Just 1 in 4 Americans believe that President Biden’s so-called Inflation Reduction Act will actually reduce inflation, while 71 percent say the law will either have no impact or make things worse. The majority is right to be skeptical. The nonpartisan Penn Wharton Budget Model found that the bill’s effect on inflation will be “statistically indistinguishable from zero.” This is not surprising. The real purpose of the bill is not to reduce inflation but to reduce climate change. Fully 85 percent of the law’s spending goes toward climate and clean energy.
Opinion: The Inflation Reduction Act won’t reduce inflation. Or climate change.
August 24, 2022