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The name of the Act sounds great but how does it actually do what it’s supposed to do? Democratic Congressman Jamie Raskin was happy to talk about it until a reporter asked him point blank what in particular does this act do to lower inflation. The question was refused. He played it up, the sooner it’s put into action, the sooner Americans will feel relief. It passed along party lines in the House and Senate.
Inflation isn’t touched
Raskin began, “As soon as the act goes into effect, I hope that all of the provisions will begin to work. I’m — I know that those who have been blaming President Biden for the inflation going up are now giving President Biden all the credit for inflation going down. So we’re moving things in the right direction already.”
The reporter pressed, “And what parts of the bill do you think will put — will work on that specifically?” Raskin declined to answer, “Next question.”
"What parts of the bill do you think will put to work on [lowering inflation] specifically?"
Democrat Rep. Jamie Raskin: "Next question." pic.twitter.com/88O5sWNgJP
— RNC Research (@RNCResearch) August 15, 2022
The Act passed
Along party lines. It’s a climate, health and tax bill that will swell the ranks of the IRS. Very few though have been able to explain how this will help with its tons of new spending.
The White House press secretary couldn’t do it either. Karine Jean-Pierre spoke with Jonathan Karl on ABC’s This Week.
The economists say it reduces inflation
Karl said the CBO said the Act doesn’t get the job done,
“But let me ask you, it’s called the ‘Inflation Reduction Act,’ but the Congressional Budget Office, which is nonpartisan, said that there would be a negligible impact on inflation this year and barely impact inflation at all next year, isn’t it almost Orwellian? How can you call it inflation reduction when the nonpartisan experts say it’s not gonna bring inflation down?”
Jean-Pierre said economists on both side of the aisle said it would work, “Look, here’s the thing. We have 126 economists, both Republicans, both Democrats who have said it’s going to fight inflation, five former secretaries of treasury.”
Jean-Pierre stayed firm
Karl pressed further, “So you disagree with the assessment of the CBO?” She blamed any disinformation on Republicans. “Well, there’s more to it than that.”
The University of Pennsylvania backs up the Congressional Budget Office, saying the impact on what the act is supposed to do will be “statistically indistinguishable from zero.” Economists are weighing in on this and there’s nothing here.
