On the one-year anniversary of this legislation's passage, the President can try as hard as he wants to spin it as some victory. But the public should see through it.
over this legislative"victory." But an honest accounting reveals that the misleadingly-named Inflation Reduction Act has woefully failed at its namesake goal: reducing inflation.
The legislation mostly consisted of green energy subsidies, healthcare subsidies, tax increases, and more funding for the Internal Revenue Service. Yet the President sold it to the public as a way to bring down the crushing inflation that continues to bankrupt the American people. during the debate over the legislation that the Inflation Reduction Act was"the strongest bill you can pass to lower inflation, reduce costs, and tackle our climate crisis.
"I can't think of any mechanism by which it would have brought down inflation to date," former Obama administration economist Jason FurmanU.S. President Joe Biden addresses the Maui wildfire disaster before speaking about Bidenomics in Milwaukee, Wisconsin, on August 15, 2023. He announced that he and Jill Biden would visit"as soon as we can.
Of course, we already knew that the IRA wouldn't have any impact on inflation. The nonpartisan Congressional Budget Office scored the legislation andThat was always intuitive, because the IRA was simply a grabbag of Democratic policy priorities that Biden couldn't otherwise get passed. The president decided to seize the current moment and slap an"inflation reduction" promise on his partisan policies to in order to get them passed.
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