President Joe Biden signs the Inflation Reduction Act.
Washington: President Biden will sign the landmark inflation reduction act at the white house today the sweeping climate and health bill passed last week after nearly a year of negotiating it's a victory for democrats comes at a critical time just ahead of the midterm elections the measure will allow medicare to negotiate the cost of prescription drugs with the goal of lowering out-of-pocket costs that's one provision it also increases taxes on large corporations makes massive investments in cutting greenhouse gas emissions as well republicans who oppose the bill said that new law actually does very little to address the biggest causes of inflation despite its name.
"Around 3:30 today, President Joe Biden signed another major spending bill called the Inflation Reduction Act. In a year we're supposed to be taking a hawkish approach to battle inflation their solution is to spend even more money, 369 billion to be exact, at the core it's really a climate change, health care and tax enforcement bill, are they going to enforce those taxes to pay for this monolith of a bill? Now that explains why 80 billion dollars from this bill is going straight to the IRS; also any business that makes more than a billion dollars a year has to pay a mandatory 15% tax. huh, is this really about inflation or is it more about saving face before midterms.".
According to statistics from the University of Pennsylvania, the Penn Wharton Budget Model states that the impact on inflation is strategically indistinguishable from zero. They also predicted the bill would actually increase inflation until 2024 and will have no impact on the GDP by 2031, but this is a big win for everyone, right?
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