Biden Celebrates One-Year Anniversary of Inflation Reduction Act with a Resounding Success

WASHINGTON — President Joe Biden marked the one-year milestone of the signing of the Inflation Reduction Act by celebrating its success in lowering inflation rates.

During a White House event, Biden stated, “When the Inflation Reduction Act was passed a year ago today, inflation stood at 8.3%. Now, it has decreased to 3.2%, and it will continue to decline.”

However, attributing the decline in inflation solely to a bill that funded green energy investments and healthcare subsidies is an uncertain claim. The majority of economists agree that the primary factor behind the decrease in inflation over the past year was the Federal Reserve’s repeated increases in interest rates.

Speaking at a recent fundraiser, Biden admitted his regret over naming the legislation the Inflation Reduction Act, acknowledging, “It actually has less to do with reducing inflation and more to do with promoting alternative solutions that drive economic growth.”

In his speech on Wednesday, Biden elaborated on the law’s emphasis on job creation, pledging that the United States would strive to become less dependent on other countries for resources.

“We will manufacture here and export there,” declared Biden. “This is not about the past; it is about the future. We will progress.”

Nevertheless, the one-year anniversary provided an opportunity for the White House, which is gearing up for a challenging reelection campaign, to revel in the success of the U.S. economy, which seems to defy forecasts of a recession in the latter half of this year.