Over the weekend, President Biden touted the so-called “Inflation Reduction Act” by pointing out how it would advance climate legislation – which has nothing to do with inflation.
“The Inflation Reduction Act is the biggest step forward on climate ever,” Biden wrote on Twitter.
“It includes ensuring that we create clean energy opportunities in frontline and fenceline communities that have been smothered by legacy pollution and it will help fight environmental injustice,” he added.
The Inflation Reduction Act is the biggest step forward on climate ever.
It includes ensuring that we create clean energy opportunities in frontline and fenceline communities that have been smothered by legacy pollution and it will help fight environmental injustice.
— Joe Biden (@JoeBiden) August 19, 2022
The so-called “Inflation Reduction Act” has been criticized for being a massive $740 billion spending package that is primarily focused on climate change. According to a new YouGov poll, only 12% of Americans believe the Democrats’ “Inflation Reduction Act” will actually reduce inflation.
The survey was conducted from July 3 to August 2 and asked 1,500 Americans, “Do you think this bill will increase or decrease inflation?” 36% of respondents answered that it will increase inflation while only 12% said they believe it will decrease inflation. An additional 23% said it will not change inflation, and 29% were “not sure.”
Multiple analyses of the Democrats’ “Inflation Reduction Act” confirm Americans’ thoughts on the bill. According to a new report from the nonpartisan Tax Foundation, the “Inflation Reduction Act” will reduce after-tax incomes for Americans in every income bracket and will worsen inflation.
According to the report, “the Inflation Reduction Act would reduce long-run economic output by about 0.2 percent and eliminate about 29,000 full-time equivalent jobs in the United States. It would also reduce average after-tax incomes for taxpayers across every income quintile over the long run.”
“By reducing long-run economic growth, this bill may actually worsen inflation by constraining the productive capacity of the economy,” the report added.
