President Joe Biden on Thursday admitted that the $700 billion Inflation Reduction Act, which did not reduce inflation and included $369 billion for green energy initiatives, was wrongly named.
Biden’s remark came at an event in Westby, Wisconsin, where he was touting his Bidenomics investments. He called the Inflation Reduction Act “the most significant climate change law ever,” adding, “by the way, it is a $369 billion bill, it’s called the–we we we should’ve named it what it was.”
As Breitbart News Policy Reporter Sean Moran noted, the Inflation Reduction Act also does the following:
- Allows Medicare to negotiate the price of drugs
- Extends enhanced Obamacare subsidies for three years, which would cost $64 billion
- Reduces the deficit by $300 billion
- Increases taxes while America just entered a recession
- Boosts funding for the IRS by $80 billion, which would make the agency larger than the Pentagon, State Department, FBI, and Border Patrol combined.
- …The bill contains budget gimmicks and fake offsets that mask the true cost of the bill
The legislation narrowly escaped the Senate via a 51-50 party-line vote, with Vice President Kamala Harris serving as the tiebreaker. The Democrat-controlled House then advanced the legislation in a partisan fashion.
