Biden’s ability to put his foot in his mouth is unlike any president we’ve seen before. He’s constantly finding new ways to destroy his already low credibility.
And the White House is in damage control after Joe Biden made this damning admission.
At a recent event in Westby, Wisconsin, President Joe Biden openly admitted that the $700 billion Inflation Reduction Act was misnamed. The act, which was meant to tackle inflation, also included a substantial $369 billion allocation for green energy initiatives.
However, Biden acknowledged that the title didn’t quite capture the essence of the legislation. Referring to the bill, he commented, “we should’ve named it what it was.”
WATCH:
Joe Biden just STRAIGHT UP ADMITTED that the Inflation Reduction Act was a TOTAL SCAM that had NOTHING to do with reducing inflation!
— Townhall.com (@townhallcom) September 5, 2024
Does Kamala Harris agree with this?
"We should've named it what it was!" pic.twitter.com/2WL7N1exN2
Biden also emphasized that the legislation is “the most significant climate change law ever.” Indeed, it’s clear that the act, originally a scaled-down version of the failed Build Back Better Act, was intended to be a major step forward in combating climate change.
The Department of Treasury echoed this sentiment in a release from November 2022, hailing the bill as “the single most significant legislation to combat climate change in our nation’s history.”
However, the law’s effectiveness in reducing inflation has been called into question. According to the Penn Wharton Budget Model, the act would only bring inflation down by a mere .1 percent over five years.
Similarly, the Congressional Budget Office’s (CBO) analysis offered a modest projection, indicating little immediate impact on inflation.
The Inflation Reduction Act narrowly passed the Senate in a 51-50 vote, with Vice President Kamala Harris breaking the tie. It later moved through the Democrat-controlled House in a similarly partisan fashion.
Critics, specifically Sean Moran of Breitbart News, have noted that the bill doesn’t just focus on inflation or climate change. It allows Medicare to negotiate drug prices, extends Obamacare subsidies for another three years at a cost of $64 billion, and aims to reduce the deficit by $300 billion.
Additionally, it increases taxes despite the country being on the verge of a recession. Another point of contention is the $80 billion boost in funding for the IRS, making it a larger entity than several other major government agencies combined.
Moran also pointed out that the bill is rife with “budget gimmicks and fake offsets” that obscure its true financial impact. Some financial experts have also expressed concerns about the broader economic implications of the nearly trillion-dollar package.
BlackRock CEO Larry Fink highlighted how continued fiscal spending, including the Inflation Reduction Act, makes it difficult to bring inflation down to two percent. He pointed to other large spending initiatives such as the CHIPS Act and the Infrastructure Act, calling the cumulative impact inflationary.
Former Trump economic advisor Larry Kudlow was among the harshest critics of the legislation. In a segment on Fox News in August 2022, Kudlow argued that the bill is completely devoid of incentives for economic growth. “There is not one single iota, scintilla, whit, shred or morsel of economic growth incentives in this bill,” he said, emphasizing his frustration with the legislation.
With inflation still high—the Consumer Price Index climbed 2.9 percent year-over-year as of July—the debate surrounding the Inflation Reduction Act’s true purpose and effectiveness remains heated between Leftists and conservatives.
Simply put, the bill is a waste of taxpayer dollars that does nothing to reduce inflation and instead increases the size of government agencies.
But at least for once, Joe Biden has decided to be honest about the Inflation Reduction Act’s true intentions, even if it’s too little too late.
Stay tuned to The Federalist Wire.
