'We should have named it what it was'
S E E D E D C O N T E N T
"WE SHOULD HAVE NAMED IT WHAT IT WAS." The Inflation Reduction Act was perhaps the signature achievement of the Biden-Harris administration. The only problem was that it wasn't about inflation and did not reduce inflation. Rather, it was a giant, $369 billion climate spending bill that Democrats, for whatever reason, believed they could not openly say was a giant, $369 billion climate spending bill. And since inflation, fueled by other Biden-Harris spending, was raging at the time, they decided to call the climate bill the "Inflation Reduction Act" and hope nobody would notice.
Now, President Joe Biden has finally admitted the bill wasn't about inflation and that the name did not describe what it was. Speaking Thursday at an event in Westby, Wisconsin, to tout all the spending he has gotten through Congress in one term, Biden said he wants to highlight the "progress we've made together by our 'Investing in America' agenda." Biden continued: "I'm proud to announce that my, uh, my investments, that through my investments, the most significant climate change law ever. And by the way, it is a $369 billion bill. It's called the — uh, we, we should have named it what it was."
We should have named it what it was. Finally Biden, fading mentally and having trouble completing a sentence, was straight with the people about the Inflation Reduction Act. Perhaps Vice President Kamala Harris, who cast the deciding vote that allowed the bill to pass the Senate and become law, will do the same.
And while they are at it, they can admit that the Inflation Reduction Act did not, in fact, reduce inflation. Of course, some will say, wait a minute, the rate of inflation has decreased in the last two years — that is, prices are still rising but at a slower rate than before. Didn't the Inflation Reduction Act have something to do with that? Apparently not.
"Most economists say little to none of the drop came from the law," the Associated Pressreported last year. "'I can't think of any mechanism by which it would have brought down inflation to date,' said Harvard University economist Jason Furman."
One more thing. Maybe someday Biden and Harris will also come to terms with what the bill will actually cost taxpayers. In Wisconsin, Biden said it was $369 billion, but estimates suggest it will be much, much more than that. Last year, the Congressional Budget Office projected the final cost of the bill will top $800 billion. A Bloomberg analysis suggested it will "push past $1 trillion." It appears that for years Biden and Harris never uttered a single accurate word about the title "Inflation Reduction Act." Now that Biden has, perhaps Harris, campaigning to become president of the United States, will, too.
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The Projection
Indeed!
What projection are you referring to?
I wonder if they will ask Kamala Harris about "the inflation reduction act," which she was instrumental in passing on Tuesday night?
Does anyone think ABC moderators will do that?
Meanwhile back here in reality...
Yep, inflation is still higher than it was before Biden/Harris took over....
Good catch
Indeed not
Ya notice now how everything is Biden/Harris whereas before it was always just Biden? LOL
Indeed not what?.... [deleted][✘]
Right, no one ever criticized Harris until the doddering old fool stepped aside and thrust her into the limelight....
Indeed!
No, the right wants to tie Harris to Biden as much as possible. Why? Because Harris has done a great job as VP, so the only way they can attack her is by linking her to Biden as much as possible. Congrats, you totally bought into their talking points.
Your memory seems short....
BTW, are you saying Biden has done a bad job as president?
Not at all. He's done an excellent job. The right is great at creating linkage to people who may have a past. They did it with Obama and Hillary.. Dig up someone in their past that turns out to be less than stellar and link them to that person. This is nothing new. Jesus, the right wing just about shit little green apples of joy when they found out Harris dated Motel Williams....YEARS ago. Just the same old song and dance for the radicalized right wing.
She had to cast the deciding vote on it.
Then why did the Pelosi & co feel the need to dump him?
And replace him with someone who polls even worse than him?....
Because they saw that Joe Biden couldn't win and Harris might do it if they hid her away, told the public she had changed her mind on all her radical positions and now try to run out the clock.
Indeed!
Mmm, when stupidity is embraced, stupidity becomes predominant....
Indeed.
Quite obvious.
Right,
Bull. What “other Biden-Harris spending?” The IRA is the big spending bill, right? If there was another spending bill before that, you’d be mentioning it.
If you’re really looking for government spending, the Trump administration spent quite a bit on relief during 2020. I’m not saying that’s bad - just that it exists.
Inflation began spiking in April 2021 across the industrialized world, after we started getting people vaccinated and life slowly started to get back to normal. Biden had barely been in office three months. He didn’t have time to create all that inflation. Most economic observers attribute the international rise in inflation to disruptions in supply chains and shifts in the labor market brought on by Covid.
In fact, the U.S. is doing much better than its peers when it comes to inflation:
Some people love to forget Covid ever happened.
Yeah, welcome to politics, where bills cover 100 different subjects and have titles unrelated to most of their content. A number of states are putting limits on that kind of thing, and I think we could use more of them in federal legislation.
When was that spending bill signed?....
Is your Google broken? I hate when that happens.
The bill became law on August 16, 2022.
Curiously, inflation peaked around that time and started to decline right after that, with the sharpest declines coming a few months later. That could be a coincidence. Or not.
'I hate when that happens'
lol
Indeed!