“We estimate that the Inflation Reduction Act will produce a very small increase in inflation for the first few years,” said Penn Wharton Budget Model analysts in a report.
The reviews are coming in for Senate Democrats’ Inflation Reduction Act of 2022, and some analysts are suggesting the $739 billion healthcare, energy and tax package won’t actually reduce inflation by a great deal.
“These point estimates, however, are not statistically different than zero, thereby indicating a very low level of confidence that the legislation will have any impact on inflation.” “By the fourth quarter of 2031, the consumer price inflation index will be 0.33% lower because of the legislation,” said the Moody’s team, led by Mark Zandi.marginal, but it becomes more meaningful later in the decade.”
“Leading economists agree that this legislation would be an important step forward in fighting inflation and addressing some of our nation’s most pressing economic challenges,” said Cecilia Rouse, who chairs President Joe Biden’s Council of Economic Advisers, in a statement on Friday.
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