After over a year....how is Biden's Inflation Reduction Act helping you?

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One Year Later, President Biden's 'Inflation Reduction Act' Is a Total Flop

One year ago today, President Biden signed the so-called "Inflation Reduction Act" into law. Today, the president will take the stage and attempt to take a victory lap over this legislative "victory." But an honest accounting reveals that the misleadingly-named Inflation Reduction Act has woefully failed at its namesake goal: reducing inflation.

The legislation mostly consisted of green energy subsidies, healthcare subsidies, tax increases, and more funding for the Internal Revenue Service. Yet the President sold it to the public as a way to bring down the crushing inflation that continues to bankrupt the American people. (The typical U.S. family spent $709 more on monthly expenses last month, July 2023, than it did in July two years ago.)

The president promised during the debate over the legislation that the Inflation Reduction Act was "the strongest bill you can pass to lower inflation, reduce costs, and tackle our climate crisis." But, while the inflation rate has dropped significantly, many economists from across the political spectrum agree that the IRA has had essentially no impact on that decline, which is almost entirely due to other factors, including the expiration of COVID stimulus spending and the Federal Reserve's changes in monetary policy.

"I can't think of any mechanism by which it would have brought down inflation to date," former Obama administration economist Jason Furman told the Associated Press.

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