{"id":1997653,"date":"2023-08-11T10:58:01","date_gmt":"2023-08-11T14:58:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-admits-his-signature-inflation-reduction-act-isnt-about-inflation\/"},"modified":"2023-08-11T11:00:44","modified_gmt":"2023-08-11T15:00:44","slug":"biden-admits-his-signature-inflation-reduction-act-isnt-about-inflation","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-admits-his-signature-inflation-reduction-act-isnt-about-inflation\/","title":{"rendered":"Biden&#8217;s Inflation Reduction Act: Not Actually About Inflation."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">16<\/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%2Fbiden-admits-his-signature-inflation-reduction-act-isnt-about-inflation%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=1997653&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--><h2>President Biden Regrets Naming Inflation Reduction\u200c Act<\/h2>\n<div>\n<figure><figcaption>Getty Images<\/figcaption><\/figure>\n<\/div>\n<div>\n<p>President\u200c Joe Biden this week \u2062admitted that his signature Inflation Reduction Act was not actually aimed at\u2062 reducing inflation. In fact, he expressed regret over its name, wishing he had given it a different one.<\/p>\n<p>&#8220;I wish I\u200b hadn\u2019t called it that because \u2063it has less to do with inflation than it has to do with providing alternatives that generate \u2064economic growth,&#8221; Biden said at a Utah fundraiser on Thursday, according to a \u2063White House pool report.<\/p>\n<p>Biden signed the approximately $1.2 trillion act last year, which primarily focused on <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/democrat-insurrection-liberal-hill-staffers-arrested-for-storming-leadership-office\/\" title=\"Democrat Insurrection: Liberal Hill Staffers Arrested for Storming Leadership Office\">massive climate spending<\/a>. However, both \u2064the Congressional Budget Office and Biden&#8217;s favorite economist acknowledged at the time that the legislation would have little impact on inflation.<\/p>\n<p>During a visit to New Mexico\u2062 on \u200dTuesday, Biden reiterated his stance, \u200dstating that the \u2062act has &#8220;nothing&#8221; to do with inflation.<\/p>\n<p>&#8220;We\u2019ve put ourselves in a position where we passed the most comprehensive environmental piece of legislation\u2014it&#8217;s called the Inflation Reduction Act. It\u2019s within that.\u2062 It\u2063 has nothing to do\u200b with inflation; it has to do with the \u2062&#8230; $368 billion, the single-largest investment \u200bin climate \u200dchange anywhere in the world,&#8221; Biden said.<\/p>\n<p>These <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-admits-his-signature-inflation-reduction-act-isnt-about-inflation\/\" title=\"Biden's Inflation Reduction Act: Not Actually About Inflation.\">recent comments sharply contrast<\/a> with <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/pro-trump-religious-groups-begin-turning-up-heat-on-gop-to-take-action-on-marjorie-taylor-greene\/\" title=\"Pro-Trump, Religious Groups Begin Turning Up Heat On GOP To Take Action On Marjorie Taylor Greene\">past remarks made<\/a> by the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/trump-taking-regeneron-drug-remdesivir-therapy-for-coronavirus-diagnosis-ex-wh-doctor-explains\/\" title=\"Trump taking Regeneron drug, Remdesivir therapy for coronavirus diagnosis: ex-WH doctor explains\">president<\/a> about the legislation.<\/p>\n<p>In July 2022, Biden referred to it as &#8220;the strongest bill you can pass to lower\u2063 inflation.&#8221; Two \u2062months later, during a White \u2062House event, he called it &#8220;the single most <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-slammed-for-celebrating-bill-passage-after-inflation-worse-than-expected-stock-market-tanks\/\" title=\"Biden Slammed For Celebrating Bill Passage After Inflation Worse Than Expected, Stock Market Tanks\">important legislation passed<\/a> in this Congress to combat inflation and one of the most significant laws in our nation&#8217;s history.&#8221;<\/p>\n<p>Other Democrats also praised the bill. Then-Senate majority \u2063leader Chuck Schumer claimed that &#8220;it reduces inflation&#8221; and &#8220;lowers their costs.&#8221;<\/p>\n<p>West Virginia senator Joe Manchin, considered the &#8220;chief architect&#8221; of the bill, defended \u200chis support for it \u2062last\u2062 year, \u2063calling it a &#8220;great bill&#8221; that \u200bwas &#8220;about the American people&#8221; and would fight inflation, the &#8220;greatest \u200dthreat.&#8221;<\/p>\n<p>When economists raised doubts about the\u2063 bill&#8217;s impact on inflation, Manchin responded, &#8220;Maybe they&#8217;re wrong.&#8221;<\/p>\n<p>However, \u2064Manchin, potentially facing a challenging reelection campaign, has since distanced\u2063 himself from the legislation, \u2062criticizing Biden for attempting to &#8220;liberalize&#8221; it.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden admitted that his Inflation Reduction Act, despite its name, is primarily focused on generating economic growth rather than reducing inflation. He expressed regret for the misleading title and acknowledged the importance of providing alternatives to foster a thriving economy.<\/p>\n","protected":false},"author":1613,"featured_media":1997654,"comment_status":"open","ping_status":"closed","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":[544],"tags":[],"class_list":["post-1997653","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-free-beacon"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1997653","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\/1613"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1997653"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1997653\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1997654"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1997653"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1997653"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1997653"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}