Americans are not buying what President Joe Biden and Democrats are trying to sell them on the so-called Inflation Reduction Act, according to a new poll.
Sen. Joe Manchin (D-W.Va.) shocked the political world last week when he announced an agreement on legislation with Senate Majority Leader Chuck Schumer. The bill advances Democrats’ agenda on climate, prescription drugs, corporate taxes, and IRS enforcement.
What does the poll show?
The survey, published this week by the Economist/YouGov, shows that just 12% of nearly 1,500 respondents believe the bill will actually reduce inflation.
On the other hand, three times as many respondents, 36%, said they believe it will actually increase inflation, while 23% said they do not think the bill will move inflation either way. Another 29% told the Economist/YouGov they are not sure.
— InteractivePolls (@InteractivePolls)
Despite most respondents not believing the bill will lower inflation like Democrats claim, a majority of respondents (51%) said they either strongly support or somewhat support the bill.
Only 31% said they strongly oppose or somewhat oppose the bill.
Will the bill lower inflation?
While Democrats claim the bill will lower inflation, analysis from the Penn Wharton Budget Model found the bill would actually increase inflation before lowering it slightly, leading to a statistically nonexistent change.
“The Act would very slightly increase inflation until 2024 and decrease inflation thereafter,” the analysis said. “These point estimates are statistically indistinguishable from zero, thereby indicating low confidence that the legislation will have any impact on inflation.”
Unfortunately, analysis from the nonpartisan Joint Committee on Taxation found the bill would result in tax increases. Democrats claim these figures, however, are incomplete and do not consider the alleged benefits of the bill.
Whenever the bill comes to a floor vote in the Senate, it will likely pass.
That is because Sen. Krysten Sinema (D-Ariz.), who could have killed the bill, has agreed to support the bill after receiving several concessions that stood in the way of her support, the New York Times reported.
Schumer, in fact, confirmed the bill “will receive the support of the entire Senate Democratic conference.”