According to a recent study, Americans are not buying what President Joe Biden and Democrats are attempting to convince them about the so-called Inflation Reduction Act.
Last week, Sen. Joe Manchin (D-W.Va.) surprised the political community by announcing a legislative compromise with Senate Majority Leader Chuck Schumer. The legislation furthers Democratic policy goals on the environment, prescription medications, corporate taxation, and IRS enforcement.
Just 12% of the approximately 1,500 people surveyed, according to the Economist/YouGov study, think the plan would genuinely lower inflation.
YouGov Poll: Americans think the Inflation Reduction Act will…— InteractivePolls (@IAPolls2022) August 4, 2022
Increase inflation: 36%
Will not change inflation: 23%
Decrease inflation: 12%
Not sure: 29%https://t.co/M5GZio2zHH pic.twitter.com/Gd9C5CrkkL
On the other side, 36% of respondents, which is three times as many as those who claimed the law would not affect inflation in any way, thought it would actually cause inflation to rise. According to the Economist/YouGov, another 29% said they are unsure.
Despite the fact that the majority of respondents (51%) indicated they either strongly approve or somewhat support the measure, most respondents did not think it will cut inflation as Democrats say.
Only 31% of respondents indicated they opposed the law strongly or somewhat.
The Penn Wharton Budget Model research concluded that, contrary to Democrats’ claims, the law will actually increase inflation before modestly cutting it, producing a statistically insignificant effect.
Regrettably, the neutral Joint Committee on Taxation’s research revealed that the law would raise taxes. Democrats contend that these estimates are inaccurate and do not take into account the supposed benefits of the law.
The bill will probably pass once it is put to a vote on the Senate’s floor.
That’s because Sen. Krysten Sinema (D-Ariz.), who had the power to kill the legislation, decided to support it after getting a number of concessions that prevented her from opposing it.
In reality, Schumer stated that the whole Senate Democratic caucus will back the legislation.