President Joe Biden tweeted on Wednesday to commemorate the passage of the so-called “Inflation Reduction Act.” Exactly four weeks ago, I signed the Inflation Reduction Act into law.
So today, we’re celebrating. Tune in at 3 PM ET as I deliver remarks and welcome the leaders and advocates who made it happen to the People’s House. “
Now let’s get back to reality, as the cost of food increased by 13.5% in August compared to the previous month. It hasn’t been that high since 1979. From conservatives, Biden’s post and “celebration” drew a lot of flak.
To “celebrate” is insulting, especially given that consumers are still paying exorbitant prices for food and transportation.
A celebration?
— French Hill (@RepFrenchHill) September 13, 2022
Over the past year:
Food at home is up 13.5% – largest since 1979
Electricity up 15.8% – largest since 1981
Rent up 6.7% – largest since 1986
The American people can't afford a celebration over a bill that will do little to nothing to combat inflation. https://t.co/cp4m10BlQZ
The “Inflation Reduction Act” would bring about a 0.1 percent annual decrease in inflation, according to a University of Pennsylvania Wharton estimate.
If you could even call it that, the reduction wouldn’t occur until after the legislation’s key deficit-reducing provisions have been completely implemented.
After 2028, there would be no discernible effect of the Act on inflation. There is little evidence that the legislation would have a discernible influence on inflation, as shown by the fact that none of these point estimates are statistically different from zero.
By celebrating a gift to wealthy Democratic donors while middle class families struggle to pay for groceries, this election campaign is really making a play for the most tone-deaf move of all.
Ted Cruz appears to have been correct all along. Republicans are becoming the party of the middle class, while the Democrats are now the party of the wealthy. Democratic message is consistently directed towards middle-class and working-class voters, yet they consistently fall short of their promises.
The Biden administration’s victory lap for the so-called Inflation Reduction Act is a slap in the face to Americans who are being hit hard by increasing costs. This comes on the same day that new data reveals Democrat-induced inflation is still on the rise.
