Welcome to the Eric Erickson Show podcast, Our Three.

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Well, we got to go back to a topic I am exhausted by, but we still need to deal with it.

News outlets have finally decided it's okay now that it's passed to tell everyone that the

Inflation Reduction Act doesn't actually reduce inflation.

Does it actually reduce inflation?

This is from CBS News.

The Inflation Reduction Act is aimed at tackling a host of problems from climate change to catching tax cheats,

but there's one issue it may not solve,

reducing inflation. That's the conclusion of the Penn Wharton budget model, a group of

economists and data scientists at the University of Pennsylvania who analyzed public policies

to predict their economic and fiscal impacts. Its analysis published Friday comes as inflation remains near a 40-year high, crimping the budgets of consumers and businesses alike.

The Inflation Reduction Act would invest nearly $400 billion in energy security and climate change proposals aimed at reducing carbon emissions by approximately

40% by 2030.

It would allow Medicare to negotiate with drug makers on prescription prices and would

limit out-of-pocket drug expenses for seniors to $2,000 annually.

The bill also directs $80 billion in funding to the IRS to hire more

auditors. But the impact on inflation is statistically indistinguishable from zero. The

Penn Wharton budget model said Friday. Likewise, the Congressional Budget Office says it will

have no impact at all on inflation.

Jonathan Carl, fill it in for George Stephanopoulos, had Corrine Jean-Pierre, the White House Press Secretary,

...