"Democrats have named their new tax-and-spend package the Inflation Reduction Act, but the party is battling economists who say the legislation won't do anything to spare consumers from the rising cost of goods and services, and it could make things worse.

"William McBride, vice president of federal tax and economic policy at the Tax Foundation, a pro-business, tax policy think tank, said the legislation would have 'close to zero impact on inflation.' He said it also could unleash a potentially disastrous domino effect on the economy and the government through tax increases that might end up reducing federal revenue.

"'The danger is that this would actually slow down the economy,' Mr. McBride told The Washington Times. 'And at a terrible time, when it is teetering on a recession. And by slowing down the economy, you actually have a negative impact on the fiscal outlook for the federal government.'

"Findings from the Penn Wharton Business Model and the nonpartisan Joint Committee on Taxation have indicated the legislation would not only fail to reduce inflation, it would raise taxes on millions of low- and middle-income earners."

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"The Supreme Court ended its term with a highly consequential 6-3 decision in West Virginia v. EPA. The court repudiated the Environmental Protection Agency's claim that Congress had delegated sweeping powers for the agency to pursue a regulatory agenda of its own creation that would force energy companies to adopt alternative energy sources. That should not have been a controversial decision. Since the founding of the American republic, the courts have always affirmed the foundational precept that Congress alone makes law. And Congress cannot give away its lawmaking powers to unelected bureaucrats without violating the Constitution.

"Yet there is a competing vision of the Constitution, trumpeted by progressive-minded law professors and interest groups who bemoan the court's adherence to the rule of law. Under this view, strict constitutionalism is intolerable because it may sometimes get in the way of the government crafting 'optimal' regulatory regimes. For this reason, advocates of a strong administrative state see no issue with Congress delegating broad rulemaking powers to federal agencies -- as long as that enables the government to carry out their preferred regulatory agenda.Yet, boiled to its core, this is nothing but a call for bureaucratic rule over the American people."

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"A year ago, most people would have viewed a major land war in Europe as inconceivable. Yet months after Russia launched a brutal invasion of Ukraine that has seen thousands of civilians killed and cities destroyed, many in the West are asking how this tragedy could have been prevented. The answer is clear: military capability, committed allies, credible policy, and resolve.

"Taiwan faces a similar situation today with Communist China, an aggressive neighbor 60 times its size. Most probably cannot find Taiwan on a blank map, but it's an advanced economy and robust democracy that has lived in the dark shadow of Beijing's threats for decades. Preserving this democracy has long been a U.S. priority. Today, this island nation, which is slightly larger than Maryland, sits uneasily on the frontline of an escalating contest between autocracy and democracy for control of the 21st century. ...

"With concern growing in Western capitals that China may finally turn its threats into real action -- an outright invasion, a blockade, missile barrages, cyber attacks, or some form of 'gray zone' action -- to compel Taipei's capitulation, it is now time to clearly state that we will come to Taiwan's defense. President Joe Biden has now said so three times, but White House staff walking back this commitment each time have made things even less certain.

"To clarify our policy, the president should initiate a dialogue with Congress. Both branches must be aligned as we move forward. This process will also have the salutary effect of educating the American people of the threats we face from China. After all, we need a new policy that is not just credible and principled, but also durable and sturdy enough to bear the weight of the future strategies we will pursue and decisions we may make to keep the peace and help our friends."

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"Those pushing for more actions -- and more money -- to reduce greenhouse-gas emissions sound a lot like Dr. Smith in the 1960s television series 'Lost in Space': 'We're doomed, doomed I say!'

"Last week, President Joe Biden claimed that climate change 'is literally, not figuratively, a clear and present danger.' United Nations Secretary-General Antonio Guterres stated we have just eight years to save the planet or the world will commit 'collective suicide.' ...

"Many politicians are surely aware that the draconian policies they seek -- a ban on fossil-fuel production, forced electrification of homes and businesses, mandatory adoption of electric vehicles and complete reliance on wind and solar power -- will not work, much less save the planet. ...

"Though it's one of the costliest generating resources known, Biden issued an executive order to promote offshore-wind development in the Gulf of Mexico and along the southeast coast. But offshore-wind developers are almost entirely European companies, which will collect not only production tax credits but also Team Biden's new 30% investment tax credit. (Billions more in subsidies for electric vehicles and charging infrastructure are also on offer, on top of existing subsidies.) ...

"This week, meanwhile, second-quarter gross-domestic-product data are likely to show the United States in a recession. The latest consumer-confidence numbers, which have declined for the last two months, are also set to come out. The Federal Reserve just hiked interest rates again. Expensive, physically infeasible large-scale green energy policies will only hasten economic decline. Maybe Dr. Smith was right after all."

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"A group of liberal Capitol Hill staffers were arrested in the office of Senate Majority Leader Chuck Schumer (D., N.Y.) after demanding Democratic leadership resume talks on climate legislation.

"More than a dozen employees of Democratic members of Congress sat down in Schumer's office holding signs calling on the majority leader to renew efforts to combat climate change. The protest ended after about half an hour when Capitol Police bound the disgruntled staffers' hands with zip ties and escorted them out.

"One of the protesters, Saul Levin, a staffer for 'Squad' member Rep. Cori Bush (D., Mo.), tweeted photos of the demonstration from within Schumer's office. ...

"Negotiations on a massive climate spending package broke down last week when Sen. Joe Manchin (D., W.Va.) rejected efforts to spend hundreds of billions on combating carbon emissions. Manchin cited record inflation and the importance of traditional energy sources in outlining his opposition to the 'green' policies."

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"A recession by any other name smells just as stinky.

"When the stock market wreaks havoc on your retirement savings and inflation starts cutting into your paycheck, you are feeling the pinch of recession. When persistently high gas prices make you reluctant to travel and you switch to drumsticks and thighs instead of chicken wings and breasts because they're cheaper, you're feeling the pinch of recession.

"But that's not the true standard for a recession. The standard, in short, is that two consecutive quarters of negative growth make for a recession.

"It is widely expected based on available data that the report from the Bureau of Economic Analysis on Thursday will show that the country's real gross domestic product shrank again in the second quarter of 2022. That will be the second quarter in a row of negative growth, which means it will come with the additional determination that the United States has been in a recession since January.

"This prospect has the Biden administration in a comical sort of falling-all-over-themselves panic. That's because President Joe Biden's defenders are now attempting to massage the definition of 'recession' so that the current economic contraction no longer qualifies."

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"An overwhelming majority of Americans believe Congress is inept, broken and hopelessly addicted to maintaining power while acting far too much like drunken sophomores on Twitter. And most people believe Capitol Hill can't get the most basic things done even when there's bipartisan agreement. Hence its 16 percent approval rating.

"On the things-that-should-be-done-but-haven't-or-whatever-reason front, legislation exists that would prohibit members of Congress from trading stocks. It's called the Banning Insider Trading in Congress Act and it would prohibit members of Congress and their spouses from trading individual stocks.

"For those who live in a sane world wallpapered in logic, this proposal makes perfect sense. Why? Because currently lawmakers can pass legislation that creates favorable conditions for certain companies or industries, and if a lawmaker knows that this legislation will pass, he or she could profit off it. ...

"One very senior lawmaker who seems lukewarm at best about this proposal is House Speaker Nancy Pelosi (D-Calif.). When first asked about the plan late last year, she was dismissive. ...

"Now more eyes are turning to Paul Pelosi, the House Speaker's husband. From a trading perspective, he's like the real-life version of Gordon Gekko from the 1987 Oliver Stone classic 'Wall Street.' His portfolio has substantially outperformed the S&P 500. In 2020 alone, a year when the stock market was as turbulent as in any year in recent memory thanks to COVID-19 shutdowns, Paul outperformed the S&P 500 by 14.3 percent, according to Hawley's office. And per a New York Post analysis, the Pelosis have made approximately $30 million from trades involving Big Tech companies the House speaker is responsible for regulating."

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"No wonder there's political pushback to environmental grandstanding. The Netherlands has been roiled by protests since the government mandated in June that nitrogen-oxide and ammonia emissions, which are produced by livestock, must be slashed by 70% to 80% in some parts of the country. As many as 40,000 farmers demonstrated against the measure last month. Holland is among the world's 10 largest food exporters, and these policies would decimate the country's agriculture industry while global hunger is rising.

"Sri Lanka is the epitome of elite environmentalism gone wrong. Pushed to go organic by activists and the World Economic Forum, the government banned synthetic fertilizers in April 2021. Food production collapsed and the currency defaulted. Hungry and outraged citizens launched protests, overran the presidential palace, and forced the government to resign en masse and the president to flee the country.

"It's entirely possible to help the climate and working families at the same time. The policies to do so are innovation-focused. Policy makers need to recognize that they simply can't eliminate fossil fuels with current technologies. The world gets almost 80% of its energy from fossil fuels, and even if all current climate policies were fully implemented, by midcentury fossil fuels would still provide more than half of all energy used world-wide, according to the International Energy Agency. Instead of sending energy prices sky-high by trying to force a transition to renewables prematurely, policy makers should focus on funding research to develop clean energy sources that are actually affordable and reliable. And instead of badgering farmers to go organic, governments should invest in research to develop varieties of crops and agricultural practices that deliver higher yields with a smaller environmental footprint."

"Big-city Democratic mayors such as New York's Eric Adams and DC's Muriel Bowser have realized, suddenly, that illegal immigrants are straining their social safety nets.

"They're accusing Texas Gov. Greg Abbott, but there's only one person to blame: President Biden.

"It was only ever the Biden government that did this, starting on inauguration day 2021, with radical policies gutting detention and deportation. They unleashed a mass migration crisis far beyond anything in the American experience, one that has utterly smashed every single illegal immigration record on the books.

"As things stand, well over 2 million border crossers have fanned out across America. Millions more will be granted admittance in the next two years if the administration stays this course. By the end of Biden's term, at this rate, the number of people let in at the border will probably exceed 6 million.

"Where did these mayors think all these people were going after Border Patrol processes and releases them into the interior on an honor system to report one day to their local ICE office?"

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"When policies fail, as Biden's have on so many issues, smart politicians adapt. But Biden's policies are as stiff as his gait, as awkward as his confused answers to reporters' questions. He hasn't altered a single major policy -- not on energy, the open border, reckless government spending, anything -- and he hasn't fired a single adviser.

"Why hasn't Biden changed his energy policies, despite the obvious troubles? Because he would rather not face the wrath of green energy advocates in his party. He knows that if he changes course, he wouldn't just be confronting a few activists. He would have to confront most of his party, which is deeply committed to renewable energy and willing to pay a high price, politically and economically, for the transition.

"Voters shouldn't be surprised at Biden's stringent environmental policies. He promised them as a candidate, and he is delivering them as president. He began on his first day in office, when he canceled the Keystone Pipeline. The cancellation was more than virtue signaling. It was a portent of policies to come -- policies that have stymied fossil fuel production, refining, and distribution. What was unexpected was the price shock that followed the Ukraine invasion."

Read the entire article here.