noah smith twitter
Brad debates lib economist Noah Smith on Dems’ ‘inflation’ planhey everybody Brad here with a guest
Updated on Jan 29,2023
Brad debates lib economist Noah Smith on Dems’ ‘inflation’ plan
hey everybody Brad here with a guest on the show today to have a debate slash conversation about ,President Biden and the Democrats new legislation the inflation reduction act with me is Noah Smith ,he is a blogger and former economics professor Center left policy wonk who you might know from ,Twitter used to be a Bloomberg columnist all sorts of things all over the Internet Noah thanks so ,much for coming on okay thanks for having me on yeah look I really appreciate it because I have ,reached out to a lot of lefts of Center people over the years to try to have conversations slash ,debates and I'm far from like the most hostile or aggressive or patrolly person on the right ,and I've gotten like I'd count on one hand the number of people that are actually down to do it ,so just on that alone I appreciate you well thank you I'll debate anyone you know because I I try to ,get Ben Shapiro to debate me and he promised to and then and then backed out it was going to be ,really fun because I was going to talk super fast like he does and it would be like a about what ,um I don't even remember that was like two years ago so then it was during uh during the pandemic ,well I wish he had done it uh that's a real shame ,um but so folks we're talking about the inflation reduction act what I would say is an aspirational ,title uh that the Democrats have passed it looks set to become law hasn't quite yet uh but just a ,quick overview of what's in the bill to set the ground for this conversation the nonpartisan ,committee for a responsible federal budget says that it has about 800 and I'm sorry 485 billion in ,new spending 385 billion in green energy subsidies and tax credits a hundred billion in health care ,subsidies and a few other things then it's got about 790 billion in projected reduced spending ,slash increased Revenue 320 billion from reduced Health Care spending via the repeal of a trump-era ,rebate Rule and Medicare drug price controls and 315 billion from a 15 minimum tax on American ,corporations 125 billion in Project did increase tax revenue from funding the IRS and increasing ,enforcement so Noah just feel free to let me know if there's anything in the bill that I didn't ,highlight there specifically we can get into all the weeds but more importantly are you willing ,to admit as some people in the kind of media are starting to that this is really a climate ,bill it's not an inflation Bill really that they kind of slap that name on it for political reasons ,yes and no I mean climate is is obviously a big part of it but uh note that it has a bunch of ,fossil fuel uh stuff in it as well so it's not really I think that climate activists are very ,happy about the green energy subsidies but I think they're kind of overestimating the degree to which ,it's like a pure climate bill this is not like a green New Deal this is not what they had hoped for ,um it's the best we're gonna get in that sense but so it's it's in addition to a climate bill it's ,two other things number one it's a it's a cheap Energy bill it's basically we had high gas prices ,expensive energy and um and so it's basically saying let's make energy cheap and then uh in ,addition to that it's a um it's sort of a cost uh cost of living reduction bill because have you ,seen that um that graph the the most important economic graph in the world that the American ,Enterprise Institute puts out it's like showing how expensive things and the subsidized things ,yeah that's right and so I think that this is this is looking at that kind of thing and saying holy ,crap we've got to do something about this and it it is you know it's a start at addressing ,the kind of the the cost of living you know when I was when I was a kid the 90s things in America ,were pretty cheap gasoline was cheap uh housing was cheap uh Healthcare wasn't cheap but then ,um it was you know tuition wasn't cheap either but they were less less horribly ,expensive than now and so I think that um uh basically we've got to do something about that ,and I think this starts to to get at that so I think it's cost of living reduction ,um uh cheap energy which I guess is you know that's that's cost of living because we could ,always use cheaper energy and then climate yeah so I I I see what you're saying and I think we ,can debate the provisions of this bill no Siri I'm not talking to you uh we can debate the provisions ,of this bill but I think that they are rather divorced from the macroeconomic inflation that ,we are seeing right the Consumer Price Index year over year what 20 in 2021 I think the ,average household was something like five thousand dollars to maintain their same standard of living ,this is every voter's number one issue but you've got all these uh different you know everyone from ,the nonpartisan Congressional budget office to the Wharton School of Business has concluded that the ,i
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