On 7/29/2022, during press conference, White House Press Secretary Karine Jean-Pierre cheered the renamed Inflation Reduction Act. Karine Jean-Pierre says $433 billion Inflation Reduction Act WILL fight inflation and calls Republican opposition “false rage” – despite economic model predicting it will raise costs until 2024. She brushed off a new analysis that showed its impact on prices would be “statistically indistinguishable from zero.” She called the deal, struck between West Virginia Democratic Sen. Joe Manchin and Majority Leader Charles Schumer “historic legislation this is going to be a game changer for so many Americans.” Less certain is Democratic Sen. Kyrsten Sinema, who has avoided reporters and declined to comment on the bill. It has the potential to hand President Biden a major win after prolonged negotiations, and would invest billions in climate programs while meeting his pledge to establish a 15 per cent minimum tax.
A new Penn Wharton analysis by the University of Pennsylvania concluded the package would ‘very slightly increase inflation until 2024 and decrease inflation thereafter. These point estimates are statistically indistinguishable from zero, thereby indicating low confidence that the legislation will have any impact on inflation.’ That is still a far cry from many Republicans who have tried to tag the bill as a big driver of inflation. The study notes it would ‘reduce cumulative deficits by $248 billion over the budget window.’
On 7/29/2022, Democrat Speaker of the House Nancy Pelosi said, “we’ve never spent this much money,” during her remarks at her weekly press conference.
On 7/29/2022, Former President Barack Obama Economist Larry Summers said the “odds are very high” the U.S. is in a recession, during a segment on MSNBC’s “Reports” with Andrea Mitchell.
On 7/28/2022, CNN’s Jake Tapper fact checked President Joe Biden advisor Gene Sperling on the definition of a recession, during a segment on CNN’s “The Lead” with Jake Tapper.
On 7/28/2022, Fox News’ Neil Cavuto called out President Joe Biden advisor Gene Sperling on the President Joe Biden recession and how President Joe Biden should “just acknowledge [people’s] pain,” during a segment on Fox News’ “Your World” with Neil Cavuto.
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Inflation Reduction Act laughs, What? How? When? Never spent this much money; Recession definition.