Despite proof that the Democrats’ Inflation Reduction Act won’t actually help ease the strain on Americans’ wallets, President Biden continues to insist that it would fight inflation.
On Thursday, Biden asserted on Twitter that his recently signed legislation would address both the rising national debt and inflation.
According to the Congressional Budget Office, the bill’s impact on inflation in 2022 will be minimal, and in 2023, it might either increase or decrease inflation by 0.1%.
Questions on the president’s confidence in the Inflation Reduction Act’s ability to lower inflation as well as Biden’s thoughts on the numerous analyses that claim the measure would not do so were sent to the White House.
The Inflation Reduction Act will cut the deficit and fight inflation. And we'll do it without raising taxes a single penny on families earning less than $400,000 a year.
— President Biden (@POTUS) August 18, 2022
A bipartisan group of five former Treasury secretaries and more than 120 prominent economists have approved the Inflation Reduction Act, according to deputy press secretary Andrew Bates, who also emphasized that the bill will lower expenses for households while battling inflation by cutting the deficit.
According to the Committee for a Responsible Budget, practically all of these measures will combat inflation on their own. And overall, the package will most definitely. In the meantime, every Republican member of Congress voted against the Inflation Reduction Act, which would have reduced the cost of prescription drugs, energy, and healthcare.
According to Bates, Republicans put special interests ahead of the American middle class and are redoubling their efforts to undermine Medicare and Social Security in order to defend tax breaks for the wealthy.
However, numerous studies of the law warn that it won’t do what the White House promises.
On a lot of liberal media networks, it was difficult to find these facts since reporters and hosts would just repeat the talking points of congressional Democrats or, at the very least, would not question them on the confusing name of the measure.
