“I wish I hadn’t called it that because it has less to do with inflation than it has to do with providing alternatives that generate economic growth,” Biden said.
tweetedPresident Biden said during a fundraiser that he regrets calling one of his major legislative achievements the Inflation Reduction Act because the primary intent wasn’t actually to lower prices.The annual US inflation rate for July was 3.2% — up slightly from 3% in June, but down from 6.4% in January.So-called core inflation, which measures the price of all items minus food and energy, spiked 4.7% over the previous 12 months — with shelter the biggest driver.
Biden signed the law in August of last year, allowing the White House and congressional Democrats to say they were tackling decades-high inflation.Biden and Republicans have focused on different causes, with the GOP blaming large government spending bills and the Biden administration’s discouragement of fossil fuels.
The White House, meanwhile, has blamed COVID-19 supply chain issues and the 18-month-old Russian invasion of Ukraine. committed $369 billion to environmental projects, $64 billion to extend more generous Obamacare health insurance subsidies, and $4 billion to Western wildfire resilience.President Biden signs the Inflation Reduction Act of 2022 into law during a ceremony in the State Dining Room of the White House in Washington, DC.
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