{"id":1696410,"date":"2022-10-16T14:47:44","date_gmt":"2022-10-16T18:47:44","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1696410"},"modified":"2022-10-16T14:47:49","modified_gmt":"2022-10-16T18:47:49","slug":"dem-senator-bennet-inflation-reduction-act-hasnt-reduced-inflation-because-it-wont-kick-in-for-a-while","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/dem-senator-bennet-inflation-reduction-act-hasnt-reduced-inflation-because-it-wont-kick-in-for-a-while\/","title":{"rendered":"Dem Senator Bennet: Inflation Reduction Act Hasn\u2019t Reduced Inflation Because It Won\u2019t \u2018Kick In For A While\u2019"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">34<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fdem-senator-bennet-inflation-reduction-act-hasnt-reduced-inflation-because-it-wont-kick-in-for-a-while%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1696410&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Colorado Democratic Sen. Michael Bennet said that the Inflation Reduction Act is not reducing inflation because it hasn\u2019t set in yet.<\/p>\n<p>Appearing on CNN\u2019s \u201cState of the Union\u201d Sunday, Bennet said that the cost-saving provisions of the Democrats\u2019 $740 billion tax and spending plan have not been implemented. Bennet claimed that high gas prices, a broken global supply chain, and the time it takes to put the law into effect are the primary reasons Americans aren\u2019t seeing any relief.<\/p>\n<p>\u201cWhy isn\u2019t the Inflation Reduction Act reducing inflation?\u201d host Dana Bash asked.<\/p>\n<p>\u201cWell, because the elements of the Inflation Reduction Act aren\u2019t going to kick in for a while, Dana,\u201d Bennet responded. \u201cI mean, the cap on drug prices for seniors and the requirement finally \u2014 finally, we overcame pharma to have a requirement that Medicare negotiate drug prices on behalf of the American people \u2014 capping insulin at $35 a month, I mean, these are things that are going to take a while to put in place.\u201d<\/p>\n<p>\u201cToday, gasoline is $3.70 a gallon,\u201d he continued. \u201cHere in Colorado, a gallon of milk costs $4.20. That\u2019s really tough on people. And I think one of the things I have been trying to explain to folks is that this is a global problem. Canada has the same inflation that we have. The European \u2014 every country in Europe has the same inflation we have. The U.K. does as well. India has as well, because as we\u2019re facing broken global supply chains that we have to address. And we\u2019re facing increases in energy prices because, two years ago, oil was at $20 a barrel, went to $93 because of the economic recovery, and then Putin invaded Ukraine. The fact that it is global is cold comfort when you\u2019re paying $3.70 a [gallon].\u201d<\/p>\n<p>Despite Bennet\u2019s claims, expert analyses have shown that the <a href=\"https:\/\/www.dailywire.com\/news\/vp-harris-breaks-tie-senate-passes-democrats-inflation-reduction-act-climate-tax-and-spending-bill\" target=\"_blank\" rel=\"noopener\">Inflation Reduction Act<\/a> won\u2019t reduce inflation in the short term or the long term.<\/p>\n<p>An analysis by the Wharton School of Business in July found that the bill could actually <a href=\"https:\/\/www.dailywire.com\/news\/democrat-inflation-reduction-act-could-slightly-increase-inflation-over-next-two-years-study-finds\" target=\"_blank\" rel=\"noopener\">increase inflation<\/a> through 2024. But even after that, the law\u2019s impact on inflation would be \u201cstatistically indistinguishable from zero\u201d through the rest of the decade, \u201cthereby indicating low confidence that the legislation will have any impact on inflation,\u201d Wharton\u2019s budget model found.<\/p>\n<p>The Inflation Reduction Act likely won\u2019t lower prescription drug prices in the short term either. Under the law, the Secretary of Health and Human Services can negotiate the prices of certain drugs beginning in 2026.<\/p>\n<p>Critics warn that it might not lower gas prices, as it imposes a 16.4 cents per barrel tax on imported crude oil and petroleum products.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Colorado Democratic Sen. Michael Bennet said that the Inflation Reduction Act is not reducing inflation because it hasn\u2019t set in yet. Appearing on CNN\u2019s \u201cState of the Union\u201d Sunday, Bennet said that the cost-saving provisions of the Democrats\u2019 $740 billion tax and spending plan have not been implemented. Bennet claimed that high gas prices, a &#8230;<\/p>\n","protected":false},"author":1,"featured_media":1890360,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-1696410","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_finder_url":"https:\/\/www.dailywire.com\/news\/dem-senator-bennet-inflation-reduction-act-hasnt-reduced-inflation-because-it-wont-kick-in-for-a-while","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1696410","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1696410"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1696410\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1890360"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1696410"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1696410"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1696410"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}