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President Biden is still claiming the Democrats’ Inflation Reduction Act will fight inflation despite evidence saying it won’t actually help alleviate the pressure on Americans’ wallets.
Biden claimed on Twitter Thursday that his newly signed bill will tackle inflation as well as the growing national deficit.
President Joe Biden holds a press conference.
(Fox News )
“The Inflation Reduction Act will cut the deficit and fight inflation,” Biden tweeted.
“And we’ll do it without raising taxes a single penny on families earning less than $400,000 a year.”
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The Congressional Budget Office said the bill will have “a negligible effect” on inflation in 2022, and in 2023 its impact would range between reducing inflation by 0.1% and increasing it by 0.1%.
Fox News Digital asked the White House if the president was confident the Inflation Reduction Act will actually reduce inflation and if Biden had any comment on the multiple analyses saying the law won’t reduce inflation.
White House deputy press secretary Andrew Bates told Fox News Digital that over “120 leading economists and a bipartisan group of five former Treasury secretaries have endorsed the Inflation Reduction Act, underlining that it will cut costs for families while fighting inflation by reducing the deficit.
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“The Committee for a Responsible Budget has said, ‘Almost every one of these policies, in and of itself, will fight inflation,'” Bates continued. “‘And, on net, the entire package most certainly will.’ Meanwhile, every Republican in Congress opposed the Inflation Reduction Act, voting against lower prescription drug, energy and health care costs.”
President Biden signed the Inflation Reduction Act into law this week.
(REUTERS/Kevin Lamarque/File Photo)
Bates said Republicans “chose special interests over the American middle class, and they’re doubling down on their plans to put Medicare and Social Security on the chopping block to protect tax welfare for the rich.”
However, multiple analyses of the bill warn it will not do what the White House claims it will.
President Biden hands Sen. Joe Manchin, D-W.Va., the pen he used to sign the Inflation Reduction Act.
(Drew Angerer/Getty Images)
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These facts were hard to come by on a number of liberal media networks, with reporters and hosts parroting talking points of congressional Democrats or, at the very least, failing to press them on the bill’s perplexing name.
Now, after the bill’s passage, media cheerleaders behind the bill are raising concerns.
Fox News Digital’s Nikolas Lanum contributed reporting.
