When the Inflation Reduction Act (IRA) was presented and passed, we shredded it as nothing but earmarks and climate change in disguise, and of course, we were all called liars by Democrats and the media.
Well, now that Biden has confessed the legislation was wrongly named, I can't wait to see what they all have to say.
Talking Points…
- The Inflation Reduction Act (IRA) introduced
- Biden finally admits they lied
- Analysis
When the Inflation Reduction Act was first presented, inflation was soaring, and the White House and Democrats promised us that this legislation would help fight inflation, but that was not what it was at all. The legislation almost did not pass because Senator Joe Manchin (D-W.V.) was holding out. He eventually caved and signed on to the bill, at the time, stating:
"In addition to fighting inflation, we must stop pretending that there is only one way to combat global climate change or achieve American energy independence.
"The Inflation Reduction Act of 2022 addresses our nation's energy and climate crisis by adopting commonsense solutions through strategic and historic investments that allow us to decarbonize while ensuring American energy is affordable, reliable, clean and secure. The need to balance all of these critical energy priorities is no longer open to debate given the energy threats we face."
A year after the bill was signed, inflation had risen by 15%, groceries were up by at least 20%, gas prices by more than 60%, and natural gas prices by about 40%. This legislation was nothing more than an omnibus bill to pay for Democrat pet projects, including a massive pile of cash for their climate change objectives.
Everyone involved knew they were lying about how the bill was presented, but they just wanted a way to get the support of the American people while also having a way to take credit in case inflation started to ease. On Thursday, Biden finally admitted that they tried to pull the wool over the American people's eyes.
Biden was in Wisconsin this week patting himself on the shoulder for his wonderful presidency, part of that being the passing of the IRA, which had nothing to do with inflation at all. Biden even stated as much, telling the crowd:
"Through my investments, the most significant climate change law ever… and by the way, it is a $369 billion. It's called the… by the way, we should have named it what it was, but any rate…"
Yeah, at any rate, all they did was outright lie to the American people and misrepresent something because they wanted the money to feed their pet projects. When the bill passed, Fox News' Larry Kudlow hit the nail on the head, stating:
"There is not one single iota, scintilla, whit, shred or morsel of economic growth incentives in this bill. Not a single comma, semicolon, dotted 'i' or crossed 't' of growth. Nothing."
When Joe Biden took office in 2021, core inflation and inflation were 1.4%. When this legislation was passed, those numbers were 4.3 and 5.4%, respectively. A year later, those numbers were 5.9 and 9.1%, respectively. Today, those numbers sit at 3.2 and 2.9%, respectively, still double what they were when Biden took office.
This administration loves to brag about how much progress it has made on the economic front, but we are still not anywhere near where we were when Trump was in office, and this winter is likely to see those numbers soar again. Not to mention, we know we have to deal with the cost of the millions of illegal immigrants allowed into the country who are living on entitlement programs. And that, my friends, is why all of our bank accounts have been going backward for the last four years.
