The American Rescue Plan seems to have been an early end to the new administration’s agenda. Nothing of substance has passed since, with very little of substance on the horizon.
Economists and former officials are now saying that the $1.9T bill has added to inflation and hobbled the President’s agenda. Inflation now sits at a 40 year high with the administration’s approval ratings hitting new lows every month.
We all know what conservative members of the president’s own party did in putting an end to Build Back Better, but it’s now the moderate members of the party who are providing push back. The political reality of getting re-elected is now setting in with the midterms looming this November.
435 House seats and another 35 in the Senate are being contested. When you add that to the additional inflationary pressures exerted from the war in Ukraine, it adds up to a political nightmare.
Natural gas prices have quadrupled in the past year while crude oil now sits just under $100 per barrel. Anytime Americans pay their gas bills or fill up their cars, discontent seemingly grows.
Now the more moderate members of the president’s own party are talking about debt and deficit reduction. Take a moment and think about that.
Politicians amaze me.
The problem is inaction. When you have a bunch of the chickens running around with their heads cut off, no one knows what to do, which is the worry.
No one in Congress is going to let their constituents go to the polls without passing something. Hastily thrown together legislation usually turns into a problem.
More will follow on this continuing story.
Let me leave you with this.
We all watched in horror last Thursday morning as Russian forces crossed the border into Ukraine. I looked at my wife and said, “Here we go again.”
As Russia’s President made veiled threats of nuclear war, it brought back awful memories.
Now most of Europe is backing Ukraine in their fight against tyranny. NATO response forces have been activated as a defense even though Ukraine is not a member.
The international community has come to Ukraine’s defense applying sanctions against Russia. This weekend we heard that Russia’s banking system was cut out of the SWIFT system, basically stopping them from handling any international transactions.
The question becomes how long with this last and how will it end? Sanctions are one thing but the Russian Army is quite another.
If this turns into another Afghanistan, they could be at this for 20 years. As a child of the Cold War, we can only pray for a swift and peaceful end to this conflict.
We’re all going to get through this. Let’s get through it together.
Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. Whether you need Employee Retention Credits, PPP Loan Forgiveness, Payroll Services, or Accounting and Tax Work, you have but to ask. I’m here and I remain,
Accounting Solutions Ltd.
Note that the only professional services provided by Accounting Solutions Ltd. are those specified in a written communication from our office detailing the scope of services to be rendered and the terms and conditions applicable to the engagement.