Kevin Brady: “I include in the Record a CBO letter, which confirms the Affordable Care Act subsidies will boost inflation and reduce…”

“I include in the Record a CBO letter, which confirms the Affordable Care Act subsidies will boost inflation and reduce the incentive for people to work. U.S. Congress, Congressional Budget Office, Washington, DC, August 4, 2022. Re Economic Analysis of Budget Reconciliation Legislation Hon. Lindsey Graham, Ranking Member, Committee on the Budget, U.S. Senate, Washington, DC. Dear Senator: Yesterday, the Congressional Budget Office published a cost estimate for H.R. 5376, the Inflation Reduction Act of 2022, which is the latest version of the reconciliation legislation in the Senate.\1\ This letter provides answers to four questions you asked related to that bill and broader economic conditions. Is the United States Currently in a Recession? The U.S. economy shows signs of slowing, but whether the economy is currently in a recession is difficult to say. It is possible that, in retrospect, it will become apparent that the economy moved into recession sometime this year. However, that is not clear from data that were available at the beginning of August. Some key metrics indicate a decline in economic activity as the first half of this year progressed, whereas others indicate continued growth, though generally at a slower rate than previously. Real gross domestic product (that is, GDP adjusted to remove the effects of inflation) and industrial production have both declined.…”