NEWYou can now listen to Fox News articles!
Senate Majority Leader Chuck Schumer is rushing to push through the Inflation Reduction Act of 2022.
I don’t blame him. The more scrutiny the mini-Build Back Better proposal gets, the worse it looks.
Let’s start with the obvious: despite its Ministry of Disinformation title, the legislation will not reduce inflation. Analysis from the Penn Wharton Budget Model concludes “the impact on inflation is statistically indistinguishable from zero.”
This is the same PWBM that Schumer touted when opposing the GOP tax bill a while back and that Sen. Mark Warner, D-Va., describes as “well respected by both sides of the aisle.”
In addition, promises that the bill will reduce our fiscal deficit rely on optimistic assumptions about what a beefed-up the IRS will sniff out in the way of tax fraud and $313 billion in proceeds from a tax on corporations that is so injurious to our manufacturers that even Democrats will likely decide to pare it back.
As to making what President Joe Biden calls an historic investment in combatting climate change, it seems unlikely that expanding tax credits for buying even more EVs