President Joe Biden acknowledged Thursday that the $700 billion Inflation-Breaking Act, which does not curb inflation but instead allocates $369 billion for green energy projects, was misspelled.
Biden's remarks came at an event in Westby, Wisconsin, where he was touting his Bidennomics investments. He called the Beat Inflation Act “the most important climate change legislation ever,” adding, “By the way, this is a $369 billion bill, and it should have been called what it was.”
A budget model from the Wharton School of the University of Pennsylvania estimates that the bill would reduce inflation by 0.1% over five years, and that Congress would spend less. Office The CBO analysis was similar.
Instead, the bill is a scaled-down version of the failed Build Back Better Act, which, as the Biden-Harris Treasury Department put it, is “the most significant bill to combat climate change in the history of our nation.” Advertised Scheduled for release in November 2022.
As Breitbart News policy reporter Sean Moran points out, the Inflation Countermeasures Act also includes:
- Allowing Medicare to negotiate drug prices
- Extending Obamacare's enhanced subsidies for three years would cost $64 billion.
- Reduce the budget deficit by $300 billion
- Tax hikes even though America has just entered a recession
- Increases the IRS budget by $80 billion, making the IRS larger than the Department of Defense, Department of State, FBI, and Border Patrol combined.
- … The bill contains budgetary ploys and false offsets to hide the bill’s true cost.
The bill narrowly passed the Senate on a party-line 51-50 vote, with Vice President Kamala Harris signing off on it, before the Democratic-controlled House of Representatives moved the bill forward in a partisan fashion.
Financial experts have pointed to the downsides of the nearly $1 trillion bill. BlackRock CEO Larry Fink, for example, said in April that the massive spending by President Biden and the Democratic-led 117th Congress would make it difficult for inflation to fall to 2%.
“I think 2 is a tough number. We've reframed our economic policy. We've got the CHIPS Act, the infrastructure bill, [Inflation Reduction Act]Fink emphasized this during an appearance on CNBC. Street commotion“We have a very poor immigration policy that restricts jobs, which leads to job inflation.”
The consumer price index in July rose a notable 2.9% year-on-year.
Fox News' Larry Kudlow, who served as director of the National Economic Council under the Trump administration, said in August 2022 that the bill completely lacks incentives for economic growth.
“There's not a single thing in this bill that's going to promote economic growth. There's not a single growth comma, semicolon, dotted line or dash. There's nothing,” he told Fox News. attention.
