Poll shows little confidence that Dems’ ‘inflation reduction’ bill will work

Democrats scored a win on Capitol Hill last week when West Virginia Sen. Joe Manchin (D) and Arizona Sen. Kyrsten Sinema (D) both agreed to support their party’s “Inflation Reduction Act.”

Yet, despite their legislative victory, the bill got crushed in a recent survey. According to the Daily Wire, it reported that few Americans think the massive new spending bill will help get inflation under control.

The opposite effect?

Conducted by YouGov between July 30 and August 2, the survey found that just 12% of respondents believed inflation will improve if the bill is passed.

In contrast, 23% expressed the view that the Inflation Reduction Act will have no impact while another 29% said they were unsure about its effects.

Interestingly, the single biggest group of respondents said the bill will actually make America’s inflation problem worse.

Economists’ warning

Poll participants are not alone in believing the act will aggravate inflation, as Fox News reported that 230 economists have signed on to a letter that makes the same allegation.

They argued that the “inaptly named ‘Inflation Reduction Act of 2022’ would do nothing of the sort and instead would perpetuate the same fiscal policy errors that have helped precipitate the current troubling economic climate.”

Among their worries is that the $433 billion in proposed government spending comes at a time when America’s economy is at a “dangerous crossroads.”

The economists say this new infusion of cash “would create immediate inflationary pressures by boosting demand, while the supply-side tax hikes would constrain supply by discouraging investment and draining the private sector of much-needed resources.”

Also of concern are the bill’s prescription drug provisions, something they say “would impose price controls that threaten healthcare innovation, creating a human health toll that would add to the financial woes that Americans are already experiencing.”

Fox News pointed out that the letter’s signatories “include Nobel laureate Vernon Smith, former Chair of the Council of Economic Advisers Kevin Hassett, former Director of the Office of Management and Budget Jim Miller and Robert Heller, former president of the Federal Reserve Board 1986-1989.”

Share on facebook
Share To Facebook

Welcome to our comments section. We want to hear from you!

Any comments with profanity, advocacy of violence, harassment, personally identifiable information or other violations will be removed. If you feel your comment has been removed in error please contact us!

Latest Posts