For the past two years, Republicans have alleged that the Democrat's Inflation Reduction Act (IRA) was simply an excuse to pursue left-wing policies.

In an unbelievable moment this week, President Joe Biden let slip that the GOP's allegations were accurate.

"We should've named it what it was"

According to Breitbart, the president's admission was made when he spoke to reporters at an event in Westby, Wisconsin on Thursday.

Joe Biden just STRAIGHT UP ADMITTED that the Inflation Reduction Act was a TOTAL SCAM that had NOTHING to do with reducing inflation!

Does Kamala Harris agree with this?

"We should've named it what it was!" pic.twitter.com/2WL7N1exN2

— Townhall.com (@townhallcom) September 5, 2024

Biden at one point remarked that the IRA stands as "the most significant climate change law" which has ever been passed.

"By the way, it is a $369 billion bill, it's called the–we we we should've named it what it was," the president went on to declare.

GOP congressman: IRA about "spending money we don't have"

Biden's implicit recognition that the IRA failed to live up to its name came roughly three weeks after Texas Republican Rep. Jodey Arrington delivered a similar message in a Fox News op-ed piece.

"We were sold under false pretense that spending more money we don't have on federal programs we don’t need would somehow tame inflation," Jodey wrote. "How does that work? It doesn't."

While conservatives have long accused the Biden administration of exacerbating inflation through its fiscal mismanagement, they are not the only ones to do so.

BlackRock CEO Larry Fink is notorious for his support of left-wing causes, yet Breitbart noted that he too highlighted the link between profligate spending and persistent inflation during an appearance on CNBC's "Squawk on the Street" earlier this year.

Larry Find doubts White House can bring inflation down

Specifically, he stressed that America's annual rate of inflation has remained above 2% despite the Biden administration's promise to lower it.

"We have a trillion dollars of fiscal stimulus in the CHIPS Act, the Infrastructure Act, and the IRA," Fink complained before adding, "Even when everyone became enthusiastic, it never got to 2."

When "Squawk on the Street" co-host Sara Eisen asked Fink if he believes there is any chance of annual inflation reaching 2%, he expressed skepticism given how much government spending has taken place.

"I think 2 is a hard number. We have restructured how we frame our economic policy. We have a trillion dollars of fiscal stimulus in the CHIPS Act, the Infrastructure Act, and the IRA," the financial mogul pointed out.