BEHRENS: Inflation Act Supporters Must Also Bear Costs
TL/DR –
The article discusses the Inflation Reduction Act (IRA) signed by President Joe Biden two years ago. It suggests that despite promises that the act would lower costs for American families, inflation has continued to rise, with the cost of electricity, gasoline, and food all increasing significantly. The author argues that the IRA has failed, and has instead been used as a fund for supporting green companies and Biden’s climate initiatives, leading to higher costs for American citizens.
The Promises and Realities of the Inflation Reduction Act
Two years ago, when President Joe Biden signed the “Inflation Reduction Act”, it was accompanied by a promise and a warning from the White House. “This Act will generate jobs, make our tax code fairer, and reduce costs for American families,” said Biden. This ideal was echoed by others who highlighted the absence of Republican support for the bill.
Notably, Senator Bob Casey of Pennsylvania assured Pennsylvanians that they would see lower costs for gas, goods, and healthcare without any new taxes. Similarly, New Mexico Senator Martin Heinrich touted the Act as a measure to lower energy costs for middle-class families. However, despite these pledges, the cost of living has continued to climb.
Fast forward to 2024, inflation stands at 8.3% and the impact of the Inflation Reduction Act on the economy is under scrutiny. The rising cost of electricity, gasoline, and food, with increases of 21 percent and 54 percent respectively, has triggered questions on the Act’s effectiveness.
Since Biden took office, the average inflation rate has reached 5.6 percent, the highest yearly-average since 1981. Even though the current inflation rate of 3.4 percent is being celebrated, it’s substantial compared to President Trump’s worst inflation performance.
The impact of the Act is clear to Americans; it has failed to deliver on its promises. Before the ink on the Act had dried, attempts were made to rebrand it as confrontational to the climate crisis, implying the initial aim of reducing inflation was overshadowed by environmental priorities.
Two years post the Act’s implementation, it appears to be a slush fund enabling Biden to aid his climate-focused friends. John Podesta, a political operative, manages the funds, attracting green companies seeking taxpayer handouts.
As the next election looms, politicians who advocated for the Act are seeking re-election. They’ll need to answer to constituents still burdened by high prices. The Inflation Reduction Act has already extracted a steep cost at the gas pump and grocery store – now it’s time for those who supported it to pay at the ballot box.
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