Skip to content

Biden’s New Bill Is Supposed To Tackle Inflation but Analyses Aren’t Holding Their Breath

Note: This article may contain commentary or the author's opinion.

President Biden marked the Inflation Reduction Act into regulation on Tuesday, saying “the American people won, and the special interests lost” with the new regulation and promoting Democratic help while hammering Republicans for not supporting the bill.

The president got back to the White House following seven days of a lengthy get-away in Kiawah Island, South Carolina. Biden was joined by House Majority Whip Jim Clyburn and Senate Majority Leader Chuck Schumer during an occasion in the State Dining Room at the White House.

“With this law, the American people won, and the special interests lost,” Biden said Tuesday. He continued by saying, all things being equal, the law will “deliver results for the American people.”

Biden said, “We didn’t tear down. We built up. We didn’t look back. We look forward,” (and you heard it from the horse’s mouth folks, in Biden’s America, the way things are going is considered build back better.)

The bill, which was passed by the Senate recently and the House of Representatives last week, costs an expected $437 billion, with $369 billion going toward interests in “Energy Security and Climate Change,” as per a synopsis by Senate Democrats.

VP Kamala Harris cast a tie-breaking vote to permit the regulation to pass, 51-50, in the Senate, and the House passed the regulation a couple of days after the fact.

“I am confident this bill will endure as one of the greatest legislative feats in decades,” said Schumer. “In normal times, getting these bills done would be a huge achievement, but to do now, with only 50 Democratic votes in the Senate over an intransigent Republican minority, is nothing short of amazing.”

"*" indicates required fields

San Francisco considers funding reparations for slavery at $5 million per black person. Do you support this?*
This poll gives you free access to our premium politics newsletter. Unsubscribe at any time.
This field is for validation purposes and should be left unchanged.

Clyburn promoted Biden for being a “statesman willing to put people over politics” and referred to the House of Representatives section of the regulation as “one of the few truly historic days in the 30 years I spent in Congress.”

“The bill I’m about to sign is not just about today, it’s about tomorrow,” Brandon said. “It’s about delivering progress and prosperity to American families.”

Biden said that the “critical duty” of the president is “to protect why is America” and to “seek after equity, to guarantee reasonableness, convey results that make conceivable these potential outcomes that every one of we, every one of we can carry on with an existence of result and success in a country that is no problem at all best.”

“That is the work I’m satisfying,” Biden said, adding, “to defend what is best about America” and to “pursue justice, to ensure fairness, deliver results that create possible these possibilities that all of us, all of us can live a life of consequence and prosperity in a nation that’s safe and secure.”

Biden additionally said that the Inflation Reduction Act, consistent with his other promises that he totally kept, won’t increase taxes on any American making under $400,000, but we already saw and experienced what the taxes and IRS are like when dealing with the middle class recently.

Biden, in a swipe at Republicans, said, “Democrats sided with the American people and every single Republican in the Congress sided with the special interests in this, every single one.”

“Remember, every single Republican in Congress voted against this bill, and every single Republican in Congress voted against lowering prescription drug prices, against lowering health care costs, against the fairer tax system,” Biden said. “Every single Republican, every single one, voted against tackling the climate crisis against lowering our energy cost, against creating good paying jobs.”

Leftists project that the regulation will decrease the shortfall by acquiring $737 billion. This incorporates an expected $124 billion from IRS charge authorization, the extended aftereffect of employing 87,000 new IRS specialists who will increase audits – that totally won’t have any effect on We The People.

The bill likewise imposes a 15% minimum tax that the Joint Committee on Taxation predicts will raise $222 billion and prescription prescribed drug costs reform that the Senate assessments will get $265 billion.

However, the one thing you’d think the Inflation Reduction Act won’t do will reduce inflation, as indicated by multiple analyses. The Congressional Budget Office said the bill will have “a negligible effect” on inflation in 2022 and in 2023 its effect range between decreasing inflation by 0.1% and increasing it by 0.1%.

The United States is facing record-elevated inflation, which eased back in July without precedent for months yet kept costs close to the highest seen in 40 years.

The Labor Department said last week that the customer cost index, a wide measure of the cost for ordinary products, including gas, food, and rents, rose 8.5% in July from a year prior, underneath the 9.1% year-over-year flood kept in June. Costs were unaltered in the one-month time span from June.

In addition to this as of July, energy costs are 32.9% higher than last year’s gas prices are up 44.9% from last year. Food prices have also increased with the year increment being at 10.9%. There are of course as you can probably all feel, more increases everywhere you look, and on top of that, the inflation this administration puts out is not the actual inflation numbers when you look at the data.

Looks like we all might be spiraling down once again when you consider just what is hidden in the bill since they like to slip things in. Will we send millions of tax dollars to other countries when we’re hurting so bad? Will we leave more weapons for a country that doesn’t need them? Only time will tell, but make sure you brace yourself.