Inflation has exploded under Joe Biden’s administration, reaching Consumer Price Index levels of 8% and 9%, and wholesale marks of up to about 11%. Gasoline, while down a bit in the last few weeks, as been in the $5 and $6 a gallon range.
That’s costing Americans thousands of dollars more this year to have the same lifestyle they did last year.
And it appears not to be going away any time soon.
That’s why the Democrats in power in Washington, D.C., voted to adopt the “Inflation Reduction Act,” even though experts say it raises taxes by billions, spends billions on green projects and actually probably won’t help with inflation,
But after Biden signed the measure into law, the White House went silent on when it will help Americans fighting surging prices, and how that will happen.
Fox News reported that in response to a request from Fox News Digital, the White House “did not immediately provide economic modeling showing when the bill will begin to significantly impact overall inflation – which sits at 8.5% over a year ago as of July.”
Further, the White House “did not immediately respond to a follow-up question about whether it had developed an estimate showing by how much it would curb price increases.”
It did claim the special interest group Committee for a Responsible Federal Budget claimed the massive spending will create a “deflationary” effect.
But, the report explained, “multiple outside studies and economists are projecting that the bill will have very little, if any, success in decreasing inflation.”
Even Sen. Bernie Sanders, I-Vt., who aligns with Democrats, called the bill’s impact on inflation minimal.
Democrats repeatedly have failed to provide specifics when they boast of the “reduction” in inflation they expect.
The response from Rep. Jamie Raskin, D-Md., was typical.
“As soon as the act goes into effect, I hope that all of the provisions will begin to work. I know that those who have been blaming President Biden for the inflation going up are now giving President Biden all of the credit for inflation going down,” he said.
But when asked what it actually will do, he responded, “Next question.”
The bill was supported by only Democrats, and GOP condemned the hundreds of billions of dollars in expenditures as a partisan spending spree, even as the nation endures a recession under Biden’s economy.
“Democrats’ response to the recession they caused is giant job-killing tax hikes and doubling the IRS,” said Senate Minority Leader Mitch McConnell, R-Ky.,
McConnell added: “Democrats have proven over and over they simply do not care about middle-class families’ priorities. They have spent 18 months proving that. They just spent hundreds of billions of dollars to prove it again.”
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