The Inflation Reduction Act of 2022, one of the most hilariously named laws produced by a Congress known for ironic bill names, was signed into law by President Joe Biden a little more than two months ago.
The White House hasn’t stopped bragging since then.
A White House “FACT SHEET” (I believe the capitalization is intended to persuade the reader that these are FACTS, PEOPLE! FACTS!) listed many of the alleged advantages of the new law.
“The Inflation Reduction Act lowers prescription drug costs, health care costs, and energy costs. It’s the most aggressive action on tackling the climate crisis in American history, which will lift up American workers and create good-paying, union jobs across the country. It’ll lower the deficit and ask the ultra-wealthy and corporations to pay their fair share. And no one making under $400,000 per year will pay a penny more in taxes.”
Most of that is the standard political blather used by both parties to brag about their desired or accomplished goals. However, very little is talked about really, you know, bringing down inflation.
Unsurprising, I suppose, considering that even John Kerry, Biden’s climate czar and the unsuccessful Democratic candidate for president, referred to the Inflation Reduction Act as a “completely misnamed piece of legislation” soon after it was passed.
Unsurprising: According to The Associated Press, consumer prices were 8.2 percent higher in the month after the IRA’s passage than they had been the previous year — higher even than most economists had predicted.
Given all of that, we should expect even devoted Biden fans like the CNN talking heads to wonder what this measure was really doing to combat inflation.
“I’m just curious, and as a lot of Americans are curious, when the so-called Inflation Reduction Act will really start to bring down inflation,” CNN host Dana Bash asked White House economic adviser Cecilia Rouse on Sunday’s “State of the Union.”
Rouse must have realized she was in trouble when Dana Bash said, “so-called Inflation Reduction Act.” But she ought to have anticipated that query, or something similar. Her false sense of security may have been caused by the traditional media’s cozy treatment of Joe Biden and his administration during the previous few years.
More on this story via The Western Journal:
Whatever the reason, she didn’t seem to have a ready answer, and, in fact, appeared a little lost while the question was being asked.
“So, the, the — many parts of the bill will start to take effect next year,” Rouse said. “For example, there are tax credits for energy to help people weatherize their homes and also bring down other forms of energy costs. So, we are focused on helping to make that transition to clean energy in a way that brings down energy costs for families.”
Weatherizing your home may cause you to spend less money heating and cooling it, but it won’t make the energy used to heat or cool it less expensive. If the president’s economic adviser knows what inflation is, you can’t tell it from this answer. joeCONTINUE READING…