Sanders rips Inflation Reduction Act, says it will have ‘minimal impact on inflation’.
The Hill
Sen. Bernie Sanders (I-Vt.) ripped the Inflation Reduction Act Saturday for doing little to fight inflation and not enough to help Americans struggling to afford health care, child care and housing.
“According to the [Congressional Budget Office] and other economic organizations that have studied this bill, it will have a minimal impact on inflation,” Sanders declared on the Senate floor to open debate on the 755-page bill, which will raise taxes on corporations, fight climate change and reduce some prescription drug costs.
You should put this in proper context. The CBO says the Act will have a minimal impact on inflation for the first year or two, which makes sense, since it takes time for the provisions of the Act to be fully implemented. The Act IS expected to reduce inflation over the long term AND will address issues like climate change and prescription drug costs.
@Experienced33 He thinks more should be done, which many people believe. I think more should be done too, but we are fortunate to have this bill passed and we can build on it.
@windinhishair Since January of 2021, the currency in circulation has gone from 15.5 trillion dollars to 22 trillion. Printing 50% more money debases the purchasing power of each dollar, that’s a technical explanation of inflation. To spend that much more money than the government has (when China has slowed its purchase of our bonds) the only recourse is to print money. Government spending is the only cause of inflation.
@redredred The Inflation Reduction Act reduces the annual deficit since it will take in more than it spends, reducing government spending, and hence, inflation. Thank you for agreeing with your explanation.
