President Biden is hailing the one-year anniversary of his signature Inflation Reduction Act by pitching it as a catalyst for economic growth, rather than his initial claims that it would be a prescription for high prices plaguing consumers.
is hailing the one-year anniversary of his signature Inflation Reduction Act by pitching it as a catalyst for economic growth, rather than his initial claims that it would be a prescription for high prices plaguing consumers.
Despite Mr. Biden’s rosy forecast, he has backed off from earlier claims that the so-called Inflation Reduction Act will actually curb high prices. Economists say that’s because Mr. Biden’s massive climate, tax and health care bill had nothing to do with actually curbing inflation. “The primary determination was supply chain shocks in the economy,” said Jai Kedia, a research fellow at the CATO Institute. “The idea that government spending will reduce inflation is sort of novel in the economy.”
Mr. Biden’s comments sharply differ from what he repeatedly said last summer while pushing Congress to pass the measure, which it ultimately did along party lines.
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