Why So-Called Inflation Reduction Act Doesn't Reduce Inflation

The Daily Signal

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🗓️ 10 August 2022

⏱️ 22 minutes

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Summary

The Senate narrowly passed the "Inflation Reduction Act" on Sunday, thanks to a tie-breaking vote from Vice President Kamala Harris. But would the bill, if also passed by the House, actually reduce the record-high inflation faced by Americans? "The bill drafters will tell you that it reduces deficits, which means it would be less pressure on the Federal Reserve to print money to cover the deficit, which is what they've been doing for the last two years, which is how we got the inflation we had," Heritage Foundation senior policy analyst Richard Stern says. (The Daily Signal is Heritage's multimedia news organization.) "However, the real truth is, if you go through the bill, it's going to probably increase deficits by $350 billion over the next 10 years, which is a lot of money obviously," Stern says. The House is preparing to vote this week on the Democrats' tax and spending bill, which likely will be signed into law Friday by President Joe Biden. Stern joins "The Daily Signal Podcast" to discuss the so-called Inflation Reduction Act, its impact on the average American, and why Stern is hopeful that better policy is on the horizon. Hosted on Acast. See acast.com/privacy for more information. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the Daily Signal Podcast for Wednesday, August 10th.
0:09.8	I'm Kate Trinco.
0:11.0	And I'm Samantha Rank.
0:12.6	Americans are facing the highest inflation rate in nearly 40 years.
0:16.1	Over the weekend, the Senate passed the Inflation Reduction Act with the help of Vice
0:19.5	President Kamala Harris as the tie-breaking vote.
0:22.3	The bill now heads to the House for a final vote this week.
0:25.4	But what does the so-called Inflation Reduction Act actually do?
0:29.4	Will it really help reduce inflation?
0:31.4	I talk with Heritage Foundation Senior Policy Analyst Richard Stern about that, how it
0:36.3	could impact you, and why the government is hiring 87,000 new IRS agents in today's
0:42.2	episode.
0:43.2	But before we get to Samantha's conversation with Richard Stern, let's hit today's top
0:47.8	news.
0:59.8	Leading Republicans are reacting to the FBI's raid of former President Donald Trump's
1:04.0	home on Monday.
1:05.5	The FBI searched Mar-a-Lago and reportedly removed both boxes and documents containing
1:10.3	potentially classified information, but no electronics were taken according to CBS.
1:15.9	Trump issued a statement following the raid, saying, after working and cooperating with
1:20.4	the relevant government agencies, this unannounced raid on my home was not necessary or appropriate.
1:26.6	The former president also said the FBI even broke into a safe.
1:30.8	Missouri Senator Josh Hawley tweeted on Tuesday morning, the raid by Joe Biden's FBI on
	...

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