The Inflation Reduction Act's title raises a tantalizing question: Will the measure actually tame the price spikes that have inflicted hardships on American households?
WASHINGTON — With inflation raging near its highest level in four decades, the House on Friday gave final approval to President Joe Biden's landmark Inflation Reduction Act.
People are also reading… The nonpartisan Congressional Budget Office concluded last week that the changes would have a"negligible" impact on inflation this year and next. And the University of Pennsylvania's Penn Wharton Budget Model concluded that, over the next decade,"the impact on inflation is statistically indistinguishable from zero."
Biden himself, in speaking of the legislation's effect on inflation, has cautiously referred to potentially lower prices in individual categories rather than to lower inflation as a whole. This week, the president said the bill would"bring down the cost of prescription drugs, health insurance premiums and energy costs."
In theory, lower deficits can reduce inflation. That's because lower government spending or higher taxes, which help shrink the deficit, reduce demand in the economy, thereby easing pressure on companies to raise prices.
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Inflation Reduction Act may have little impact on inflationWith inflation raging near its highest level in four decades, the House gave final approval to President Joe Biden’s landmark Inflation Reduction Act.
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