President Joe Biden is signing the Democrats' "Inflation Reduction Act" into law today; however, the White House officials are still unclear of how the act will be reducing inflation or even by how much, despite the legislation being billed as a way to slow price increases and cut inflation.
The White House has been making an effort to push back against all of the criticisms that are claiming the bill won't do what it is suggesting, and they're citing experts like the Committee for a Responsible Federal Budget, that says the bill overall will have a "deflationary" effect.
Additionally, it points to tax credits for things like green energy that will go into effect immediately and health policies that will go into effect at the beginning of 2023 as measures that will save Americans money.
Outside studies and economists are projecting that the bill will have very minuscule success in decreasing inflation. Even Senator Bernie Sanders, said the bill "will, in fact, have a minimal impact on inflation," citing the Congressional Budget Office.
With midterms coming up, Democrats are pushing a message that the "Inflation Reduction Act" will reduce inflation, and they remain vague about the details and about when those particular effects will be felt by Americans.
"As soon as the act goes into effect, I hope that all of the provisions will begin to work. I know that those who have been blaming President Biden for the inflation going up are now giving President Biden all of the credit for inflation going down," said Rep. Jamie Raskin, D-Md.