Senate passes Inflation Reduction Act... Impact on Detroit?

[Zacha341]

Senate passes Inflation Reduction Act.

How do you think this will impact Detroit? You?

https://www.fox2detroit.com/news/sen...s-breaking-tie

Senate OKs sweeping bill lowering drug prices and promoting ...

[Gistok]

Since the lowering of the cost of insulin was rejected, I'm sure that affects a lot of Detroiters, or should I say won't benefit a lot of Detroiters... since [according to Covid stats] there are a lot of Detroiters with Hypertension and Diabetes.

[JBMcB]

Fighting inflation by dumping hundreds of billions of dollars into the economy? The fed is hoovering money out of the economy on one end and congress is just shoveling more in the other end.

Our government is broken.

[Richard]

Since the lowering of the cost of insulin was rejected, I'm sure that affects a lot of Detroiters, or should I say won't benefit a lot of Detroiters... since [according to Covid stats] there are a lot of Detroiters with Hypertension and Diabetes.

I had my second heart attack of the year July 4th,I am self insured,my meds at CVS - Wal-Mart etc are over $800 a month,if I buy from the hospital pharmacy the total is $32.

Mark Cuban has a cost + 15% on all meds company.

There is another company in Texas where you become a member for $145 and you get meds at cost,there are lots of options out there.

The one thing I notice the most,if you say you have insurance,it is $300,if you are paying cash it is $30 or less.

So how much of the high cost of medicine is really an issue?

As far as the thread topic,I think it will have the same impact as the other stimulus packages do,short term solutions that come back to bite you in the rear.

Recessions are 10 year cycles historically,you cannot buy your way out of them and expect everything to be different on the other side,because in the meantime money has no value because it become very expensive free money.

All it really does is transfer the wealth from the bottom,that is why they do it,because they know if they dump money into peoples bank accounts they will spend it as fast as they get it,usually on dumb stuff.

[Jimaz]

Let's pretend Zacha341 isn't trying to interject non-Detroit-related right-wing talking points into a Detroit-related forum and the usual suspects aren't trying to exploit that opening.

It's pretty blatant unless you're unaware.

[oladub]

How do you think this will impact Detroit? You?

The indirect subsidies to Big Three Auto companies that sell EVs should be helpful to Detroit. "To address climate change, the bill includes $10 billion in tax credits to build electric vehicles, solar panels and wind turbines; $7,500 tax credit rebates for consumers to buy electric vehicles." Some of those vehicles will be built in SE Michigan. There is "another $2 billion in grants to “retool” existing car factories for electric vehicles."Another $60 billion to invest in low-income communities that bear a disproportionate burden of pollution, including funds to reduce pollution from factories and ports and purchase cleaner public transportation vehicles." Detroit might get some of that. Note that more money is being spent funding low income communities, or at least the companies that get their pollution abatement contracts, than on EV's.

Me? I'm very concerned that the five fold increase in IRS money to $80B will get nasty. Think about it. $10B for EVs but an extra $66B and a doubling of the IRS staff. This isn't just to go after the rich. I suspect the middle class and small businesses will bear the brunt of this. Government will have to take in a lot more tax money just to support all its new employees, their facilities and pensions. [[Democrats have) "erected a multitude of New Offices, and sent hither swarms of Officers to harrass our people, and eat out their substance". The good news is that a fleet of cars will have to be purchased to accommodate all the new government workers. Maybe Detroit companies will provide some of those vehicles.

Companies and rich people will pass their new regulatory costs and tax increases on to consumers as best they can. Chinese and Korean battery companies as well as SE Asian solar panel producers should be among the primary beneficiaries of this bill. President Biden eliminated some tariffs on Chinese goods and SE Asian solar panels to fight inflation. Ford Motors is letting go of 8,000 workers to help pay for its transition to EV production using Chinese or Korean batteries. Here is a Vietnamese company planning to build EVs with federal subsidies here [[S. Carolina, not Detroit).

[Richard]

Let's pretend Zacha341 isn't trying to interject non-Detroit-related right-wing talking points into a Detroit-related forum and the usual suspects aren't trying to exploit that opening.

It's pretty blatant unless you're unaware.

Detroit is not an island upon itself and a federal tax increase effects everybody,it does not pick and choose what party one belongs to,if an already overtaxed population is going to be on the hook for increased future generational taxes,they have a right to know if and how the increase is going to benefit as a return in investment to the community.

All of this hush up and trust us because we know better how to take care of you is how we got to where we are.

Federal policy does impact cities for generations to come,let’s do an infrastructure bill that funds putting new freeways through the heart of cities in order to increase traffic flow.

How did that work out ?

If an increase in federal tax incentives is geared towards promoting EVs and a region that is dependent on ICE production has already been notified that a highly reduced labor force will be required to produce those vehicles is there something included in the package that allows funding for the retraining of that work force that will be cast aside?

[jcole]

Your point has been proven in just 3 posts.

Let's pretend Zacha341 isn't trying to interject non-Detroit-related right-wing talking points into a Detroit-related forum and the usual suspects aren't trying to exploit that opening.

It's pretty blatant unless you're unaware.