Americans don't expect Inflation Reduction Act to actually reduce inflation, poll finds
Most economists say the measure signed into law by President Biden will not curb inflation despite its name.
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The majority of registered voters don’t expect the Inflation Reduction Act to actually reduce inflation, according to a new poll.
A Morning Consult/Politico survey reports that only 24% of those surveyed expect the $740 billion climate, tax and health care bill to reduce inflation while 34% said it will make inflation worse.
Biden signed the legislation Monday, which includes tens of billions of dollars in renewable energy investments as well as an Obamacare expansion, authorization for Medicare to negotiate certain drug prices, and a $35 per month cap on insulin copays, among other measures.
Most economists say the measure will not curb inflation despite its name.
Supporters of the bill argue it will lower inflation by reducing deficit spending, which is in part paid for by a 15% minimum tax on companies with more than a billion dollars in revenue as well as a hiring spree of IRS auditors.
The survey also asked: “As you may know, inflation rose 8.5% in July compared to a year ago, but slowed to 0% on a month-to-month basis, as consumer prices held steady since June. To what extent do you think each of the following is responsible for the increasing inflation in the U.S. economy?”
When asked if the Biden administration was responsible, 38% said the administration is “very responsible” and another 21% said “somewhat responsible.” The poll found 16% said the Biden administration was “not too responsible” and 15% said the administration was “not responsible at all.”
The survey found registered voters trust Congressional Republicans more than Democrats to handle inflation with 46% picking Republicans and 37% choosing Democrats.