While President Biden is celebrating his economic policies, some experts say “Bidenomics” is doing more harm than good.
Wednesday marked one year since Biden’s so-called “Inflation Reduction Act” became law. And though exceptionally high rates of inflation are slowing down, even the president admits his law had little to do with it.
Harvard University economist Jason Furman says the bill did not help fight inflation. “I can’t think of any mechanism by which it would have brought down inflation to date,” Furman said.
Alex Arnon, an economic and budget analyst for the University of Pennsylvania’s Penn Wharton Budget Model, agrees that the “Inflation Reduction Act” didn’t work. “We can say with pretty strong confidence that it was mostly other factors that have brought inflation down,” he said. “The IRA has just not been a significant factor.”
Tuesday in Milwaukee, Biden…