White House not saying when the Inflation Reduction Act will begin to cut inflation

President Biden is set to sign Democrats’ “Inflation Reduction Act” into law Tuesday, but White House officials are not saying when the act will start reducing inflation or by how much, even though the legislation is being billed as a way to slow price increases.

In response to a request from Fox News Digital Tuesday, the White House did not immediately provide economic modeling showing when the bill will begin to significantly impact overall inflation – which sits at 8.5% over a year ago as of July. It did not immediately respond to a follow-up question about whether it had developed an estimate showing by how much it would curb price increases.

The White House is nevertheless pushing back against the criticisms that the bill won’t do what its name suggests. It cites experts, including the Committee for a Responsible Federal Budget, which say the bill overall will have a “deflationary” effect. It also points to tax credits for green energy that will go into effect immediately and health policies that go into effect at the start of 2023 as measures that will save Americans money. 

DEMS DON’T SAY WHEN SPENDING BILL WILL REDUCE INFLATION, MAINTAIN IT WILL CUT ENERGY AND HEALTH CARE COSTS

Meanwhile, multiple outside studies and economists are projecting that the bill will have very little, if any, success in decreasing inflation. Even Sen. Bernie Sanders, I-Vt., said the bill “will in fact have a minimal impact on inflation,” citing the Congressional Budget Office.

But with the midterms coming up, Democrats overall are pressing a message that the “Inflation Reduction Act” will reduce inflation, although they too are not necessarily specific about when those effects will be felt by Americans.

“As soon as the act goes into effect, I hope that all of the provisions will begin to work,” Rep. Jamie Raskin, D-Md., told Fox News Digital Friday. “I know that those who have been blaming President Biden for the inflation going up are now giving President Biden all of the credit for inflation going down,” he quipped

Rep. Jamie Raskin, D-Md., Friday dodged a question from Fox News Digital on which parts of Democrats’ reconciliation bill will quickly reduce inflation. 
( Al Drago/Bloomberg via Getty Images)

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