As Senate Democrats are making their way out of pulling an all-nighter from voting on amendments pertaining to their so-called “Inflation Reduction Act,” Americans aren’t buying what the left is trying to sell.
A poll published by the Economist/YouGov, found that 36 percent of respondents believe the bill actually will increase Bidenflation, contrary to what the name of the legislative says.
23 percent of Americans think the bill will not affect inflation either way, while just 12 percent believe the Democrats plan will help with lowering costs.
YouGov Poll: Americans think the Inflation Reduction Act will...
— InteractivePolls (@IAPolls2022) August 4, 2022
Increase inflation: 36%
Will not change inflation: 23%
Decrease inflation: 12%
Not sure: 29%https://t.co/M5GZio2zHH pic.twitter.com/Gd9C5CrkkL
Additionally, a study from Penn Wharton Budget Model, predicts the bill will have very little impact on the U.S. economy, believing that inflation will continue to rise for another two years before it falls.
Economist and professor at John Hopkins University Steve H. Hanke, said that the act is “ill-conceived” and will raise taxes for years to come.
“The idea it’s going to do anything with inflation is ridiculous… It will change the relative prices of different things — exactly how, I don't know, because I haven't gone through the 10,000-page thing. And it looks to me like it's a tax increase bill,” Hanke said during a seminar.
Earlier this week, the Congressional Budget Office (CBO) released information that the Democrat's hefty bill will drive prescription costs up, despite arguing that it will lower prices.
They predict that the plan will cause drug manufactures to raise the launch prices of new drugs to make up for the legislative's cap on prices increases so they cannot go up faster than inflation.
Meanwhile, over 200 economists sent a letter to the House and Senate leadership, warning that the Democrats plan will fuel inflation, leaving Americans worse off than they were.
“[The act] inaptly named ‘Inflation Reduction Act of 2022’ would do nothing of the sort and instead would perpetuate the same fiscal policy errors that have helped precipitate the current troubling economic climate,” the letter read.