Today, President Joe Biden signed the absurdly titled "Inflation Reduction Act" into law. However, independent economic analyses have confirmed that the bill will not reduce inflation anytime soon.
"President Biden lied to Michigan families when he said his massive spending bill would reduce inflation. Independent experts have now confirmed Biden's bill will not help and Michigan families will continue to feel pain at the gas pump and the grocery store for months to come. Biden and the Democrats have passed trillions in extra spending and they have left Michigan families behind to deal with the consequences of a recession and soaring inflation," said Congressman John Moolenaar.
CBS News recently reported, "the impact on inflation 'is statistically indistinguishable from zero,' the Penn Wharton Budget Model said."
The nonpartisan Congressional Budget Office has also said the bill will have no noticeable effect on inflation in the next year and a half.
Original source can be found here.
