Even as President Joe Biden and top members of his administration tout the supposed benefits in the recently passed Inflation Reduction Act, it is clear that most Americans do not believe it will help them in any meaningful way.
According to a new NBC News poll, a staggering 71% of respondents said that the spending package would either make the nation’s economic situation worse or have no measurable impact.
Morning Consult conducted a separate survey that recorded similar results. In that poll, 34% of respondents said the bill would exacerbate inflation, 23% said it would not make things better or worse, and a mere 24% expressed confidence that it would actually reduce inflation as its name suggests.
Those results might not be surprising in light of pundits and economists across the ideological spectrum who advised that the bill’s provisions would not provide any measurable relief to Americans struggling to absorb surging consumer prices.
— Tucker Carlson (@TuckerCarlson) August 18, 2022
Not only has the bipartisan Congressional Budget Office indicated that the Inflation Reduction Act will have a negligible impact on inflation, but it has also warned that the bill’s massive cost would result in increased taxes for the middle class.
National Taxpayers Union Foundation Executive Vice President Joe Hinchman said that it is impossible to fund such a massive bill by raising taxes only to top earners.
“The IRS will have to target small and medium businesses because they won’t fight back,” he said. “We’ve seen this play out before. … The IRS says, ‘We’re going to tax the rich,’ but when you’re trying to raise that much money, the rich can only get you so far.”
Backlash over the Inflation Reduction Act’s clearly misleading name has resulted in even some mainstream media personalities questioning White House sources on the bill’s fundamental provisions.
Speaking to White House press secretary Karine Jean-Pierre earlier this month, ABC News correspondent Jon Karl asked: “But let me ask you, it’s called the Inflation Reduction Act, but the Congressional Budget Office which is nonpartisan said that there would be a negligible impact on inflation this year and barely impact inflation at all next year, isn’t it almost Orwellian?”