Report: Biden and Democrats Promote Inflation Reduction Act During Campaign
President Joe Biden and Democrats are using the anniversary of passing the Inflation Reduction Act to highlight Biden’s accomplishments despite low polling numbers. While the inflation rate fell to 3% in June from 9.1% in June 2022, prices remain high for consumers. Some experts predict that July’s rate, due out on Thursday, will not be below 3% either. Increasing energy prices, government spending, borrowing, and printing more money are factors contributing to the ongoing inflation. The Republican National Committee questioned whether Biden would take responsibility for the recent gas price hike after taking credit for a drop in prices. Polls show that a majority of voters do not approve of Biden’s handling of inflation and the economy. Biden will be in Arizona and New Mexico to promote the Inflation Reduction Act and highlight its impact on clean energy manufacturing and conservation investments. Despite any positive financial impacts, Biden is not receiving much credit for his economic policies.
