Biden trumpets ‘historic’ nature of deceptively-named ‘Inflation Reduction Act’

Last week, President Joe Biden declared a recent spending deal reached by Senate Democrats to be “historic” in nature, but as Breitbart’s John Carney reports, the so-called “Inflation Reduction Act” is likely to do anything but what its name implies, and it appears that the commander in chief has once again fallen for a web of liberal lies and fantasies.

The Democrats’ long-awaited compromise between Sen. Joe Manchin (D-WV) and Senate Majority Leader Chuck Schumer (D-NY) came after Biden’s massive Build Back Better plan hit a brick wall, and though the new legislation has been touted by the left as a watershed moment in the fight against the economic troubles plaguing the nation.

However, as Carney points out, the branding is little more than smoke and mirrors, given that the spending provisions it contains will ultimately boost demand, but not aggregate supply, likely exacerbating current structural difficulties.

Supporters of the measure suggest that the budget deficit will be reduced through increased taxes and drug cost controls, but those are not things likely to stem the inflationary tide, in that they do not directly address the fundamental problem of too many dollars pursuing too few available goods, as Carney explains.

The absence in the bill of cuts to government spending also does little to address inflation, and, according to the Penn Wharton Budget Model released last week, the legislation will have virtually no effect on those pressures in the long term, and it will actually increase their impact slightly in the shorter term.

Manchin’s support of the bill was seen as a pivotal moment by Democrats, who claim that amounts to a true revival of the president’s climate change and economic vision, and it has caused some to question how he can be so confident about its supposedly inflation-busting properties when he was admittedly wrong about the detrimental impact of the American Rescue Plan he helped pass earlier in Biden’s term.

Asked Sunday by Fox News’ Bret Baier why Americans should have faith in his judgment this time around, Manchin replied unconvincingly, “I’ll make sure I don’t make that mistake again. Bottom line, I’ll make sure I didn’t make that mistake again.”

Though many – particularly in his home state of West Virginia – are extremely disappointed in Manchin’s reversal on reckless spending such as that embodied in this bill, it is Biden’s apparent willingness to hand the country over to the whims of the far left wing of his party that has drawn particular ire in recent days.

As Real Time host Bill Maher aptly described things, Biden’s dealings with “AOC and the woke people” resembles those of an age-addled grandparent who “just goes along” with the kids. “He doesn’t really understand it. It’s like, grandpa, can we have money to go play Fortnite? And he’s like, yeah, just take it. I don’t know what Fortnite is. I don’t know what TikTok is, just get out of my hair,” and if the trend persists – with the acquiescence of folks like Manchin – the nation truly is in peril.