Speaking in Utah, Biden stated, "I wish I hadn't called it that, because it has less to do with reducing inflation than it does with providing for alternatives that generate economic growth," according to a White House pool report.
The Inflation Reduction Act was signed into law by Biden one year ago during the peak of the inflation crisis. Despite its name, the media quickly revealed the true focus of the bill. Politico referred to it as a "sweeping climate and health care" bill, while the Washington Post described it as a "sweeping bill to tackle climate change, lower health-care costs."
Furthermore, the Congressional Budget Office estimated that the bill would have no significant impact on inflation. In a letter last year, the agency stated:
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The bill only passed the Senate due to the support of Senator Joe Manchin (D-W.Va.), who has since expressed regret for his vote. However, Manchin recently confirmed to the Washington Examiner that he stands by the law.
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Although the inflation crisis has largely subsided, there has been a slight increase in inflation, with July seeing a rise to 3.2% from 3% in June. The Federal Reserve, which has been raising benchmark interest rates to control inflation, aims for an inflation rate of 2%.
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Core inflation, which excludes volatile food and energy prices, remains at a concerning 4.7%.
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