(PartiallyPolitics.com) – On Thursday, President Biden admitted during a campaign fundraiser in Park City, Utah, that the goal of the Inflation Reduction Act was not really combating the record-high inflation rate which is what he had originally claimed.
During his appearance, Biden stated that the plan was not just focused on reducing inflation, but rather it was a way to expand alternative ways for growing the economy. He added that currently if you look at the Inflation Reduction Act, then what they are actually attempting is to reduce people’s living costs to help them pay for their basic needs.
He proceeded to argue that even if there is inflation, the reduced prices will allow Americans some more breathing space.
These latest remarks are dissimilar to the ones he had previously voiced in July 2022 ahead of the Inflation Reduction Act. At the time, Biden had claimed that the Inflation Reduction Act would not just help with lowering inflation, but it would also cut down health care costs, cut the budget deficit, and encourage energy security while also combatting the climate crisis.
Prior to the bill, which was passed at a time when the inflation rate had reached a four-decade record, several analyses of the bill had claimed that it would not help reduce inflation. The Congressional Budget Office also pointed out that the impact of the bill on inflation in 2022 would be reducing it by around 0.1 percent while the following year it would increase it by the same percentage.
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