President Joe Biden recently admitted that the Inflation Reduction Act of 2022 should have been named “what it was” during a recent speech in Westby, Wisconsin.
During a speech in Westby, Wisconsin, on Thursday, the president unveiled a new $7.3 billion rural electrification project under the Biden-Harris administration’s controversial Inflation Reduction Act. According to The Post Millennial, critics of the Biden-Harris administration’s law have argued that the Inflation Reduction Act was mainly focused on climate change legislation rather than on reducing inflation.
During Biden’s speech on Thursday, the president appeared to acknowledge that the legislation was not primarily about reducing inflation, claiming that the Biden-Harris administration “should have named it what it was.”
“I’m proud to announce that my investments, that through my investments, the most significant climate change law ever,” Biden said. “And by the way, it is a $369 billion bill – it’s called the, we should have named it what it was.”
In response to Biden’s revelation concerning the Inflation Reduction Act on Thursday, former President Donald Trump’s campaign tweeted, “Biden finally admits the so-called ‘Inflation Reduction Act’ was never about reducing inflation.”
Thursday marked at least the second time Biden openly acknowledged that the Inflation Reduction Act should have been called something else. During a speech last year in Park City, Utah, Biden said, “The Inflation Reduction Act — I wish I hadn’t called it that, because it has less to do with reducing inflation than it does to do with dealing with providing for alternatives that generate economic growth.”
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According to The Associated Press, the $7.3 billion investment from the Inflation Reduction Act is expected to provide electricity in rural regions in 23 states and will be distributed to 16 different cooperatives. The Biden-Harris administration has claimed that the project will create 4,5000 permanent jobs, 16,000 temporary construction jobs, and will allocate roughly $13 billion to rural electrification programs.
The Post Millennial reported that the Inflation Reduction Act was passed along party lines and signed into law in August of 2022 after Vice President Kamala Harris cast the tie-breaking vote in favor of the Democratic Party’s legislation. According to PBS News, in addition to criticism from Republican lawmakers, American economists have warned that the Inflation Reduction Act “has just not been a significant factor” in reducing inflation across the country.
