An independent analysis of President Biden’s ballyhooed Inflation Reduction Act finds it won’t reduce inflation at all.
The Penn-Wharton Budget Model found that the proposal, which includes $433 billion in new spending on climate and other items, “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,” the study said Friday.
The president is proclaiming the bill as the antidote to 41-year-high inflation of 9.1%, which has contributed to Mr. Biden’s low approval ratings.