Even Bernie Sanders admits Biden’s ‘inflation reduction’ plan is a joke

You know your tax-and-spend legislation sucks when even Bernie Sanders is dumping on it.

Saturday night, the Senate debated the “Inflation Reduction Act,” the legislative proposal recently unveiled by Senate Majority Leader Chuck Schumer and swing-vote moderate Joe Manchin with the Biden administration’s support. As I’ve previously explained on BASEDPolitics, the legislation includes a huge tax hike on businesses (aka workers) in order to finance expanded healthcare subsidies and big green energy subsidies and tax credits. 

Yet despite its name, the legislation won’t do anything to reduce inflation. Even Bernie is admitting it!

In remarks on the Senate floor Saturday night, Sanders dismissed it as the “so-called Inflation Reduction Act.”

“I say so-called, by the way, because according to the CBO and other economic organizations who have studied this bill, it will in fact have a minimal impact on inflation,” Sanders continued.

It’s rare—incredibly so, actually—that I say it, but Bernie Sanders is right. 

As I previously reported

“A new analysis from researchers at the Wharton School of Business concludes that the ‘Inflation Reduction Act’ wouldn’t reduce inflation at all.

‘The Act would very slightly increase inflation until 2024 and decrease inflation thereafter,’ the Ivy-league analysts report. ‘These point estimates are statistically indistinguishable from zero, thereby indicating low confidence that the legislation will have any impact on inflation.’

The Wharton analysis also notes that the legislation would have zero—yes, zero—impact on economic growth by 2031.”

Why won’t the “Inflation Reduction Act” do anything to, well, reduce inflation? 

I explain in-depth here, but the short version is that the bill does nothing to address our reckless monetary policy, which is driving inflation, and the “deficit reduction” it supposedly says will reduce inflation is so minuscule it’s basically a rounding error.

Even Bernie can see this reality. 

“The American people are tired of press releases… they are hurting,” Sanders said. “And they are begging their elected officials to respond… [But] this legislation does not address any of their needs.”

Like this article? Check out the latest BASEDPolitics podcast on Apple Podcasts, Spotify, or below:

YouTube player

Sign up for Our Email List

* indicates required
*By signing up for our email you consent to getting our emails directly in your inbox. These including our newsletter or other informational emails*

Our Latest Podcast

Related articles

New Zealand’s Prime Minister declares free speech a ‘weapon of war’

On Saturday, New Zealand’s Prime Minister Jacinda Ardern addressed...

Rand Paul said we should get rid of the Espionage Act. Edward Snowden agrees

After former President Donald Trump’s Mar-a-Largo home was raided...

Investigation into congressional stock trading reveals massive corruption red flags

The current Congress has a laughably low approval rating of just...
Brad Polumbo
Brad Polumbo
Brad Polumbo is a libertarian-conservative journalist and co-founder of Based Politics. His work has been cited by top lawmakers such as Senator Rand Paul, Senator Ted Cruz, Senator Pat Toomey, Congresswoman Nancy Mace, Congressman Thomas Massie, and former UN Ambassador Nikki Haley, as well as by prominent media personalities such as Jordan Peterson, Sean Hannity, Dave Rubin, Ben Shapiro, and Mark Levin. Brad has also testified before the US Senate, appeared on Fox News and Fox Business, and written for publications such as USA Today, National Review, Newsweek, and the Daily Beast. He hosts the Breaking Boundaries podcast and has a bachelor’s degree in economics from the University of Massachusetts Amherst.

9 COMMENTS

LEAVE A REPLY

Please enter your comment!
Please enter your name here