The University of Pennsylvania’s Wharton School found on Friday that the Inflation Reduction Act, the Democrats’ marquee bill to reduce inflation, would have zero impact on inflation.
The Democrats’ marquee bill to reduce inflation would likely have zero impact on inflation, according to a study by the influential Penn Wharton Budget Model.
Manchin has harped on the need to curb inflation since he blocked the multi-trillion-dollar Build Back Better Act. Now, with the country in recession and Americans continuing to reel from inflation, Manchin hopes that the legislation could curb inflation and bring the country’s fiscal house back to order.
That’s $52 billion less in deficit reduction than according to the one-page summary of the bill offered by Democrats. The Congressional Budget Office has not yet produced an estimate. Manchin has relied on the Penn Wharton model in the past to push back against spending programs favored by other Democrats, appearing to find the Penn economists and their economic model more reliable than official government estimates of the costs and consequences of bills.
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