Schumer-Manchin "Inflation Increase Act" to Hit U.S. Manufacturing Hits 25 Month Low
You have to ask, if Communist China were calling the shots in D.C., how would things be any different?
The Joint Committee on Taxation has already shown that the Schumer-Manchin 'Inflation Increase Act' would "overwhelmingly hit U.S. manufacturers."
The National Association of Manufacturers has warned that the inflationary payout to Green investors, including subsidizing Teslas for the California rich in the name of "saving the planet", would lead to a "A real GDP reduction of $68.45 billion, 218,108 fewer workers in the overall economy and a labor-income decrease of $17.11 billion".
Meanwhile, the latest manufacturing numbers in the Biden recession offer more bad news.
A key barometer of American factories fell to a 25-month low of 52.8% in July in a sign of creeping weakness in the U.S. economy. The good news? Inflation pressures eased. The Institute for Supply Management’s closely followed manufacturing gauge dipped from 53% in June, in no small part due to another decline in new orders.
Economists polled by The Wall Street Journal had forecast the index to total 52.1%. The closely followed report is viewed as a window into the health of the U.S. economy.
“Our markets are still holding up; however, I believe a slowdown is coming,” a top executive at a company that makes metal parts told ISM. “We are cautious about going out too far with orders.”
In an economy where no one is able to plan ahead, that means higher prices, more instability and more shortages.
But Schumer, Manchin and other Democrats have decided to wreck what's left of domestic manufacturing to deliver billions to green special interests and subsidize more Teslas for their San Francisco donor base while raising taxes across the board on Americans.
The only national beneficiary here is China which supplies all the green garbage.