CBO’s Analysis Shows Biden’s So-Called ‘Inflation Reduction Act’ Doesn’t Live Up To Its Name

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Gage Skidmore https://commons.wikimedia.org

An increasing number of left-leaning networks and political figures are coming out and admitting the so-called “Inflation Reduction Act” will not reduce inflation, rather it increases the size of the government and further climate change initiatives.

Passed by the house last week, the bill allocated $369 billion toward “Energy Security and Climate Change,” raises corporate taxes by 15% and prescription drug prices.

On Thusday, Joe Biden sent out a tweet defending the act, saying it “will cut the deficit and fight inflation.” No actual details were provided as to how that will happen.

It is being widly accepted that this bill will do very little to hold up to its namesake. The Congressional Budget Office said all this spending will have “a negligible effect” on inflation. In fact, the New York Post is reporting that those earning less than $400,000 a year will see taxes rise over the next decade, paying “an estimated $20 billion more in taxes.”

Before and druing the passage of the bill, left-leaning networks praised the bill’s supposed significance. CNN’s analyst Ryan Lizza went as far as to say that bill’s passage would make Biden an “enormously consequential president.”

However, now that the American public is faced with a nearly-trillion dollar spending bill, facts of what it actually does are becoming more apparent, even in mainstream legacy media. Prominant economist Jeffry Sachs, while appearing with CNN’s Randi Kaye, said the act’s name was a “marketing tool,” admitting it “doesn’t address inflation at all.”

During a White House press briefing Biden’s head of communication Karine Jean-Pierre was asked by ABC’s Jonathan Carl, “But let me ask you, it’s called the Inflation Reduction Act, but the Congressional Budget Office which is nonpartisan said that there would be a negligible impact on inflation this year and barely impact inflation at all next year, isn’t it almost Orwellian?”

Pierre responded by noting how the act targets billionaires in effort to make things “more fair.” She did not address the actual impact on inflation.