Biden has been openly admitting what we already knew; that his so-called “Inflation Reduction Act” didn’t have much to do with inflation.
Conservative critics had long charged that Biden simply gave an Orwellian name to a liberal wishlist, and Biden is championing his Act as just that.
Speaking at a campaign fundraiser in Park City, Utah, on Thursday, Biden told the crowd; "I wish I hadn’t called it that [the “Inflation Reduction Act”]. It has less to do with reducing inflation than it does providing for alternatives that generate economic growth.” It was a stark contrast from how Biden sold the bill last year ahead of the Act’s passage, that; “"The Inflation Reduction Act is the strongest bill you can pass. It will lower inflation, cut the deficit, reduce health care costs, tackle the climate crisis, and promote energy security.”
Earlier in the week, on Tuesday, Biden was even more explicit, telling an Albuquerque, New Mexico crowd; “Well, we’ve put ourselves in a position where we passed the most comprehensive environmental piece of — it’s called the “Inflation Reduction Act.” It’s within that. It has nothing to do with inflation; it has to do with the $368 billion, the single-largest investment in climate change anywhere in the world — no one has ever, ever spent that. And it’s beginning to take hold.”
Despite admitting that the Inflation Reduction Act “has nothing to do with inflation,” he’d previously credited the dubiously named law with reducing the rate at which inflation is increasing, which Biden incorrectly presents as reducing inflation. Ahead of the Act’s passage, the White House pushed a letter from over 100 progressive economists who concurred that it would reduce costs.
Meanwhile in reality, when the Congressional Budget Office ran the numbers, they found that the Inflation Reduction Act could, best case scenario, reduce inflation by an entire 0.1% in five years.
Matt Palumbo is the author of Fact-Checking the Fact-Checkers: How the Left Hijacked and Weaponized the Fact-Checking Industry and The Man Behind the Curtain: Inside the Secret Network of George Soros
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