• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Economy Biden admits Inflation Reduction Act had ‘less to do with inflation’ than he originally sold to Americans
Economy

Biden admits Inflation Reduction Act had ‘less to do with inflation’ than he originally sold to Americans

by August 11, 2023
by August 11, 2023 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

President Biden admitted Thursday that Democrats’ signature Inflation Reduction Act wasn’t as much about actually reducing the then-record-high inflation facing the nation as he originally touted to the American people.

‘I wish I hadn’t called it that. It has less to do with inflation than it does providing alternatives to economic growth,’ Biden said during an appearance at a campaign fundraiser in Pary City, Utah.

‘Even when there is inflation there is a way to provide breathing room,’ he added, citing negotiating medical prices as one example.

Biden’s comments are a sharp turn from what he said in July 2022 ahead of the Inflation Reduction Act’s passage through Congress on a party line vote.

‘The Inflation Reduction Act is the strongest bill you can pass. It will lower inflation, cut the deficit, reduce health care costs, tackle the climate crisis, and promote energy security,’ he said.

The White House did not immediately respond to Fox News Digital’s request for comment.

At the time, as the country faced an inflation rate near the highest level in 40 years, multiple analyzes said the bill would not reduce inflation. The Congressional Budget Office said the bill will have ‘a negligible effect’ on inflation in 2022, and in 2023 its impact would range between reducing inflation by 0.1% and increasing it by 0.1%.

Fox News’ Kaitlin Sprague and Brooke Singman contributed to this report.

Brandon Gillespie is an associate editor at Fox News. Follow him on Twitter at @brandon_cg.

This post appeared first on FOX NEWS
You Might Also Like
  • Kirby says Yemen’s Houthis ‘still have some offensive capability’ despite waves of US strikes
  • New York Sen. Schumer to give major address on rise of antisemitism in US: ‘crisis’
  • Hunter’s ex-business associate blasts Biden’s new claim about son’s business dealings: ‘Complete malarkey’
  • Republicans demand answers from NIH director after 2 involved in transgender youth study ‘died by suicide’
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Texas nabs MS-13 gang member and registered sex offender at southern border
next post
Linda Yaccarino, CEO of X, says she has autonomy from Elon Musk to run the business

You may also like

McConnell says behavior of lawmakers not his responsibility after senator,...

November 15, 2023

Sen. Lee rails against spending ‘money we don’t have’ as...

April 24, 2024

GOP rebels admit defeat in short-term spending fight as Johnson...

January 18, 2024

UN’s global ammunition framework worries Second Amendment advocates: ‘It is...

June 30, 2023

Alina Habba takes on major role in Trump campaign, dishes...

July 18, 2024

It’s official: Vice President Kamala Harris goes over the top...

August 2, 2024

Trump accepts Biden offer to debate him in June and...

May 16, 2024

Head of online campaign to identify antisemitism says doctors, professors...

November 13, 2023

Pompeo blasts Biden admin for making ‘same mistake’ as Obama...

March 4, 2024

Gay Trump voters shatter Dem ‘lie’ LGBT Americans only vote...

June 21, 2024

McConnell says behavior of lawmakers not his responsibility after senator,...

November 15, 2023

Sen. Lee rails against spending ‘money we don’t have’ as...

April 24, 2024

GOP rebels admit defeat in short-term spending fight as Johnson...

January 18, 2024

UN’s global ammunition framework worries Second Amendment advocates: ‘It is...

June 30, 2023

Alina Habba takes on major role in Trump campaign, dishes...

July 18, 2024

It’s official: Vice President Kamala Harris goes over the top...

August 2, 2024

Trump accepts Biden offer to debate him in June and...

May 16, 2024

Head of online campaign to identify antisemitism says doctors, professors...

November 13, 2023

Pompeo blasts Biden admin for making ‘same mistake’ as Obama...

March 4, 2024

Gay Trump voters shatter Dem ‘lie’ LGBT Americans only vote...

June 21, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • The V Reversal is Impressive, but is it Enough?

      May 9, 2025
    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout, pulls outlook

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025
    • The Unpredictable Stock Market: How to Make Sense of It

      May 8, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,633 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,339 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,321 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,303 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,186 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,531)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • The V Reversal is Impressive, but is it Enough?

      May 9, 2025
    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout,...

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,531)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    TX Gov. Greg Abbott names John...

    June 1, 2023

    On challenging Biden to debates, Trumps...

    February 21, 2024

    Democrat Josh Shapiro to become Pennsylvania’s...

    January 17, 2023
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here