Many of the policy changes in the bill, being called the Inflation Reduction Act — like prescription drug reform — will take several years to be implemented.
WASHINGTON — With the Inflation Reduction Act now signed into law by President Biden earlier this week, you may be wondering when inflation will go down. Well, Americans may be waiting for a while.
One reason is that many of the bill's policy changes will take several years to implement. President Biden and White House aides disagree.According to White House economists, lower deficits have helped reduce inflation. Additionally, the White House points to new climate change-related tax credits that will help American families offset the high costs.The current inflation rate sits at around 8.5%.
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