Is it too much to ask that the Biden Administration’s “Inflation Reduction Act” do what the name suggests that it will do?
Apparently, that is too much.
Sen. Joe Manchin (D-W.Va) is not trying to do the bait and switch anymore. He is fully admitting that the left’s massive spending legislation won’t “immediately” reduce inflation, even though that’s exactly what was promised.
Hillary Vaughn, a Fox News reporter, asked the West Virginia senator whether the $740 billion piece of legislation was misleading to Americans. She said that many are hopeful that they might soon see relief in everyday prices.
“Why would it?” Manchin asked, adding, “Well, immediately it’s not… we’ve never [said] anything would happen immediately, like turn the switch on and off.”
Manchin continued to take questions and at one point he said that the necessary investments needed to bring down prices, but that it would take some time and they expected several investments to be made with the passing of the legislation.
“We’re fighting like the dickens. You got to produce yourself out of this… if you think that you’re going to wait on the Federal Reserve to raise rates, discourage you from buying anything (and) that’s going to take care of our inflation, that’s not how you take care of inflation,” Manchin said.
He admitted that the bill would not produce any financial miracles, but that the long-term money-saving benefits will happen over the next ten years.
“That’s not going to be overnight. They have incentives to do that, to help them,” Manchin said, adding, “Trust me, if you have something going bad in your home where you’re replacing it, and you have some assistance you’re thinking of, that might be of help.”
So, don’t make any plans to buy any pricey items any time soon. The Biden Administration’s billion-dollar spending fiasco isn’t going to put a dent in the country’s inflation any time soon.
