On Tuesday, President Biden signed the Inflation Reduction Act that was recently passed by Congress along party lines.
Despite its name, the IRA is set to increase inflation significantly. Even the White House is reluctant to give a specific timeline for when this law will start bringing prices down.
More Hypocrisy of Democrats Revealed
Fox News sought the White House’s official response regarding the IRA and asked officials to show the exact economic model upon which the entire act is based.
However, the White House officials did not provide any economic modeling that could prove the IRA aims to bring inflation down. Currently, the White House is denouncing claims that the IRA will eventually increase inflation.
For this purpose, the Biden administration often cites the Committee for a Responsible Federal Budget, according to which the partisan IRA will have a “deflationary” impact on the American economy.
The White House believes the IRA will introduce tax credits for green energy and provide a health policy that will help Americans in saving money on medicines.
Even though the White House is trying to defend the partisan bill, independent analysts and economists claim the IRA will do little to bring prices down in any sector of the economy.
Socialist Senator Bernie Sanders also acknowledged the act will have minimal impact on reducing skyrocketing inflation in the country.
230 economists agree that Democrats 'Inflation Reduction Act' will actually increase inflation, yet DEMS press forward. What does that tell you?
— 🇺🇸 Lowkey Rey 2.0 🇺🇸 (@AtlRey) August 4, 2022
Fancy Name For Their Social Spending Bill
Some political insiders believe Democrats intentionally named the social spending bill the Inflation Reduction Act since it will lure voters into thinking the bill will eventually reduce inflation.
While most of the White House officials remained reluctant to provide any specific timeline for the act to reduce inflation, some lawmakers are coming up with an exact timeline.
According to Democratic Congressman Jamie Raskin, inflation will be reduced right after the act goes into effect.
If Raskin’s assessment is true, the upcoming inflation reports should show a significant decline in the Consumer Price Index, since President Biden already signed the bill into law.
The Inflation Reduction Act will:
❌ Increase taxes by over $250B
❌ Send $370B in subsidies to Green New Deal energy companies
❌ Provide the IRS with $80B more to harass American taxpayers with audits
❌ Send $60B in Obamacare subsidies to insurance companies
— Mike Pence (@Mike_Pence) August 16, 2022
However, when Fox News asked Raskin to provide specific provisions of the bill that would bring prices down, the lawmaker refused to answer. He asked the host for the “next question.”
Likewise, another Democratic lawmaker, Debbie Dingell, argued the IRA would reduce the prices of most medicines, so Americans would have to pay less for their medical bills.
Meanwhile, Republicans are hammering Democrats for passing the IRA on partisan lines. Senate Minority Leader Mitch McConnell noted Democrats first created the recession. Now they are destroying the economy by introducing tax hikes and doubling the size of the IRS.
Furthermore, Democrats are offering free giveaways to their rich friends by bringing so-called green energy measures into the IRA, McConnell added.
Apart from increasing inflation, the IRA will also increase taxes on all Americans, even though Biden kept on saying no one making under $400,000 a year will be taxed in his tenure.This article appeared in TheDailyBeat and has been published here with permission.