President Joe Biden is switching tactics to attempt to win back millions of voters who refuse to buy into the reported successes of “Bidenomics.” A quick trip to the gas pump or grocery store tells Americans the truth about Bidenomics and how Biden has single-handedly destroyed countless lives across the nation.
Rather than continuing to ask Americans not to believe their own eyes and experiences, Biden has switched tactics to narrow down on one part of Bidenomics: the little-known, massively overpriced, and pork-filled Inflation Reduction Act.
Other than pushing America one step closer to bankruptcy, what has the Inflation Reduction Act accomplished? To listen to the administration, it has brought inflation down significantly.
But one year after its contentious passage, economic experts claim that cooling inflation rates have little, or nothing at all, to do with the IRA.
Harvard University economist Jason Furman adamantly says that he is unable to think of “any mechanism by which it would have brought down inflation to date.”
Economic and budget analyst Alex Arnon agrees with Furman, adding, “We can say with pretty strong confidence that it was mostly other factors that have brought inflation down. The IRA has just not been a significant factor.”
These revelations shouldn’t come as a surprise to anyone. A year ago, when the debacle was passed into law, the Congressional Budget Office warned that the law’s s impact on inflation would be “negligible.”
At the time it was passed, the president promised it would reduce inflationary pressures. It was politically motivated to alleviate the public’s perception of out-of-control consumer prices, which were rising faster than any point seen within the previous four years.
Biden recently switched his narrative at a fundraiser in Utah, confessing that he wished he hadn’t called it the Inflation Reduction Act because “it has less to do with reducing inflation” than it allegedly has with “providing alternatives that generate economic growth.”
During a speech in New Mexico, Biden pivoted away from the IRA’s role in “reducing inflation” and pointed to climate change initiatives and touted the bill’s $368 billion expenditure as beneficial in creating jobs in renewable energy.
In addition, progressive economists claim that the IRA’s multi-billion-dollar green energy allotment will help at the pump. According to Mark Zandi, these initiatives will reduce the nation’s reliance on fossil fuels, which in turn will stop oil prices from spiking, a factor he said has contributed to nearly every recession since World War II.
The IRA “rewards” taxpayers with tax credits for taking steps to “go green.” These tax credits allegedly reduce the price of solar rooftop panel installation by 30% and claim that electric utility companies will “pass roughly $8.2 billion” in renewable energy savings on to consumers, which most Americans recognize is a hollow promise. Corporations do not “pass on savings” to consumers, even in the best economy.
The only good news to emerge from the monstrous IRA is for those on Medicare. In 2025, the law caps out-of-pocket prescription costs at $2000 per year, and lowered insulin will be capped at $35. The insulin prices, however, had been enacted under former president Donald Trump who had also lowered the premiums for Medicare in 2017 to the lowest levels in seven years. In fact, Biden’s only action on insulin pricing was to freeze his predecessor’s order before “reviewing it” and allowing it to move forward.
Biden’s new plan of attack, citing the “success” of the IRA, may initially be a wise one. Per a July poll, 71% of Americans had little to no idea what was in the 2022 bill. That paves the way for the president and his supporters to pitch the bill’s “successes,” at least in the beginning.
But the same poll reveals that almost 60% of Americans disapprove of the administration’s handling of “climate change,” so touting the green energy components of the bill may not hold the appeal Biden hopes for.
Americans needed politicians to pass legislature that would help them pay bills and living expenses. Instead, they will see that billions of dollars were allocated for “climate change” initiatives.
Finding anything to point to as an accomplishment is getting harder for the sitting president, and he will need to change his campaign course yet again when the common peasants see how their money is being spent under the umbrella of the Inflation Reduction Act.
Americans can’t afford to feed their families, much less pay for the president’s pet projects.
