Opinion: So-called Inflation Reduction Act will hurt families in Illinois

We live in a country that faces many challenges around political and social division and economic instability. While we may disagree on many issues, Americans overwhelmingly agree that the ongoing, historic inflation crisis cannot continue.

The cost of everyday necessities – food, fuel, and electricity – are rising at an unsustainable rate for many American families. As I travel throughout Illinois, the top issue constituents and voters ask about is the cost of goods, gas and groceries. Under President Joe Biden and one-party Democrat control in Washington, Illinois families have watched as their paychecks diminish and the cost for daily life rises.

As working families try to manage these challenges, President Biden and Democrats in Washington are preparing to make the economic pain worse with passage of their so-called “Inflation Reduction Act.” While Democrats and some in the media will try to paint a rosy picture about a few provisions in this legislation, the bill will have broad reaching implications for every sector of our economy. Make no mistake – this massive spending bill will raise energy costs, kill innovation for future health cures, diminish opportunities for American jobs, harm small businesses and raise taxes.

Before Congress passed the Democrat’s multi-trillion dollar “American Rescue Plan Act," inflation was stable and our economy was recovering from the worst of the pandemic and government mandated lockdowns. The Biden administration spent trillions of dollars in unnecessary spending. The influx of capital into the economy has undermined our recovery, caused a disastrous labor shortage, and has challenged the ongoing supply chain crisis.

In June, inflation hit 9% – a 40-year high. In the second quarter of 2022, Gross Domestic Product, commonly known as GDP, declined, marking the second straight quarter the United States economy shrank – a key indicator that our economy is falling into a recession.

To rein in inflation, we need to reduce unnecessary government spending, end harmful government over-regulation, and invest and produce more Made-in-America products here in Illinois. Instead, Democrats in Washington are doubling down on their failed economic agenda in reviving a flawed, partisan reconciliation package.

The reconciliation bill is chock-full of tax hikes, special interest handouts and unnecessary spending that won’t reduce inflation or support struggling Illinois families. The bill provides additional money and authority to the IRS to audit and harass hardworking Americans. Additionally, audits on working-class families will be used as a tool to pay for the progressive priorities of Democrat elites included in this bill. As a result of this legislation, Democrats intend to increase the size of the IRS to target residents.

The last thing Illinois families need are tax hikes and a supercharged IRS with our economy in a recession. Families in Illinois are grappling with the rising cost of living and the reconciliation bill will only make the economic pain worse. President Biden and Democrats in Congress should reverse course on their failed tax and spend economic agenda that pushed our country into a recession and focus instead on what Americans families need.

Darin LaHood of Peoria has served as the representative for Illinois' 18th Congressional District since 2015.