President Joe Biden on Thursday admitted that the $700 billion Inflation Reduction Act, which did not reduce inflation and included $369 billion for green energy initiatives, was wrongly named.
Biden’s remark came at an event in Westby, Wisconsin, where he was touting his Bidenomics investments. He called the Inflation Reduction Act “the most significant climate change law ever,” adding, “by the way, it is a $369 billion bill, it’s called the–we we we should’ve named it what it was.”
The Penn Wharton Budget Model found the bill would drop inflation by .1 percent over five years, and the Congressional Budget Office’s (CBO) analysis was similar.
Instead, the bill, which is a scaled-down version of the failed Build Back Better Act legislation, is “the single most significant legislation to combat climate change in our nation’s history,” as the Biden-Harris Department of Treasury touted in a release in November 2022.
As Breitbart News Policy Reporter Sean Moran noted, the Inflation Reduction Act also does the following:
- Allows Medicare to negotiate the price of drugs
- Extends enhanced Obamacare subsidies for three years, which would cost $64 billion
- Reduces the deficit by $300 billion
- Increases taxes while America just entered a recession
- Boosts funding for the IRS by $80 billion, which would make the agency larger than the Pentagon, State Department, FBI, and Border Patrol combined.
- …The bill contains budget gimmicks and fake offsets that mask the true cost of the bill
The legislation narrowly escaped the Senate via a 51-50 party-line vote, with Vice President Kamala Harris serving as the tiebreaker. The Democrat-controlled House then advanced the legislation in a partisan fashion.
Financial experts have singled out the negative aspects of the nearly trillion-dollar bill. For instance, BlackRock CEO Larry Fink said in April that it is hard to see inflation coming down to two percent, pointing to a slew of spending from Biden and the Democrat-led 117th Congress.
“I think two is a hard number. We have restructured how we frame our economic policy. We have a trillion dollars of fiscal stimulus in the CHIPS Act, the Infrastructure Act, and the [Inflation Reduction Act],” Fink emphasized during an appearance on CNBC’s Squawk on the Street. “We have very poor legal immigration policies that have restricted, and that is all inflationary in jobs.”
The Consumer Price Index in July notably climbed 2.9 percent year-over-year.
Fox News’s Larry Kudlow, who was the director of the National Economic Council during the Trump administration, said in August 2022 that the bill entirely lacks economic growth incentive.
“There is not one single iota, scintilla, whit, shred or morsel of economic growth incentives in this bill. Not a single comma, semicolon, dotted ‘i’ or crossed ‘t’ of growth. Nothing,” he said, as Fox News noted.
