For the past two years, we have watched as inflation has wreaked havoc on our economy. prices have been skyrocketing, and wages have been staying static. Families are struggling, and small businesses are suffering. And what has the Democratic senator done about it? Given a weak excuse for why they haven’t done anything to help. It’s disgraceful.
According to the Daily Wire, Democrat Senator Michael Bennet of Colorado said inflation hasn’t been reduced by the Inflation Reduction Act because it hasn’t yet taken hold.
Bennet said on CNN’s “State of the Union” Sunday that the Democrats’ $740 billion tax and spending plan has not been implemented.
Americans are not seeing any relief due to high gas prices, a broken global supply chain, and the time it takes to put the law into effect, Bennet argued.
In spite of Bennet’s claims, expert analyses have shown that the Inflation Reduction Act will not reduce inflation in the short or long term.
It was found in July that the bill could actually increase inflation through 2024, according to a study by the Wharton School of Business. According to Wharton’s budget model, even after that the law’s impact on inflation would be “statistically indistinguishable from zero” for the remainder of the decade, “indicating a low level of confidence that the legislation would affect inflation at all.”
Prescription drug prices are unlikely to be reduced in the short term by the Inflation Reduction Act either. Beginning in 2026, the Secretary of Health and Human Services will have the authority to negotiate drug prices.
It imposes a 16.4 cent per barrel tax on imported crude oil and petroleum products, so critics warn it might not lower gas prices.
As we previously reported, The Producer Price Index ticked up 0.4% in September after falling 0.2% in August, according to the Bureau of Labor Statistics. And, annual inflation was 8.2%, and core inflation, which excludes energy and food prices, was 6.6%, the highest level since 1982.