On Tuesday, it was reported that the White House had been specifically asked when we might expect to start seeing an increase in inflation. They promised it would accomplish what they said it would do, which just made the response less than gratifying.
The White House was unable to immediately provide economic projections indicating when the law will start to have a substantial influence on total inflation, which as of July was 8.5% higher than a year ago. In response to a follow-up query regarding whether it had created an estimate indicating by how much it would stop price hikes, it remained silent.
Nevertheless, the White House is fighting back against the claims that the law won’t do what its name implies. It quotes experts, such as the Committee for a Responsible Federal Budget, who claim that the overall impact of the measure will be deflationary. As other cost-saving measures, it mentions tax credits for renewable energy that will take effect right away and health regulations that will go into force at the beginning of 2023.
Rep. Jamie Raskin, D-Md., expressed his optimism that the legislation will bring Americans instant comfort. He did not, however, specify when or how that would take place.
“As soon as the act goes into effect, I hope that all of the provisions will begin to work. I know that those who have been blaming President Biden for the inflation going up are now giving President Biden all of the credit for inflation going down.”
