Local Financial Advisor: Inflation Reduction Act “will probably add to inflation”

Posted on August 11, 2022
Kevin Kingston, a wealth advisor with Savant Wealth management spoke with WJBC’s Blake Haas. (Photo courtesy: Kevin Kingston)

By Blake Haas

BLOOMINGTON – A $430 billion Inflation Reduction Act is heading to the House of Representatives Friday, but a local financial advisor reports the legislation has little to do with inflation.

Earlier this week, the Senate voted, with the tie-breaking vote cast by Vice President Kamala Harris, to approve an economic package mainly poised at climate change.

“It almost couldn’t have a more inappropriate name,” Kevin Kingston from Savant Wealth Management added. “Most economists, most people who look markets on the economy and how this would impact us. This will probably add to inflation rather than eliminating it.”

The economic package includes $430 billion to reduce greenhouse gas emissions, impose a 15% tax on corporations making over $1 billion and invest in clean energy technology.

“All this is going to do is create more inflation, and add to tax hikes,” added Kingston on the afternoon show.

According to President Joe Biden, the economic package would bring down inflation by “lowering the deficit and lowering the cost for regular families.”

Blake Haas can be reached at [email protected].

Blogs

Labor Day – Expanding voting rights for all

By Mike Matejka Because of COVID, there is no Labor Day Parade this year.  It’s always a great event for our everyday workers to march proudly down the street and enjoys the festive crowd. If there had been a parade, this year’s Labor Day theme was to be “150 years of struggle: your right to vote.” …

Is federal mobilization the answer?

By Mike Matejka As President Donald Trump threatens to send federal marshals into Chicago, over the objections of Illinois Governor J.B. Pritzker, recall another Illinois Governor who protested the incursion of armed federal personnel into the city.   Those federal troops, rather than calming, escalated the situation, leading to deaths and violence. Illinois poet Vachel Lindsay…

In these troubled times, to my fellow white Americans

By Mike Matejka Our nation is at a unique watershed in human relations. African-Americans have been killed too many times in the past before George Floyd, but the response to this man’s death is international and all-encompassing. I was a grade-schooler during the Civil Rights 1960s. I watched Birmingham demonstrators hosed and the Selma – Montgomery…

Workers’ Memorial Day – Remember those whose job took their life

Looking around our community, when we say employer, most will respond to State Farm, Country, or Illinois State University.   We too often forget those who are building our roads, serving our food, or our public employees. COVID-19 has made us more aware of the risk.  Going to work every day for some people means…