The title of the bill that Congress recently passed and that is awaiting President Biden’s signature is the “Inflation Reduction Act,” but for some reason, the media and Dems have been increasingly referring to it as “climate and health care” legislation.
Now comes the next part. The bill has passed through both houses of Congress, so it can now be reported that the title of the legislation is in fact complete bulls**t:
One thing the Inflation Reduction Act may not do: Lower inflation – CBS News https://t.co/A9SWU8Dal0
— Mark Hemingway (@Heminator) August 14, 2022
This was clear well before the bill passed, but hey, why perform any “journalism” when the Democrats need an emergency boost?
Color us shocked!
The Inflation Reduction Act is aimed at tackling a host of problems, from climate change to catching tax cheats, but there’s one issue it may not solve: reducing inflation.
That’s the conclusion of the Penn Wharton Budget Model, a group of economists and data scientists at University of Pennsylvania who analyze public policies to predict their economic and fiscal impacts. Its analysis, published Friday, comes as inflation remains near a 40-year high, crimping the budgets of consumers and businesses alike.
The Inflation Reduction Act would invest nearly $400 billion in energy security and climate change proposals, aimed at reducing carbon emissions by approximately 40% by 2030. It also would allow Medicare to negotiate with drugmakers on prescription prices, and would limit out-of-pocket drug expenses for seniors to $2,000 annually. The bill also directs $80 billion in funding to the IRS, aimed at helping the underfunded agency hire more auditors and beef up its customer service and technology.
But the impact on inflation “is statistically indistinguishable from zero,” the Penn Wharton Budget Model said on Friday.
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Wow! Who could have predicted this?
Weird they waited to report this until after it passed. Huh. https://t.co/mm3B2jYhiz
— Stephen L. Miller (@redsteeze) August 14, 2022
We already knew this. As soon as they named it the Inflation Reduction Act. Just like the Affordable Care Act caused premiums to become unaffordable. Just like the Patriot Act resulted in spying on Americans. Pay close attention to the names. Like "Build Back Better"
— I Remember Exactly When My Epiphany Was (@PeterDeGiglio) August 14, 2022
And as you know the Biden White House is trying to convince everybody that inflation is now “zero” anyway. The level of gaslighting right now is unreal.
which is why all they’ve said for weeks now is “biggest climate bill ever!”
they were retruthifying it before it even passed https://t.co/Srzn12VNkk
— Kaya Masters (@redneckgeisha) August 14, 2022
https://twitter.com/MandateOh/status/1558930259579469826
That’s always a safe way to approach these things. See “Care Act, Affordable” for another example.
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Related:
Not a cult: Nancy Pelosi says Inflation Reduction Act will make Mother Earth less angry
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