Wednesday marked the one-year anniversary of President Joe Biden’s signing of the massive Trojan horse spending binge known as the “Inflation Reduction Act” — a piece of legislation that did not, in fact, do anything to reduce inflation or provide relief to Americans struggling to make ends meet under the Biden economic agenda. That reality didn’t stop the president and his goons from celebrating the anniversary, however, because — as Townhall has pointed out many times before — the pain caused by the Biden agenda is precisely the point. Biden's priorities couldn't be more out of line with those of the American people, and this week's fanfare surrounding the Inflation Reduction Act showed again just how out-of-touch the president is with the people he claims to lead.
That reality was clear from the first time the framework for the Inflation Reduction Act was introduced, as it was an unholy conjugation of so-called “green” priorities aimed at escalating the president’s war on American energy and a significant step toward his promise to end fossil fuels. This true purpose to the falsely named Inflation Reduction Act was reinforced by John Podesta in Wednesday’s White House briefing when he spent three minutes explaining how the law was just a massive piece of climate legislation.
Over on Capitol Hill, Senate Majority Leader Chuck Schumer continued to herald the legislation, saying “the best” of it is “yet to come.” As usual, that’s more ignorance of reality. The latest inflation reports showed costs increasing again as things move back in the wrong direction despite the relief promised by the Inflation Reduction Act’s title. On gas prices alone, AAA now reports that the average gallon of unleaded is up more than eighty cents in the last month, nearing last summer’s $4/gallon national averages.
What’s more, the Biden administration’s celebration of the Inflation Reduction Act is tantamount to laughing in the faces of Americans who have been struggling and continue to struggle as a result of Biden and Democrats’ inflationary policies. It shows that Biden and his ilk don’t care that Americans weathered more than 24 consecutive months of negative real wages as inflation rates raced past any wage increases that accompanied America’s climb out of pandemic chaos.
The only reason that inflation’s increase has slowed slightly in recent months is because of the Federal Reserve’s scrambling to respond to Bidenflation with more than a year’s worth of consecutive interest rate increases that brought the Fed’s target rate to its highest level since the 1980s — the last time inflation was as high as it’s been under Biden. Even that “remedy” to inflation carries its own damaging effects for Americans rather than simple relief.
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Now, in addition to the harm caused by chronic inflation, soaring interest rates are making it more difficult for Americans to pay down debts incurred as a result of their negative wages, limiting options for potential homeowners, and forcing small businesses to reconsider their plans to grow or expand.
Sure, let Biden and his henchmen celebrate the anniversary of spending hundreds of billions of dollars the government (read: taxpayers) can’t afford with a law that is estimated to add hundreds of billions of dollars to the nation’s deficit.
Ignore the fact that the name of the legislation was as phony as Joe Biden’s stories about growing up with Corn Pop or having oil cancer.
Brush aside the nonpartisan Congressional Budget Office’s warnings that the Inflation Reduction Act wouldn’t do anything to fix inflation and only add to the woes caused by Democrats’ unsustainable tax-and-spending binge.
It’s all just more of Biden’s devastating legacy that’s anything but worthy of celebrating.
