News/Commentary

CBS News tells big truth about Dem’s Inflation Reduction Act …right AFTER it is signed into law

August 15, 2022 | | Print Article

In politics, timing is everything. This being a concept that males a crackerjack CBS News report stand out all the more.

On Friday, the same day the Democrat-led House passed the Inflation Reduction Act, sending the party’s coveted climate spending bill to President Biden’s desk, CBS News reported that the legislation is not likely to do much to stem rising prices that are wrecking the budgets of millions of American families — a number of experts had been saying this all along.

“The Inflation Reduction Act is aimed at tackling a host of problems, from climate change to catching tax cheats, but there’s one issue it may not solve: reducing inflation,” the network reported. “That’s the conclusion of the Penn Wharton Budget Model, a group of economists and data scientists at University of Pennsylvania who analyze public policies to predict their economic and fiscal impacts. Its analysis, published Friday, comes as inflation remains near a 40-year high, crimping the budgets of consumers and businesses alike.”

Think that analysis may have been more useful BEFORE the bill came to a vote? The Penn Wharton Budget Model published on Friday was not the only source questioning what impact the bill would have on inflation.

Zealots on the left wasted no time dropping the official title and simply calling it the “climate bill,” which is what it is in large part, having earmarked $369 billion for climate change while raising taxes during a recession that the fact-checkers say can’t be called a recession, while much of the media is simply calling it the “climate, tax, and health care bill.”

More from CBS News:

The Inflation Reduction Act would invest nearly $400 billion in energy security and climate change proposals, aimed at reducing carbon emissions by approximately 40% by 2030. It also would allow Medicare to negotiate with drugmakers on prescription prices, and would limit out-of-pocket drug expenses for seniors to $2,000 annually. The bill also directs $80 billion in funding to the IRS, aimed at helping the underfunded agency hire more auditors and beef up its customer service and technology.

But the impact on inflation “is statistically indistinguishable from zero,” the Penn Wharton Budget Model said on Friday.

 

One social media user summed it all up well, tweeting: “Whatever a bill is named by this regime I just automatically assume it will do the opposite.”

Here’s a quick sampling of responses to the story from Twitter:

Tom Tillison
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