Sen. Bernie Sanders (I-VT) is not staying on message as the Democratic party aims to spin President Biden’s Inflation Reduction Act as a boon to the middle class.
In short, Sanders doesn’t think the crudely titled bill will actually bring inflation down, and he said so on the Senate floor Saturday, the Hill reported.
Sanders not satisfied with Inflation Reduction Act
The socialist senator from Vermont cited an analysis from the Congressional Budget Office which found that the “so-called” Inflation Reduction Act, as Sanders put it, would have a “minimal impact” on price surges that are crushing the middle class.
“Madam President, I want to take a moment to say a few words about the so-called inflation reduction that we are debating this evening,” Sanders said.
“And I say so-called, by the way, because according to the CBO, and other economic organizations that study this bill, it will, in fact, have a minimal impact on inflation.”
However, the main line of Sanders’ argument was that the Inflation Reduction Act, which is actually a smaller version of Biden’s Build Back Better agenda, is not ambitious enough. So, maybe Sanders doesn’t deserve too much credit.
If he had his way, the bill would be astronomically larger than its more than $700 billion price tag. Still, a broken clock is right twice a day, as the saying goes.
Biden’s wild spin
Biden has touted the bill as a historic investment in fighting climate change that won’t cost the middle class a dime, all while driving down the federal deficit and decades-high inflation.
On its face, it seems counterintuitive that billions more in spending would somehow reduce inflation, and indeed, few economists expect the bill to have more than a modest effect, despite Biden’s wild spin.
While Biden insists the bill will pay for itself by making the rich pay their “fair share,” it will allocate billions of dollars to finance a massive expansion of the IRS that many fear will wind up targeting the middle class.
Democrats also agreed to take out a provision targeting the Wall Street-friendly carried interest loophole following negotiations with Democrat Kyrsten Sinema (AZ) Sanders probably wasn’t too thrilled with that one.
Nevertheless, Sanders dutifully voted for the bill – proving at the end of the day that while he doesn’t caucus with them, he’s a Democrat at heart.