Stay updated with breaking news from Won t kick in. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
out there and we have said multiple times to making sure that he s talking directly to the american people about how we are delivering on our promises, delivering on how we re really taking inflation seriously. this past weekend, he did it hit the road with this message. watch. our economy is strong as hell. inflation is worldwide. worse off everywhere else than it is in the united states. let s bring in stephen moore, former senior economic adviser to president trump and robert wolf, former economic adviser to president obama, founder and ceo of 32 advisers and a fox news contributor. we had five minutes but we had to do the title so now we have 3 1/2. thanks for coming on. steve, to you first. you and e.j. wrote this in the new york post. average american is losing 34 k and everything else on biden s work. the average 401(k) hit over 35,000 at the start of the year. the assets have shrunk. the average plan down about $34,000. 24% in less than one year. in you ....
democrats wasted no time taking a bow. at last we have arrived and we are elated. every member of my caucus is elated about what happened because we really have changed the world in a way that you rarely get an opportunity to do that. it is going to make a difference to my grandkids. the world will be a better place for my grandchildren because of what we did today. harris: many economists paint a very different picture from he just said calling the inflation reduction act saying it will do exactly the opposite and republicans are warning the legislation will wind up raising taxes on the middle class. they call it the inflation reduction act. the most orwellian name in the senate since i ve been there. people paid 26 paychecks a year, biden policies have consumed four of those 26 paychecks out of every year. that is appalling. it is doubling appalling they would spend more and raise taxes in the middle of a recession while we re in inflation. harris: the spendin ....
act will unleash an avalanche of taxpayer money on coalition-list items like climate change. it will also jack up taxes during the recession. republicans say they will pay the price and the midterms. president biden says this is a major win. president biden: expect you to help, i m going to need you to. for example, no state medicare $2,000 to go. that s a big deal. some of us, it won t kick in for a little bit, but it s all good. when you sit down at the end of the month, you will see more bills. if you love getting audited, listen up: democrats will send irs goons for your bank account. after giving them $80 billion to ramp up enforcement, hiring 87,000 new irs agents. get this: the agency will end up with more staffers than the state department, fbi, and border patrol combined. democrats think they are clever by calling it the inflation reduction act, but even senator bernie sanders sees me that charade. i want to say a few words about the so-called infla ....
On them yesterday. every single american hurting now knows the democrats do not care because they did nothing to help them yesterday. harris: the president said this while he was celebrating earlier. president biden: do i expect it to help? yes. a whole range of things are game changers to ordinary folks. some of it is not going to kick in for a little bit but it s all good. harris: the part where he says some won t kick in for a little bit. the penn wharton models that looked into it that says for inflation purposes it won t kick in at all. 2031 they look that far out. it is zero impact on the high inflation. yet it is called the inflation reduction act. chairwoman. they are lying to the american people. even bernie sanders said this will not help reduce inflation. so they lied. they lied with the name of this. people are going to hurt. not only are we dealing with inflation, a tax hike right now but they raised taxes in the ....