When the Inflation Reduction Act was working its way through the Senate and the House, critics in the GOP repeatedly warned it would ultimately be a disaster for the country. Americans were informed this bill would ultimately not bring down inflation.
Yet, when Republicans began sharing this with Americans, they were accused of lying and trying to stop progress. Slowly but surely, different economists joined GOP members in also stating the Inflation Reduction Act wasn’t going to lower current market prices.
Now that this information is out there and the bill already became a law, one top Democratic senator who sponsored it now admits it won’t reduce costs either, per The Blaze.
The Truth About the Inflation Reduction Act
On Tuesday, Manchin was questioned by Fox News on whether or not his party deceived Americans by calling their legislation the Inflation Reduction Act when it won’t lower inflation.
The West Virginia senator pushed back, saying Democrats never claimed the bill would “immediately” reduce the costs that are crushing Americans. Manchin then asked why anyone would think the Inflation Reduction Act would promptly live up to its title.
VAUGHN: "Is it misleading to call it the Inflation Reduction Act when it won’t make their grocery bill cheaper or everyday goods cheaper for them immediately?"
MANCHIN: "Why would it…We haven’t said anything happens immediately to turn the switch on and off." pic.twitter.com/NaiULvfHyy
— Daily Caller (@DailyCaller) August 17, 2022
Not long afterward, Manchin said the solution to inflation is more production, rather than relying on limited spending and higher interest rates.
The Penn Wharton Budget Model, Congressional Budget Office, and others have warned the bill passed by Democrats and signed by the president isn’t going to conceivably bring down inflation rates.
What Americans Can Expect
Despite Democrats insisting otherwise, Americans can look forward to this bill actually bringing up costs. Between more federal spending and more taxes that will be coming from the everyday American, things aren’t going to get any less expensive.
Much of the middle class can also look forward to more audits from the IRS. The passage of this bill gave the IRS billions in new funding and the ability to bring 87,000 new agents on board.
Democrats continue to claim the focus of these new resources is just going to be the rich and big businesses, but 87,000 new agents are more than enough to review every millionaire and billionaire many times over.
The Joint Committee on Taxation estimated that 78% to 90% of “revenue” from Biden’s IRS enforcers would come from businesses making under $200,000.
Biden broke his promise!
— Ronna McDaniel (@GOPChairwoman) August 18, 2022
After Manchin’s comments this week, he took a lot of heat from folks who never once trusted the Inflation Reduction Act, to begin with. However, since it’s now a law, the country is going to be forced to live with it, no matter how disastrous it turns out to be in the long run.
So far, economists have projected that inflation could last into 2024 or beyond.
What do you think about Joe Manchin coming out and saying the Inflation Reduction Act won’t actually bring down the rates of inflation “immediately?” Please let us know in the area for comments.