Democrats’ new spending bill, the “Inflation Reduction Act of 2022,” will have a statistically insignificant impact on inflation, according to an analysis released Friday.
The legislation, a budget reconciliation bill proposed by Democratic Sens. Chuck Schumer of New York and Joe Manchin of West Virginia, is intended to address skyrocketing inflation by subsidizing energy and health care costs for consumers and lowering the budget deficit. However, despite its numerous tax increases, the bill will only cut deficits by $248 billion and fail to have any measurable effect on rampant inflation, according to an analysis by the University of Pennsylvania’s Penn Wharton Budget Model.
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