A new poll revealed that Americans aren’t buying the Democrats’ “Inflation Reduction Act” amid continued economic downturn.
According to a survey conducted by the Economist/YouGov, 36 percent of respondents believe that the newly passed reconciliation bill would worsen current inflation numbers, while only 12 percent think that it will help lower costs.
This comes after President Joe Biden was blasted for insisting that the act would not raise taxes on anyone in the middle class despite evidence claiming otherwise.
“When we pass the Inflation Reduction Act, not a single American in the middle class will pay higher taxes. It’s that simple,” Biden tweeted earlier this month.
The controversial tweet prompted many users to vent their frustration at the president, including Arizona Republican state congressional candidate Christian Lamar, who claimed that the bill would make life harder for the average American.
“How exactly is raising the corporate tax rate by 15% going to reduce inflation? American Corporations will pass this tax cost over to US consumers causing higher inflation. The Biden gas hike was passed on to US consumers as 40 year record high inflation,” Lamar wrote.
Heritage Foundation research fellow EJ Antoni also ripped into Biden on Fox News, stating: “President Biden’s Build Back Better Act with a $433 billion price tag, most of which will be spent on climate provisions” will “be passed through to the consumer at all different levels, not only in the purchase of energy itself, but because energy affects everything we do and everything we buy.”
Economist Steve H. Hanke also said that the Democrats’ plan is “ill-conceived” and will raise taxes for years to come.
“The idea that it’s going to do anything with inflation is ridiculous… It will change the relative prices of different things — exactly how, I don’t know, because I haven’t gone through the 10,000-page thing. And it looks to me like it’s a tax increase bill,” Hanke said.
Meanwhile, over 200 economic experts sent a letter to the House and Senate leadership, warning that the “Inflation Reduction Act” will fuel inflation, leaving Americans worse off than they were.
“[The act] inaptly named ‘Inflation Reduction Act of 2022’ would do nothing of the sort and instead would perpetuate the same fiscal policy errors that have helped precipitate the current troubling economic climate,” the letter read.
