CBO Confirms to Graham: Dems’ “Inflation Reduction Act” Won’t Reduce Inflation
“Proposal’s effect on inflation is negligible at best”
08.04.22
https://www.budget.senate.gov/ranking-member/newsroom/press/cbo-confirms-to-graham-dems-inflation-reduction-act-wont-reduce-inflation
“When it comes to the Manchin-Schumer so-called ‘inflation reduction’ proposal, another shoe has just dropped. According to CBO analysis, the proposal’s effect on inflation is negligible at best. The estimate ranges from reducing inflation by 0.1 percent to increasing it by 0.1 percent in the near term. The idea that this tax and spend proposal is going to blunt inflation is yet again rejected, this time by CBO. Democratic statements about the proposal are quite frankly wrong and misleading.
CBO found:
The so-called “Inflation Reduction Act” will not reduce inflation. In fact, the bill could slightly increase inflation in 2023. Further, extending Obamacare subsidies for the wealthy is an inflationary policy and would reduce incentives to work.
The U.S. economy shows signs of slowing and we could be in a recession right now.
The 15% corporate minimum tax reduces incentives for businesses to invest in things like new factories and equipment.
