Even President Joe Biden has some regrets about the name of the Inflation Reduction Act: As the giant law turns 1 on Wednesday, it’s increasingly clear that immediately curbing prices wasn…
By Josh Boak and Paul Wiseman | Associated Press
Alex Arnon, an economic and budget analyst for the University of Pennsylvania’s Penn Wharton Budget Model, offers a similar assessment. The law is now at the core of Biden’s pitch to voters going into the 2024 presidential campaign. But with inflation less of a pressing concern, the president is putting more emphasis on its provisions aimed at combating climate change, creating jobs and lowering people’s health care bills.
“They’ll raise inflation higher,” McCarthy told Fox News in an interview. “They’ll spend more money, which brought us into this problem. “ • The Fed aggressively raised its benchmark interest rate, which made it more expensive to borrow and slowed demand that had been pushing up prices. The Fed’s rapid hikes have nearly doubled average mortgage rates, pushing down existing home sales. Home prices have also declined slightly in the past year, which can put downward pressure on rental costs. Other interest-rate-sensitive industries, particularly autos, have also seen prices fall after sharp increases during the pandemic.
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