(Headline USA) President Joe Biden admitted this week that his signature legislation, the misnamed Inflation Reduction Act, was not about inflation at all, but about climate change.
Few were fooled by the name. It drew criticism as yet another Orwellian tactic deployed by the dystopian regime alongside controversial policies like the establishment of a Disinformation Governance Board—colloquially referred to as Biden’s “Ministry of Truth.”
Nonetheless, during a speech in Wisconsin on Thursday, Biden touted the billions of dollars his administration spent as part of the bill, most of which went toward “clean” energy programs and mandates.
“I’m proud of the progress we’ve made together by our ‘Investing in America’ agenda,” Biden said.
“I’m proud to announce that my, uh, my investments—that through my investments, the most significant climate change law ever,” he continued. “And by the way, it is a $369 billion bill. It’s called the—uh, we, we should have named it what it was.”
The projected cost of the Inflation Reduction Act is much higher than just $369 billion. Some estimates place the total cost at more than $1 trillion.
Economists warned at the time of the bill’s passing that it would do nothing to lower inflation rates, and that it would more than likely exacerbate them.
“I can’t think of any mechanism by which it would have brought down inflation to date,” said Harvard University economist Jason Furman at the time.
Despite this, Biden and Vice President Kamala Harris have continued to tout the bill as a success. Just last month, Harris praised the bill—which she cast the tie-breaking vote for in the Senate—as “historic” legislation.
But even Harris admitted what the bill really was.
“Our Inflation Reduction Act is the single largest climate investment in American history,” she said in a statement.
“While taking on the climate crisis and lowering utility bills for families, it is helping us to rebuild American manufacturing and drive American innovation—creating good-paying union jobs, furthering economic opportunity, and contributing to the nearly $900 billion of private-sector investment since President Biden and I took office,” she added.
