In a rare action by the far-left Washington Post newspaper, owned by Jeff Bezos, the outlet’s columnist Steven Pearlstein lambasted the Democrats’ so-called “Inflation Reduction Act.”
“Democrats in Congress are embracing the same fallacy as they ram through a package of climate, tax and health-care initiatives fancifully marketed as the ‘Inflation Reduction Act of 2022,’” he wrote.
No less specious, of course, is the Democrats’ claim that inflation will be significantly reined in by a slimmed-down tax and spending bill that closes corporate tax loopholes, extends and expands clean energy tax credits, extends health insurance subsidies to the working class and gives Medicare the power to negotiate prices on a dozen overpriced drugs.
The Congressional Budget Office estimates that, over the next two years, the Inflation Reduction Act is likely to change the inflation rate by less than one tenth of one percent — but it isn’t sure whether the change would be up or down.
Even over the next five years, according to the Committee for a Responsible Federal Budget, the package moving through Congress would reduce the federal budget deficit by a piddling $25 billion — a rounding error in a $23 trillion economy. Regardless of the final number, the measure will hardly dent an annual federal budget deficit projected to run at the unsustainable rate of 5 percent of GDP over the next 10 years.
Democrats had to pass the bill before the media would report it's all a lie. pic.twitter.com/II3RhdavHV
— Steve Milloy (@JunkScience) August 8, 2022