It seems if a bill is called the "Inflation Reduction Act" shouldn't it actually reduce inflation? Turns out that's not the case.
President Biden hands Sen. Joe Manchin (D-WV) the sole pen he used to sign the Inflation Reduction Act. pic.twitter.com/X2t8EelgHP
— The Recount (@therecount) August 16, 2022
On Tuesday Manchin admitted it will not make an impact "immediately." Nonpartisan analysts have said it will have a barely perceptible impact on prices.
Fox News reporter Hillary Vaughn questioned Manchin on whether or not it's misleading to name the bill the Inflation Reduction Act and it not provide immediate relief from inflation.
"Why would it?"
"Well, immediately it’s not," Manchin said. "We've never [said] anything would happen immediately, like turn the switch on and off."
"We’re fighting like the dickens. You got to produce yourself out of this," Manchin said. "If you think that you’re going to wait on the Federal Reserve to raise rates, discourage you from buying anything (and) that’s going to take care of our inflation, that’s not how you take care of inflation."
"That’s not going to be overnight. They have incentives to do that, to help them. Trust me, if you have something going bad in your home where you're replacing it, and you have some assistance you're thinking of, that might be of help," Manchin said.
If it's not going to help with inflation, then surely they could have come up with a better name. Printing money is not going to help with inflation, no matter how much the Democrats want it to.
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