Staff Reports
President Joe Biden’s acknowledgment that the Inflation Reduction Act, costing a staggering $700 billion, might not have been the most accurate name for a bill that hasn’t actually reduced inflation is nothing short of a comedic spectacle. During a recent appearance in Westby, Wisconsin, Biden inadvertently confirmed what many Americans suspected all along: this “Inflation Reduction Act” is simply a glorified green energy spending spree masquerading as fiscal responsibility. It is astonishing how the words “Inflation” and “Reduction” can become so thoroughly divorced from reality in the hands of the current administration.
The bill allocates a jaw-dropping $369 billion to green energy initiatives, and yet Biden hailed it as “the most significant climate change law ever.” It seems that in Biden’s world, the title “Inflation Reduction” was less about actual outcomes and more about marketing. Even the Penn Wharton Budget Model illustrates the disconnect, predicting only a minuscule .1 percent reduction in inflation over five years. It’s almost as if the administration thought slapping an enticing title onto a budget-busting spending project would magically change the facts.
Joe Biden just STRAIGHT UP ADMITTED that the Inflation Reduction Act was a TOTAL SCAM that had NOTHING to do with reducing inflation!
Does Kamala Harris agree with this?
"We should've named it what it was!" pic.twitter.com/2WL7N1exN2
— Townhall.com (@townhallcom) September 5, 2024
This legislation, notable for narrowly passing the Senate on a purely party-line vote thanks to Vice President Kamala Harris, is simply a scaled-down version of the much-maligned Build Back Better Act that was sent packing on its first round. Amidst all the fanfare, it’s important to remember what this nearly trillion-dollar package truly represents. Beyond the inflated promises, it also introduces a series of unsavory tax increases and expands the IRS’s budget to surpass even the Pentagon’s, effectively creating an agency larger than many branches of the federal government combined. It’s no wonder that average Americans are shaking their heads at the thought of this bureaucratic behemoth prowling their finances.
While Democrat leaders tout the supposed benefits of the bill, financial experts have raised substantial alarms. Even the head of BlackRock, Larry Fink, has pointed out the apparent futility of reaching a 2 percent inflation rate under current policies. The outcry over this mismanaged spending continues to grow louder, with critics arguing that the bill is riddled with budget gimmicks and fake offsets designed to obscure its true costs. The reality of soaring consumer prices—illustrated by a notable 2.9 percent increase in the Consumer Price Index as of July—makes it hard to take claims of any economic boost seriously.
Larry Kudlow, a former Trump administration economist, didn’t mince words when he assessed the “Inflation Reduction Act.” He stated that it lacks any semblance of economic growth incentives whatever. This disconnect between the administration’s promises and the grim reality paints a clear picture: while Washington may be basking in the glow of their legislative victories, Main Street is left to grapple with the repercussions of this financial misadventure. It’s hard not to wonder how Biden and his cohorts expect everyday Americans to buy into this bait-and-switch tactic that treats inflation as something to be named away rather than reduced through genuine economic policy.
