False Advertising for the Inflation Reduction Act
Listen to US President Joe Biden and other proponents of the recently signed Inflation Reduction Act, and you would think that America has single-handedly rescued the world from inflation, climate change, and corporate greed. Unfortunately, all of the law's big promises shrivel under scrutiny.
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STANFORD – US President Joe Biden’s Inflation Reduction Act (IRA) contains a variety of provisions focused on subsidizing renewable energy and health insurance, and taxing corporations and the wealthy. It is the product of a contentious year-long intraparty struggle, following Senators Joe Manchin and Kyrsten Sinema’s refusal to go along with Biden’s multi-trillion-dollar “Build Back Better” bill.