Inflation Reduction Act: Will Never Reduce Inflation

Joe Biden signed into law the horrific Inflation Acceleration Act – which, as you know, increases government taxes and spending by roughly ANOTHER $750 billion. One of the groups that betrayed taxpayers and fiscal sanity in this fight was the inaptly named Committee for a Responsible Federal Budget. To believe this bill will lead to a “responsible federal budget” is about as divorced from reality as to believe that this is an “inflation reduction act.”

Yet here is the statement that Maya McGuineas of CFRB put out to the press:

• This legislation focuses on lowering health care and energy costs, raising revenue, and reducing deficits and is exactly what the doctor ordered.

• Senator Manchin deserves tremendous credit for pushing this fiscally responsible reconciliation bill.

I'm speechless. The Heritage Foundation reports that the bill will INCREASE the deficit by “at least $110 billion through 2031.” The bill raises $300 billion for corporate give-always for the climate change industrial complex, includes a massive expansion in the entitlement state with the added Obamacare subsidies, and fails to cut even a penny from a single domestic program.

Sadly, the CFRB has a history of supporting multi-trillion dollar bailout bills and CFRB OPPOSED the Trump tax cut of 2017 – which ended up RAISING revenues and helped create the strongest American economy in decades.

CFRB has again exposed itself as "bipartisan." Bipartisan? They supported the most partisan bill in modern times: every Democrat voted for this bill and not a single Republican, CFRB is now officially a front group that gives aid and intellectual support to the tax and spend forces on Capitol Hill.