Yes, inflation is down. No, the Inflation Reduction Act doesn't deserve the credit
Even President Joe Biden has some regrets about the name of the Inflation Reduction Act
By JOSH BOAK and PAUL WISEMAN
Published - Aug 13, 2023, 07:18 AM ET
Last Updated - Aug 13, 2023, 07:18 AM EDT
WASHINGTON (AP) — Even President Joe Biden has some regrets about the name of the Inflation Reduction Act: As the giant law turns 1 on Wednesday, it's increasingly clear that immediately curbing prices wasn't the point.
“I can’t think of any mechanism by which it would have brought down inflation to date," said Harvard University economist Jason Furman, who added that the law could eventually help to lower electricity bills.
Alex Arnon, an economic and budget analyst for the University of Pennsylvania’s Penn Wharton Budget Model, offers a similar assessment.
