spouses and former spouses.
The crown jewel on this list of major accomplishments is the Inflation Reduction Act. This is a significant revenue plan that most analysts predict will lower prescription drug costs, significantly address climate change, and make a reduction in the federal deficit (aiding the inflation fight).
The medical component of this act for the first time allows Medicare to negotiate drug prices with manufacturers which will lower costs of the most commonly used prescriptions. Medicare recipients will benefit from a $2,000 annual cap on out-of-pocket drug costs and a monthly $35 cap on insulin. Had Republicans not blocked it, the $35 cap on insulin would have extended to all Americans. 13 million Americans who currently benefit from the Affordable Care Act (Obamacare) will receive premium reductions averaging $800.00 which puts more discretionary income in their pockets.
The environmental component of the act targets a 40 percent reduction in harmful emissions by the year 2030. Significant investment will be made in the development of renewable energy sources. Wind turbines and solar energy will become more commonplace. Citizens will receive electric vehicle and home energy tax credits.
Considering the proposed spending of the first two components, one could ask how this act is being paid for. The revenue component of this act establishes a 15 percent minimum tax on corporations making $1 billion or more annually. This tax will generate a deficit reduction estimated at $300 billion. A one percent tax will be placed on all stock buybacks. The IRS will receive additional funding allowing increased scrutiny of ultra-wealthy tax cheats. Most importantly, no new taxes will be imposed upon families earning $400,000 or less annually.
These actions truly benefit the non-wealthy among us and are worthy of our understanding and appreciation. DON’T LISTEN TO WHAT THEY SAY, LOOK AT WHAT THEY DO!
This article originally published in the August 22, 2022 print edition of The Louisiana Weekly newspaper.
