On 8/7/2022, Democrats passed their $800 billion spending bill in senate. The bill was passed in a 51-50 party-line vote after a 2-day vote-a-Rama. Kamala Harris cast the tie-breaking vote. They all applauded after passing Inflation Reduction Act today. They passed this during a recession, with a 9.1 percent inflation, just months away from an election.
The bill, which passed the senate through budget reconciliation, will head to the House of Representatives for a Friday vote. A letter sent to House and Senate leadership from 230 economists argues that the Inflation Reduction Act is expected to contribute to skyrocketing inflation and will burden the U.S. economy, contrary to President Biden and Democrats’ claims.
On 8/6/2022, even Socialist Bernie Sanders admitted this bill would not lower inflation. Sen. Bernie Sanders criticized his party’s Inflation Reduction Act, saying it does not do enough to fight inflation. “The so-called Inflation Reduction Act that we are debating this evening, and I say so-called by the way, because according to the CBO and other economic organizations that have studied this bill, it will, in fact, have a minimal impact on inflation,” Sanders said on the Senate floor.
Democrat Sen. Ben Cardin dismisses concerns over 87,000 new IRS agents in inflation reduction act. Democrat Sen Blumenthal IRS targeting average Americans preposterous (but that’s exactly what happens).
San Francisco Fed President Mary Daly said “it’s really hard to tell” how Dem bill will impact inflation.
Another dodge: Connecticut Democrat Sen Richard Blumenthal refuses to say if Biden should run in 2024.
Democrat Sen. Chris Coons doubles down even as estimates say Inflation Reduction Act won’t lower inflation.
Biden approval at 33% in Georgia, but Dem Stacey Abrams says she’d “absolutely support” him in 2024.
On 8/5/2022, during briefing, a reporter asked KJP, “I was hoping — could you address a new CBO analysis about the Inflation Reduction Act that says it would have almost no impact or a negligible impact on inflation in 2022 and 2023?”
JEAN-PIERRE: So I’ll say this: You know, leading economist have said that this Inflation Reduction Act that’s been analyzed by them, that’s been looked at by these economists will indeed reduce inflation. And we’ve heard from 126 leading economists, including seven Nobel Prize winners. They say it — it will put downward pressure on inflation. Five former Treasury Secretaries, yesterday, from bipartisan administrations, say it will fight inflation. That’s former — we’re talking about former Treasury Secretary Larry Summers; former CEA Chair Jason Furman; Maya MacGuineas, President, Committee for a Responsible Federal Budget. All have said that it will fight inflation.
Reporter: But is — I mean, is it a dismissing of the CBO though? And is it fair? I mean, is it — is it appropriate to brand it as the Inflation Reduction Act when it will have such a little effect in the next two years, when people are feeling it right now?
JEAN-PIERRE: Well, if you think — if you think about the — the Reduction Act legislation, the Inflation Reduction Act, it will have an effect also on … when you think about the $300 billion that’s going to go to the deficit that we’ve already — the deficit coming down that we already saw in — $1.7 trillion last year, that is going to make a difference. That is going to fight inflation. And so, it should be called the Inflation Reduction Act because that’s exactly what it’s going to do. It is an anti-inflation bill that the President is grateful for, and it’s historic in all of the ways that I just laid out. And let’s not forget: You know, you have the majority of Americans who support the different components of this bill, and so that is important. This is something that the President has been working on for a long time, and also making sure that corporations pay their fair share. And that is also important. And not increasing taxes on Americans who are making under $400,000.
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Harris cast tie-breaking vote, Bernie Sanders: So-Called Inflation Reduction Act minimal impact on inflation