Roff: Pitfalls of the new inflation bill - Insurance News | InsuranceNewsNet

InsuranceNewsNet — Your Industry. One Source.™

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading Washington Wire
Topics
    • Advisor News
    • Annuity Index
    • Annuity News
    • Companies
    • Earnings
    • Fiduciary
    • From the Field: Expert Insights
    • Health/Employee Benefits
    • Insurance & Financial Fraud
    • INN Magazine
    • Insiders Only
    • Life Insurance News
    • Newswires
    • Property and Casualty
    • Regulation News
    • Sponsored Articles
    • Washington Wire
    • Videos
    • ———
    • About
    • Meet our Editorial Staff
    • Advertise
    • Contact
    • Newsletters
  • Exclusives
  • NewsWires
  • Magazine
  • Newsletters
Sign in or register to be an INNsider.
  • AdvisorNews
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Exclusives
  • INN Magazine
  • Insurtech
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Video
  • Washington Wire
  • Life Insurance
  • Annuities
  • Advisor
  • Health/Benefits
  • Property & Casualty
  • Insurtech
  • About
  • Advertise
  • Contact
  • Editorial Staff

Get Social

  • Facebook
  • X
  • LinkedIn
Newswires
Washington Wire RSS Get our newsletter
Order Prints
September 1, 2022 Washington Wire
Share
Share
Post
Email

Roff: Pitfalls of the new inflation bill

Longview News-Journal (TX)

Marching in lockstep, the Democrats pushed a $700 billion spending bill through Congress, claiming it would reduce inflation. We know that to be a lie.

Independent analyses from the Congressional Budget Office, the Congressional Joint Tax Committee, and Penn/Wharton all show the badly misnamed Inflation Reduction Act would do little to nothing to stop the rate of increase in the price of goods and services.

Instead, relying on the oft-quoted strategy of never letting a good crisis go to waste, the Democrats rammed through a pared-down version of President Joe Biden's Build Back Better plan that, to the disappointment of those who put him in office, had languished on Capitol Hill for more than a year.

Biden and the Democrats plan to spend the month of September traveling the country, trumpeting their achievement — which will be interesting to watch as no Democrat considered even remotely at risk of defeat seems to want to campaign with him.

Let's look at what's wrong with it. One of the Democrats' proudest boasts is that by 2030 the new law will bring down carbon emissions by 40% from where they were in 2005. What they don't say is they're already projected to drop by 30% over that period. Spending $370 billion to maybe gain an additional 10% reduction sounds like a bad deal because the reduction in global average temperature would be imperceptible.

The new law also contains provisions that will increase costs for working families, according to a release from the minority staff on the House Ways and Means Committee. Among them are a $25 billion crude oil tax and methane taxes on American energy that will disproportionately harm middle- and lower-income households by driving up the price of gasoline and traditional home heating and cooling.

When it's cold, you can put on a sweater. When it's beastly hot, is it fair to force working American families to choose between buying groceries and school supplies or turning on the AC? And that's not even the most odious part of legislation Congress once again passed without knowing what was in it.

It makes things worse for working families in other ways. According to the Congressional Joint Tax Committee, more than 92% of households with incomes under $200,000 get no benefit or a tax hike. Median-income families earning $50,000-$75,000 are 33% more likely to get a tax hike than a tax cut. Families earning $75,000-$100,000 are four times more likely to get a tax hike, and families earning $100,000-$200,000 more than 10 times more likely to see their taxes go up

If they lose, who wins? The wealthiest Americans:

The percentage of $1 million-plus households getting a tax cut (19.4%) is twice as high as any other income group.

The group with the next highest proportion of tax cuts is those earning $500,000-$1 million.

Over the long term, 72.5% of households with income over $1 million get a tax cut.

The claim drugs prices will come down fares no better. The scheme the new law imposed will increase new drugs' launch price, according to the Congressional Budget Office. If new drugs cost more, you will pay more at the pharmacy and your health insurance premiums will rise, meaning new cures could be pushed out of reach for all but the wealthiest Americans.

From top to bottom, the Inflation Reduction Act is a budget buster, driving the federal government and the nation's families deeper into debt. Under the guise of bringing prices down, the Democrats used their momentary monopoly on power to reward the special interests who help them get elected and their electoral base.

It's a progressive political payoff, not the salvation of the American economy.

Older

Rep. Espaillat Releases Reports Showing Inflation Reduction Act Will Lower Health Care Costs for Local Families

Newer

Doctor opening subscription-based direct primary care practice on Main Street

Advisor News

  • The modern advisor: Merging income, insurance, and investments
  • Financial shocks, caregiving gaps and inflation pressures persist
  • Americans unprepared for increased longevity
  • More investors will seek comprehensive financial planning
  • Midlife planning for women: why it matters and how advisors should adapt
More Advisor News

Annuity News

  • LIMRA: Annuity sales notch 10th consecutive $100B+ quarter
  • AIG to sell remaining shares in Corebridge Financial
  • Corebridge Financial, Equitable Holdings post Q1 earnings as merger looms
  • AM Best Assigns Credit Ratings to Calix Re Limited
  • Transamerica introduces new RILA with optional income features
More Annuity News

Health/Employee Benefits News

  • GOVERNOR SIGNS BIOMARKER TESTING COVERAGE BILL
  • REGULATION OF AI IN PRIOR AUTHORIZATION AND CLAIMS REVIEW: A LOOK AT FEDERAL AND STATE CONSUMER PROTECTIONS
  • LEADING HEALTH ORGANIZATIONS URGE NC LAWMAKERS TO RECONSIDER PROPOSAL IMPLEMENTING MEDICAID CUTS
  • Tracing the decline of health care in America
  • HUNTER MOVES TO ELIMINATE DISCRIMINATORY LIMITS FOR DISABILITY INSURANCE
More Health/Employee Benefits News

Life Insurance News

  • AM Best Assigns Credit Ratings to Tokio Marine Newa Insurance Co., Ltd.
  • Earnings roundup: Prudential works to save ‘unique’ Japanese market
  • How life insurance became a living-benefits strategy
  • Financial Focus : Keep your beneficiary choices up to date
  • Equitable-Corebridge merger casts shadow over life insurance earnings
More Life Insurance News

- Presented By -

NEWS INSIDE

  • Companies
  • Earnings
  • Economic News
  • INN Magazine
  • Insurtech News
  • Newswires Feed
  • Regulation News
  • Washington Wire
  • Videos

FEATURED OFFERS

Why Blend in When You Can Make a Splash?
Pacific Life’s registered index-linked annuity offers what many love about RILAs—plus more!

Life moves fast. Your BGA should, too.
Stay ahead with Modern Life's AI-powered tech and expert support.

Bring a Real FIA Case. Leave Ready to Close.
A practical working session for agents who want a clearer, repeatable sales process.

Discipline Over Headline Rates
Discover a disciplined strategy built for consistency, transparency, and long-term value.

Inside the Evolution of Index-Linked Investing
Hear from top issuers and allocators driving growth in index-linked solutions.

Press Releases

  • Sequent Planning Recognized on USA TODAY’s Best Financial Advisory Firms 2026 List
  • Highland Capital Brokerage Acquires Premier Financial, Inc.
  • ePIC Services Company Joins wealth.com on Featured Panel at PEAK Brokerage Services’ SPARK! Event, Signaling a Shift in How Advisors Deliver Estate and Legacy Planning
  • Hexure Offers Real-Time Case Status Visibility and Enhanced Post-Issue Servicing in FireLight Through Expanded DTCC Partnership
  • RFP #T01325
More Press Releases > Add Your Press Release >

How to Write For InsuranceNewsNet

Find out how you can submit content for publishing on our website.
View Guidelines

Topics

  • Advisor News
  • Annuity Index
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • From the Field: Expert Insights
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Magazine
  • Insiders Only
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Washington Wire
  • Videos
  • ———
  • About
  • Meet our Editorial Staff
  • Advertise
  • Contact
  • Newsletters

Top Sections

  • AdvisorNews
  • Annuity News
  • Health/Employee Benefits News
  • InsuranceNewsNet Magazine
  • Life Insurance News
  • Property and Casualty News
  • Washington Wire

Our Company

  • About
  • Advertise
  • Contact
  • Meet our Editorial Staff
  • Magazine Subscription
  • Write for INN

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter
© 2026 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • InsuranceNewsNet Magazine

Sign in with your Insider Pro Account

Not registered? Become an Insider Pro.
Insurance News | InsuranceNewsNet