Biden and Harris's fake anti-inflation bill turns two years old

Washington, DC – Today marks the second anniversary of the Inflation Reduction Act (IRA), which was passed with the deciding vote of Vice President Kamala Harris and signed into law by President Joe Biden.

Patrice Onwuka, Director of the Center for Economic Opportunity (CEO), made the following statement:

“On the second anniversary of the Inflation Reduction Act, Americans now know that the IRA was a farce. It was never intended to lower grocery bills, energy prices, or food costs. Instead, the IRA is a costly, radical green agenda that adds a trillion dollars to our national debt.

“The IRA is burdening middle-class families and hampering small businesses while lining the pockets of the elite. The average price of gasoline was $3.09 in early 2023, now it's $3.44. Gas prices are still high because of the IRA's war on domestic energy production. The IRA has approved $80 billion to hire 87,000 new Internal Revenue Service (IRS) agents to target middle-class Americans, Venmo users, and small businesses with new tax cuts. There is skepticism about Kamala Harris' plan to eliminate taxes on tips, as this administration just hounded the IRS after service workers for those tips.

“Funding the green tax schemes would mean taking a trillion dollars from the American people – more than three times what the bill's supporters have said it would cost – to fund a green agenda that has almost no impact on global temperatures. Meanwhile, poor and working-class families don't even benefit. Green tax credits are gifts to wealthier families who can afford expensive electric cars. Americans lost with the IRA and gained only higher prices, less affordability, and stagnant economic mobility.”

Carrie Sheffield, senior policy analyst for the CEO, added,

“The IRA is supposedly the Biden-Harris administration's most important legislative achievement, and was funded by plundering the Medicare Part D prescription drug savings fund for exorbitant, luxurious subsidies for new “green energy” and electric vehicles. Meanwhile, the Social Security and Medicare trustees' annual reports released in May detail the dangerous financial constraints on the future of the Social Security and Medicare programs that millions of seniors rely on. And all this while America's national debt soars to $35 trillion under Biden-Harris.

“Kamala Harris is directly responsible for the financial stability of vulnerable American seniors being compromised by the poorly designed IRA.

“You and Biden are also responsible for a cumulative inflation of 20% since you entered the White House. This inflation is a regressive tax that hits poor and middle-class families hardest, undermining wages and purchasing power. Americans deserve better.”

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