Biden’s “solution” to runaway inflation (caused by rising gas prices) is to pass another massive spending bill.
The wrongly named “Inflation Reduction Act” will increase taxes while spending $433 billion. But not even Biden’s “favorite” economist is saying it will do anything to reduce inflation.
From The Washington Free Beacon:
The $433 billion Inflation Reduction Act will have no meaningful impact on consumer costs, according to the economist President Joe Biden cites most often.
By the end of 2031, the latest Democratic reconciliation bill would shave just .33 percent from the Consumer Price Index, the traditional inflation metric, according to a report from Moody’s Analytics chief economist Mark Zandi. The current CPI is 9.1 percent, the highest in over 40 years.
Well, look at that. Even Mark Zandi, an economist most cited by Joe Biden, is throwing water on this massive spending bill.
By the end of 2031 (nine years from now), this bill will reduce inflation by just .33 percent. That won’t do much to combat the 9.1% inflation we are experiencing right now—a 40-year high.
And inflation continues to increase with each passing month. So, it might not stay at 9.1%–it could get much higher by 2031.
Yet Biden is trying to sell this socialist spending spree as some kind of solution to inflation. When many experts explained inflation can be reduced if Biden reverses his anti-American energy policies.
When confronted on this topic, Biden’s spokesperson could even defend it.
President Joe Biden White House Press Secretary Karine Jean-Pierre could not produce any evidence that the Bidenflation Scam will lower inflation in the short-term, during the White House press briefing on 8/2/2022.
We are used to Jean-Pierre not having any answers. But when it involves a major piece of legislation meant to combat the biggest problem facing America, you’d think she’d have something to say.
If Democrats do pass this bill, it will only throw fuel on the inflation fire.
- Economist Mark Zandi revealed Biden’s “Inflation Reduction Act” will fail to reduce inflation.
- By 2031, the bill will have only reduced inflation by .33%.
- Zandi is most often quoted by Joe Biden to defend his policies.