The Senate passed a 740 BILLION DOLLAR package over the weekend, with Vice President Kamala Harris giving Democrats the last vote they needed. The bill is called the ‘Inflation Reduction Act of 2022,’ but Glenn explains why it likely will do the EXACT opposite. And not only could it hurt your wallet, but it may hurt your food, too. Glenn details parts of the bill that target American farmers and the farming industry, all in the name of climate change. The ramifications — many of which are already happening in Europe — could be HUGE: ‘This is really, very dangerous.’
Below is a rush transcript that may contain errors
GLENN: If we don't collapse the size of this government soon, it will become an oppressor. Yesterday -- or, over the weekend, the Senate passed the 740 billion-dollar climate or health care reconciliation package. Now, just remember, $700 billion was the size of the -- DARPA, Obama.
STU: Yeah. First Obama stimulus package.
GLENN: Stimulus. And we all had a cow, that it was 700 billion dollars. We thought that was outrageous. This is 740 billion, just on climate and, quote, health care.
But is it? Let me give you some -- let me give you some information on this. It passed, the bill includes $370 billion in green energy. Subsidies. Now, do you remember how well the green energy subsidies happened last time, when Obama was in? Aren't we just making money, hand over fist, with all of those great investments, that we had under Obama?
STU: I'm a billionaire, because of my investment in Solyndra. It's worked out so well.
GLENN: Is that because of inflation? Because I think that went out of business. Now, here's the key to this bill: $80 billion -- now, remember, 370. This is the biggest thing ever. This is -- this has got to be done. Because we're all going to do to die in a fiery flood. 370 billion, and 80 billion is for the IRS. Now, I want you to listen to what they say, and you'll read it over and over again. It's the Internal Revenue Service, for enforcement. Now, enforcement. Do we have that many greedy billionaires that just aren't paying their taxes. I would like to know.
Do we have that many billionaires that don't have enough money for really good attorneys, to read the law. That you're going to need 80,000 new IRS agents. That doesn't seem to compute at all, does it?
Now, by the way, they're saying that it's going to reduce inflation. It's not going to reduce inflation. If it does, and this is the honest-to-God truth, it may reduce inflation. Why?
Because it's going to hurt you so badly, that you won't be able to buy things. Remember, too much money chasing too far goods. So if you can't make the goods, you've got to reduce the money chasing it. That means, they've got to slow you down, at the store. And that is exactly what this bill will do. But because the government is going to be spending so much more money, I don't think it's going to reduce inflation at all. In fact, I think it's going to make inflation worse. But your -- your life is going to become much more tough. Now, I want to give you some more perspective on this. First of all, the American people. Just see how out of touch the American people -- the -- Washington is. Compared to the American people.
Just 12 percent of the new economist you.gov poll. Twelve percent of people think this will actually reduce inflation. The other time, three times as many, 6 percent. Believe it will actually increase inflation. Twenty-three percent believe they don't think the bill will move inflation either way.
And only 29 percent say, they are unsure. Now, this bill is climate and inflation reduction. You don't believe that it's actually going to reduce inflation. They don't ask if you think if it would actually help the green movement. And protect the earth. But they did ask this: Do you -- do you believe it will lower inflation? Average respondent? 51 percent, no. But do you support the bill?
31 percent said, they strongly or somewhat oppose the bill. The rest agreed with it. So who is confused here? You don't believe in it, but you support it.
Now, I'm not talking about you personally. But I'm talking about the American people. How is that possible?
That is because we still believe, that our government, somehow or another, there's still enough people believe that our government or your personal guy in Congress or in the Senate is doing the right thing.
I don't know how this is working. It -- well, I do. They didn't ask another question, in that poll. Do you actually know what's in it?
I can guarantee you, most people don't know what's in it. But let me give you a couple of things. And let's start with the big one.
The inflation reduction act, will give the IRS $80 billion, in additional funding. So you know, that's a 600 percent increase of their budget. 600 percent.
They will hire as many as 87,000 additional employees for enforcement. The increase would more than double the size of the IRS work. Which currently has 78,661 full-time staffers. So they have 78,000, they're adding an additional 87,000. To give you some perspective, the Pentagon. You know how many people work at the Pentagon? You know a huge building that goes on and on and on. Pentagon. World's largest military. The Pentagon houses 27,000 employees.
We're talking over 160,000 IRS agents. The State Department employs 77,243. The FBI has 35,000 people. The customs and Border Patrol employs 19,536 Border Patrol agents. This will make the IRS bigger than all of those agencies, combined.
Now are you for this act? It's a little too late. But are you now for this act?
This is going to be staggering. And here's where it really will impact you. In the bill, in fact, I want to -- page -- page 529, of the Inflation Reduction Act. It will pay -- pay farmers to not farm. They want -- they want to restore the soil. So the measures will include plowing your soil less. Implementing climate-friendly crop rotation techniques. And planting cover crops, that do not yield any food.
There's 20 billion dollars available, September 30th now. To diminish the climate impact from farms. They are going to start paying farmers, not to farm. And then you'll be fine. They're also going to now, hmm. I would like to say encourage you. But what they're going to do to the farmers is tell them, exactly how they can farm. They're going to tell them now, just like they are over in Europe, where the farmers are going out of business and on the streets, protesting. They are now going to tell them, that they have to adopt more climate friendly provisions. They are going to regulate what you can feed your cow. They're going to -- they're going to also tell you what you can grow. How you grow it. What you can use as fertilizer. And the fertilizer that we're all used to. You know, the one that grows one-third more than the old fertilizer. You're not going to be able to use that. Now, we're entering a global food crisis.
Farmers all around the world are going in on this nonsense. It's not working. All around the world. And we've just implemented it, and we're hiring 87,000 new IRS agents, to make sure you comply.
Well, this doesn't have anything to do with the taxes. Oh, yeah. It does. Because you will be getting subsidies. Oh, yes. It does. Because you'll have an ESG score, if you're a farmer.
This is going to devastate our farms. Have you ever noticed, that whenever communists take over, the first thing they do, is kill usually everybody who disagrees with them.
They take out anybody who is ever successful at something. Look at the difference between GM and Elon Musk. Look at the difference between what he's building, and what all these other guys had been building. But all these other guys had been building. The guy is building a spaceship to Mars. The guy has transformed the automobile. And yet, he's on the outs. They're coming after him. I can guarantee you, some of those 87,000 IRS agents are just going to work on Elon Musk and his companies. So they first come after anybody who is a capitalist. Anybody who disagrees with them. Anyone who can do anything. They get rid of them, if they can't co-opt them. Then they go after the farmers. And then when there's a problem with the farmers, they then kill the farmers. Or take their land away. And say, you're not doing it right. Well, because farmers have farmed for generations. They know the things that they have to do. It's not like farmers don't know to rest their land. Or to change their crops. Of course, they know that.
They're farmers. Now we have eggheads coming in. And it happens every time communists take control. That's why people end up eating the zoo animals, and then their dogs.
This is really very dangerous. Oh, by the way, in Europe, they're already to the next phase. The first phase was saying, the climate has to be controlled. And we have to control it through the farmers. The farmers then start to collapse. The farmers then start to take to the streets. And say, this is insanity. Well, the next phase is because no one knows where their food comes from. Or how to grow it. The next phase is already happening. The anti-farm sentiment is growing now in Europe. You watch. The farmers are going to get a really bad name. And the farmers are going to be blamed for the food shortages. You watch. I guarantee it. It's already happening in Europe. So now people are taking to the streets, and saying, it's these farmers that are at fault. This story, repeats itself, over and over again, until human beings learn the lesson.
The question is, America: Will we learn the lesson this time?
It's amazing, because on some of these things, we're behind. We have the results from Europe. And we're still doing it.