A | "It’s pretty clear that no one on either side of the aisle think the name-switch to 'Inflation Reduction Act' has anything to do with the idea that the legislation is designed to reduce inflation," explained Michael R. Englund, principal director and chief economist for Action Economics.,"I think US politicians are increasingly resigned to the view that neither side is able to change public opinion, so the goal is simply to push through their agendas and raise funds for elections. The title change made Manchin’s vote a smidgeon easier, and maybe that tipped the scales.",The newly signed law levies a 15% minimum tax on large corporations and offers tax credits and discounts on everything from electric cars to solar energy. It also looks to cap out-of-pocket drug costs and reduce the federal deficit by $305 billion over roughly the next decade, according to the Congressional Budget Office (CBO). However, despite its name, it does not offer an immediate curb on inflation which still stays at a 40-year high in the US.,When asked by Fox News reporter Hillary Vaughn whether the bill will immediately have an impact on galloping prices, Democratic Senator Joe Manchin responded, "Well, immediately it’s not. We've never [said] anything would happen immediately, like turn the switch on and off.",Americas‘Addicted to Spending Your Money’: US Republican Slams Democrats Over Inflation Reduction ActYesterday, 15:26 GMT,The bill was passed by the Senate on August 7 in a party-line vote using budget reconciliation, which allowed the Dems to ram the legislation through the upper chamber with a simple majority rather than needing to meet a 60-vote threshold. None of GOP lawmakers voted for the bill and remain highly skeptical about it.,"It does nothing to bring the economy out of stagnation and recession, but rather, the Inflation Reduction Act of 2022 gives us higher taxes, more spending, higher prices and an army of IRS agents,” said Senator Mike Crapo of Idaho, the top Republican on the Senate Finance Committee, as quoted by National Review.,The media outlet further cites an independent analysis performed by the University of Pennsylvania Wharton School which stated that despite its name, the bill’s impact on inflation is "expected to be statistically indistinguishable from zero.",Furthermore, GOP lawmakers have repeatedly warned that the Biden administration's spending spree may further facilitate already soaring inflation. Meanwhile, the latest $739 billion measure comes after the passage of the Democratic Party's $1.9 trillion spending bill in March 2021 and a $1.2 trillion bipartisan infrastructure spending bill in November 2021.,"Raising taxes and spending is doing the exact opposite of how to truly curb price inflation," said Tom Luongo, a financial and political commentator. "All they did was mandate a bunch of price controls (on drugs, for example) which will ultimately create shortages for things with inelastic demand, further exasperating existent cost-push inflation pressures. Price floors and price ceilings create shortages. The net effect will be higher prices. With the government now more openly subsidizing specific sectors of the economy, they will ensure an increase in demand while capping the supply.",GOP Lawmakers Blast Biden’s ‘Inflation Reduction Act’, Say It Will Make Inflation Worse7 August, 19:05 GMT,Dems Need the Law to Campaign in Midterm Elections,According to the observers, the bill's major purpose is to reinvigorate the Democratic Party's base ahead of the November midterm election and stop Joe Biden's approval rating slide. A Politico-Morning Consult poll released on Wednesday indicated that the US president's approval rating ticked up 3 percentage points after the passage of the Inflation Reduction Act. At the same time, the number of registered voters who disapproved of Biden's job performance dropped from 59% to 56%.,"[The law] will give the Democrats something to campaign on," said Luongo. "They can now point to this act and say, 'See! We care about your drug prices but pay no attention to the insane rise in price of food, rent, gas and taxes… or those 87,000 armed IRS agents now being trained to take your couch money'.",However, "the net impact of the bill is that it may modestly boost Democrat turnout in November, and it may modestly boost Democratic fundraising," projected Englund, adding that "this comes at the risk of some modest boost for Republican turnout and fundraising that negates the benefit.","I’m not sure that, overall, the legislation is impactful enough to ultimately change the likely November electoral outcome," the economist said.,Still, there is more to the Inflation Reduction Act than meets the eye, according to Luongo: the financial commentator believes that "in the long run, this bill is a poison pill.","[The law] is designed to ensure inflation returns with a vengeance while the GOP is in power so that they can campaign on that in 2024. Honestly, it’s just so tiresome," Luongo concluded.。 LONDON -- The "specter of death" is hanging over Gaza amid an impasse over humanitarian access into the blockaded strip and Israel's "total siege" of Gaza, which has cut off the supply of water, food and fuel, U.N. Emergency Relief chief Martin Griffiths warned.Humanitarian aid and relief convoys carrying "hundreds of tonnes" of essential items have been streaming towards Egypt's Sinai Peninsula, his organization said. Many have parked outside Gaza awaiting access to the besieged enclave as pressure mounts for establishment of a humanitarian corridor that would enable the urgent delivery of aid."Aid access is our overwhelming priority," Griffiths said. "And we are in deep discussions hourly with the Israelis, with the Egyptians, with the Gazans about how to do that."Speaking Tuesday ahead of President Joe Biden's expected Wednesday trip to the region, U.S. Secretary of State Antony Blinken said it is "critical" that aid begins flowing into Gaza.He announced that the United States and Israel have "agreed to develop a plan that will enable humanitarian aid from donor nations and multilateral organizations to reach civilians in Gaza."However, Egyptian authorities have said that Israel is not cooperating with delivery of aid into Gaza, with Egypt's Foreign Minister Sameh Shoukry telling reporters that talks are yet to be fruitful, rendering the Rafah crossing -- the sole remaining official exit out of Gaza -- out of use."Until now the Israeli government has not taken a position on opening the Rafah crossing from the Gaza side to allow the entrance of assistance and exit of citizens of third countries," said Shoukry.At least four Israeli airstrikes have been recorded near the Rafah border crossing since the war began.Medical Aid for Palestinians told ABC News that the humanitarian crisis in Gaza is deepening, with local health services "overwhelmed.""For more than 16 years, Gaza has been suffering from an illegal blockade weakening it day by day. Medicines and drugs, before this escalation, were at 48% and 29% shortages. Health staff have always been overwhelmed and never paid enough, and lack of specialists was always an issue," said Mahmoud Shalabi, Senior Programmes Manager for Medical Aid for Palestinians in Gaza. "Now, the situation is even worse, and worse than any other escalation that Gaza has gone through"As the conflict enters day 11, at least 4,178 lives have been lost, including at least 1,400 killed in Israel and at least 2,778 in Gaza, according to the Israeli Health Ministry and the Palestinian Health Ministry."One healthcare worker described to me the situation at Gaza's largest emergency department as a slaughterhouse with bodies on the ground and no space to deal with huge influx of injuries," said Shalabi."Right now, Gaza needs medicines, medical disposables, and equipment. In addition, health staff and humanitarians need safe corridors to reach people and conduct their work safely without being targeted. The IDPs need shelter, food, health, psychosocial services, water, and the list goes on," said Shalabi."We hope that we will come out of this alive."Food and water supplies are also dwindling, aid organizations warning there are just "days" of stocks left for Gazans: "There is not one drop of water, not one grain of wheat, not a liter of fuel that has been allowed into the Gaza Strip for the last eight days," said Philippe Lazzarini, chief of U.N. Aid for Palestinians.The World Health Organization has said it is "advocating vigorously for the opening of Rafah crossing.""Not just one-time access but sustained, unhindered access to Gaza," said WHO's Regional Emergency Director Dr. Richard Brennan.The organisation has raised concerns over potential disease outbreaks with at least 400,000 internally displaced persons seeking shelters in UNRWA schools. Overcrowding, lack of clean water and sanitation could lead to the spread of infections like cholera and dysentery, compounding on the plight of Gazans.Biden is on Wednesday due to head to Israel and Jordan, expected to discuss "humanitarian needs of civilians in Gaza" with Jordan's King Abdullah, Egyptian President Abdel Fattah El-Sisi and Palestinian Authority President Mahmoud Abbas."The siege in Gaza, the way it is imposed, is nothing else than collective punishment," said Lazzarini. "So, before it is too late, the siege must be lifted and aid agencies must be able to safely bring in essential supplies such as fuel, water, food and medicine."。
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