WASHINGTON, DC – JANUARY 27: Senator Mike Rounds, a Republican from South Dakota, speaks during a Senate Veterans’ Affairs Committee confirmation hearing for Denis McDonough, U.S. secretary of Veterans Affairs (VA) nominee for U.S. President Joe Biden, on January 27, 2021 in Washington, D.C. (Photo Sarah Silbiger-Pool/Getty Images)
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Updated 3:18 PM PT – Monday, August 8, 2022
Sen. Mike Rounds (R-S.D.) asserted that the so-called Inflation Reduction Act would only make the current economic situation worse.
During an interview with ABC News on Sunday, Rounds predicted the bill would not effectively combat inflation and that this is not the time to be raising taxes. The Republican also said the legislation will not help the country get out of a potential economic recession.
Democrats are attempting to pass their so-called Inflation Reduction Act that does nothing to actually reduce inflation. Instead, it’s a Democrat wish list paid for by raising taxes.
I joined @GStephanopoulos on @ThisWeekABC to discuss this boondoggle. pic.twitter.com/7SRb5Waret
— Senator Mike Rounds (@SenatorRounds) August 7, 2022
He contended that corporations are going to raise prices on consumers in order to deal with the new tax hikes imposed by the bill.
“So, from our perspective, we will see those tax increases coming down the line and Americans are going to feel it,” Rounds stated. “But the bottom line on this is that what they’re really trying to do is to take dollars and then redistribute it back out to the places that they think it should be done. And in this case, they’re looking at things that they want to do, primarily on climate change. This is not the time to be experimenting in that area.”
Rounds also believes Americans could see more serious economic issues coming very shortly.