Manchin: Inflation Act Won’t “Immediately” Reduce

Sen. Joe Manchin (D‑WV) admitted on Tuesday that the Inflation Reduction Act would not “immediately” reduce inflation.The $740 billion piece of legislation, signed this week by President Joe Biden, was made possible by a deal between Manchin and Senate Majority Leader Chuck Schumer (D‑NY). When asked by Fox News reporter Hillary Vaughn whether the title of the law is misleading given its lack of effect on the price of staple goods, Manchin replied, “Why would it?”“Well, immediately it’s not,” Manchin added. “We’ve never [said] anything would happen immediately, like turn the switch on and off.”Indeed, a recent study from nonpartisan economists at the University of Pennsylvania’s Wharton School found that the Inflation Reduction Act would have an impact on price levels “statistically indistinguishable from zero” despite its high price tag. The Consumer Price Index (CPI) has risen 8.5% year-over-year as of July, according to a report released last week by the Bureau of Labor Statistics.Manchin nevertheless claimed that the new law w …

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