On August 16, 2022, President Joe Biden signed the Inflation Reduction Act into law and ushered in what he proudly called “Bidenomics.” Turns out, the bill had nothing to do with reducing inflation.
One year later, in August 2023, Biden admitted that he lied. “I wish I hadn’t called it that,” Biden said of Inflation Reduction Act. “Because it has less to do with reducing inflation than it does to do with dealing with providing for alternatives that generate economic growth.”
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In fact, not only did the bill fail to reduce inflation, Bidenomics has made inflation worse. The Congressional Budget Office found that the bill likely had a negative impact on inflation. (Poll: Is CNN ‘Fake News’? VOTE)
Even if inflation goes to zero tomorrow, we’ll still be stuck with these high prices.
They’re a direct result of Pres. Biden’s economic policies. pic.twitter.com/YRiuqU3sjQ
— John Kennedy (@SenJohnKennedy) August 17, 2023
Therein lies the problem. The smoke and mirrors of politics introduced yet another Democratic initiative in which the federal government aims to generate economic growth. The government is never helpful in generating economic growth. In reality, the bill was simply another social spending bill that worsens inflation and hurts hardworking Americans.
Appearing on Fox News, Republican Senator John Kennedy said, “These high prices, they are permanent. Even if inflation goes to zero tomorrow, we’re still going to be stuck with these higher prices, which are a direct result of President Biden’s economic policy.”
Kennedy notes how the slight decline in inflation simply means prices aren’t going up as fast as they were, but prices are still going up. (Trending: Ex-Capitol Police Chief Drops Bombshell About Jan 6)
“Because of President Biden’s inflation, and Bidenomics, [families are] paying an extra $700 a month, $9,000 a year, and they don’t have it,” he continued. “Yes, if there’s any good news, the rate of inflation has been thawing.”
“Now, what does that mean? That just means prices are still going up, but they’re not going up as quickly as they were. But these — I hate to say it, but these high prices, they are permanent,” he explained. “Even if inflation goes to zero tomorrow, we’re still going to be stuck with these higher prices, which are a direct result of President Biden’s economic policy.”
“And do the people around the White House get it? I think some get it, but they can’t defend it. Others just feel like their favorite form of spending — which is causing this inflation — is more, and they don’t get it. But either way, this is all — this inflation’s a cancer on the American Dream,” he said.
“And I will tell you, it’s going to be — I know President Biden wants to change the subject in the election to President Trump and his indictments, but if you ask me to single out one thing that is causing President Biden — as I said — to be about as popular as robocalls, it’s this inflation.”
