On Tuesday, Democrat Senator Joe Manchin said the enormous $750 billion “Inflation Reduction Act” that he helped push through congress will not actually reduce inflation right away.
The act was signed by Joe Biden last week, after a last-minute deal struck by Senate Majority Leader Chuck Schumer (D-NY) and Manchin.
During an interview with Fox News, Manchin was asked about the act’s price tag will help bring down prices for consumers, to which Manchin replied, “Well, immediately it’s not.” He went on to add, We’ve never [said] anything would happen immediately, like turn the switch on and off.”
Studies of the impact consumers may see on the price of goods have shown a virtual 0% impact on prices.
However, Manchin went on to explain, “That’s not going to be overnight. They have incentives to do that, to help them. Trust me, if you have something going bad in your home where you’re replacing it, and you have some assistance you’re thinking of, that might be of help.”
Nearly half of the so-called Inflation Reduction Act has been allocated to climate change initiatives. It also provided enough money to the federal government to hire 87,000 IRS employees.