U.S._ CBO: Inflation Reduction Act Won't Reduce Inflation

NEWSMAX

CBO: Inflation Reduction Act Won't Reduce Inflation

(Dreamstime)

By Nick Koutsobinas | Sunday, 07 August 2022 09:50 PM EDT


Contradicting claims from Senate Democrats, a report from the independent Congressional Budget Office (CBO) indicates that the measures in the $740 billion Inflation Reduction Act of 2022 (IRA) would have a marginal to negative impact on inflation.

Citing from the Build Back Better Act, a proxy for the IRA, the CBO wrote that the "estimate of the deficit reduction [for the Build Back Better Act] was lowered by $11.0 billion over the 2022-2031 period." Additionally, as CBO Director Phillip Swagel noted, if the bill passes, then "in calendar year 2023, inflation would probably be between 0.1 percentage point lower and 0.1 percentage point higher under the bill than it would be under current law, CBO estimates."

The Tax Foundation stated: "The bill worsens inflation, especially in the first two years, as revenue raisers take time to ramp up and the deficit increases. We find that budget deficits would increase from 2023 to 2025, potentially worsening inflation ... On balance, the long-run impact on inflation is particularly uncertain but likely close to zero."

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READ MORE: https://www.newsmax.com/politics/cbo-inflationreductionact-buildbackbetter/2022/08/07/id/1082114/

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