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On Thursday, President Biden acknowledged that the Democrats’ landmark Inflation Reduction Act didn’t primarily focus on diminishing the nation’s then-historic inflation, contrary to his previous assurances to the American public.
“I regret naming it that way. It’s more about fostering alternative strategies for economic growth rather than merely addressing inflation,” Biden remarked at a campaign fundraiser in Park City, Utah, as per a press pool report.
Biden explained, “Through the Inflation Reduction Act, we’re actively lowering the expenses individuals incur for their fundamental necessities.”
He further commented, “In the midst of inflation, there are methods to grant relief,” pointing to the negotiation of medical costs as an illustrative measure.
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This stance is notably different from his July 2022 statement, made before the Inflation Reduction Act was ratified by Congress along party lines.
Back then, Biden had proclaimed, “The Inflation Reduction Act is our most potent legislative tool. It aims to curtail inflation, slash the deficit, decrease healthcare expenses, address the climate emergency, and bolster energy independence.”
Fox News Digital’s effort to get a response from the White House was met with silence.
It’s worth noting that during the bill’s introduction, amidst an inflation rate nearing its four-decade peak, several assessments doubted its efficacy in curbing inflation.
The Congressional Budget Office projected a minimal effect on the 2022 inflation rate, while in 2023, the bill might either reduce inflation by 0.1% or boost it by the same margin.
My message to Congress is this:
The Inflation Reduction Act is the strongest bill you can pass. It will lower inflation, cut the deficit, reduce health care costs, tackle the climate crisis, and promote energy security. pic.twitter.com/YtF1h7G7R5
— Joe Biden (@JoeBiden) July 28, 2022
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