Some would say it won’t reduce inflation ever.
According to The Daily Wire, Senator Joe Manchin (D-WV), a key vote and proponent of the Inflation Reduction Act, is warning Americans that his very helpful bill may not be helpful any time soon.
According to DW, when asked by Fox News whether the title of the law is misleading given its lack of effect on the price of staple goods, Manchin replied, “Why would it?”
“Well, immediately it’s not,” Manchin added. “We’ve never [said] anything would happen immediately, like turn the switch on and off.”
Not exactly reassuring words to hear from the Senator from West Virginia.
From The Daily Wire:
Indeed, a recent study from nonpartisan economists at the University of Pennsylvania’s Wharton School found that the Inflation Reduction Act would have an impact on price levels “statistically indistinguishable from zero” despite its high price tag. The Consumer Price Index (CPI) has risen 8.5% year-over-year as of July, according to a report released last week by the Bureau of Labor Statistics.
Manchin nevertheless claimed that the new law will produce savings over a decade-long time horizon, especially with respect to climate provisions such as electric vehicle and solar panel tax credits.
“That’s not going to be overnight. They have incentives to do that, to help them,” Manchin said. “Trust me, if you have something going bad in your home where you’re replacing it, and you have some assistance you’re thinking of, that might be of help.”
More at The Daily Wire