It’s been one year since the Democrats infamous “Inflation Reduction Act” that doesn’t actually do a darn thing to truly lower inflation.
Even Joe Biden himself recently admitted to having regrets for labeling his law with such a deceptive title.
“I wish I hadn’t called it that because it has less to do with reducing inflation than it has to do with providing alternatives that generate economic growth,” Biden said at a fundraiser in Utah, according to the Associated Press.
In fact, this was a common criticism from Republican lawmakers and right-wing economists when the bill was in the process of being passed last summer.
Many in GOP noted the bill had no intentions of reducing inflation at all, but instead it seemed to be a sneaky attempt to usher in Draconian climate change policies.
At another recent fundraiser in New Mexico, Biden admitted the bill had “nothing to do with inflation.”
Related: U.S. Power Sector Expresses Anxiety Over Biden Carbon Plan
Instead, “[i]t has to do with the $368 billion, the single-largest investment in climate change anywhere in the world, anywhere,” Biden stated. “No one has ever, ever spent that. And it’s beginning to take hold.”
Economists have been warning the American public for a year now about the long-term dangers of this ridiculous, omnibus spending bill.
Author and George Mason University professor, Steven Pearlstein, warned Americans in a Washington Post op-ed that over-stimulating the economy with huge spending bills for too long can lead to an even larger economic crisis than the problems caused by the plunging stock prices and high unemployment COVID-19.
He notes the government provided fiscal and monetary stimulus for far too long.
The charitable explanation, at least in the United States, was that officials were determined not to repeat what they believed — wrongly — was the mistake of excess timidity during the financial crisis and recession of 2008, and that any big jump in the inflation rate would be short-lived. An equally plausible explanation is that President Biden and a Democratic Congress were eager “not to let a good crisis go to waste,” and so used it to justify big increases in public spending and investment to achieve economic, social and environmental justice.
He explains that any progress that seems to be made is usually short-lived and will make the problem worse in the long run.
In hindsight, it is clear that policymakers ignored warnings and overdid it. But it is equally true that economic policy is not a science, and that the global economy is not a system that can be controlled by a couple of dials in Washington.
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