Biden says the Inflation Reduction Act didn't have much to do with reducing inflation

"I wish I hadn’t called it that," Biden said, referring to the legislation that was signed into law last year.

Published: August 11, 2023 8:05am

President Joe Biden acknowledged at a campaign event in Utah that the Inflation Reduction Act signed last year didn't actually have much to do with reducing inflation. 

"I wish I hadn’t called it that," Biden said at the event in Park City Utah, according to the press pool report. "It has less to do with reducing inflation than it does providing for alternatives that generate economic growth."

"And so, we're now in a situation where if you take a look at what we're doing in the Inflation Reduction Act, we're literally reducing the cost of people being able to make their — meet their basic needs," the president added.

The Inflation Reduction Act  which was signed into law in August of 2022, received a lot of pushback from GOP lawmakers who alleged the legislation was filled with demands that had nothing to do with bringing inflation down. 

This act contained $740 billion, with $80 billion going to expand the IRS, had more taxes on corporations to invest in climate change and health care, and had people enrolled in the Affordable Care Act plan receive more financial assistance.

Biden originally said a month before he signed the legislation into law that the act would bring down inflation, according to Fox News.

"The Inflation Reduction Act is the strongest bill you can pass," Biden said, according to the network. "It will lower inflation, cut the deficit, reduce health care costs, tackle the climate crisis, and promote energy security." 

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