Chips and Science Act Bill - We recently had a vote that gives incentives to one of the highest profit-making industries that passed the legislation on a 243-187 vote and the Senate passed with a 64-33 vote. In 2021 the profitability amounted to 595 billion U.S. dollars and in 2022 it is expected to reach 676 billion.
This begs the question if this is a good use of our taxpayer dollars.
The Republicans that voted for this bill are as follows:
Jim Baird IN-04 Mike Garcia CA-25
Tom Cole OK-04 Peter Meijer MI-03
Bill Johnson OH-06 Steve Chabot OH-01
Mike Turner OH-10 Adam Kinzinger IL-16
Troy Balderson OH-12 Trey Hollingsworth IN-09
Dave Joyce OH-14 Fred Upton MI-06
Mike Carey OH-15 J John Katko NY-24
Brian Fitzpatrick PA-01 Chris Jacobs NY-27
Michael McCaul TX-10 Bob Gibbs OH-07
Kay Granger TX-12 Anthony Gonzalez OH-16
Liz Cheney WY-AL Rodney Davis IL-13
Young Kim CA-39 David McKinley WV-01
[Source - Data: House of Representatives and Cook Political Report; Chart: Kavya Beheraj/Axios - axios.com/2022/07/29/chips-house-republicans-votes]
Inflation Reduction Act – Is another huge spending bill that does not seem to have benefits for those that incur the expense, meaning the tax-paying United State citizens. The biggest expense for taxpayers will go to climate change, nearly $370 million dollars. Note - The U.S. National Oceanic and Atmospheric Administration (NOAA) is showing that ice which had shrunk from 13 million square kilometres in January 2007 to just 4 million in October is almost back to its original level and figures show that there is nearly a third more ice in Antarctica than is usual for this time of year.
A major portion of this will go to the EPA controls that will increase costs for "we the people".
The IRS will get another $80 billion dollars to hire 10’s of thousands into the IRS making this one of the biggest departments in the U.S. government. The current new budgeting for this money uses its new resources to go after middle-class and poor Americans. (Source – washingtonpost.com/business/2022/08/06/inflation-reduction-act-irs)
As gas prices surge the Biden administration has sold oil from our Strategic Oil Reserve to China. We have to fill our reserve back to safe levels at the higher oil prices as we reach out to the non-friendly governments to buy their dirty oil. Grocery prices are surging partially due to increases in gas and diesel prices. Food delivery and farming to grow food has risen exponentially if you want something to eat then the expense has to be passed on to the consumer. Meanwhile, China has purchased 192,000 acres of land in the United States.
Open Border – This gives us an avenue to experience another 9-11 or something worse as we do not know who is crossing our borders. We do know that open borders during 2021 have caused over 100 thousand drug-induced deaths, up over 21% from the prior year. 64 thousand of these deaths involved fentanyl an increase of 34% vs. the prior year. Our youth are heavenly impacted by the death from fentanyl but the administration does not seem concerned about our own children.
This is a very brief summary of facts that are available from government resources. While I do not like to be political, what is happening today is affecting real estate today and tomorrow.