The Inflation Reduction Act recently passed by the Senate is an act of economic and financial illiteracy one would tend to associate with Argentine politicians, not with the Parliament of the world´s only superpower. The Senate Majority Leader has characterized it as “a legislative feat of the 21st century.” One wonders what he was smoking. Or perhaps he was right and this will become a lasting paradigm of U.S. politicians’ inability to learn any of the lessons of the last hundred years.
To begin with, any law destined to combat inflation that is 755 pages long is an affront to common
