August 16, 2022

THE DEMOCRATS’ ‘INFLATION REDUCTION ACT’* BETRAYS THE PEOPLE PROGRESSIVES CLAIM TO CARE ABOUT:

President Biden signed the “Inflation Reduction Act” into law on Tuesday, a behemoth tax-and-spending plan ostensibly intended to reduce inflation, grow the economy, and address climate change. Progressive Democrats like Elizabeth Warren and Bernie Sanders are already celebrating this major political victory. But if they were honest with themselves, progressives would admit that while it might be a political success, the actual details of this legislation betray the working-class people they claim to care about.

First and foremost, experts almost unanimously agree that the “Inflation Reduction Act” does absolutely nothing to reduce inflation. The nonpartisan Congressional Budget Office found that the legislation will have a “negligible” impact on inflation in 2022, and by 2023, “inflation would probably be between 0.1 percentage point lower and 0.1 percentage point higher under the bill.”

In the same vein, an analysis from the Wharton School of Business warns that the behemoth spending bill would have an impact on inflation that’s “statistically indistinguishable from zero.”

Even Sanders himself admitted that this bill will “have a minimal impact on inflation,” although he nonetheless voted for it.

Curiously transformed by the media, even before it passed as, “Democrats’ Climate and Health Bill.”

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