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Buchanan: Democrats’ ‘Inflation Reduction Act’ Is A Fraud

“Despite its promising name, this legislation is just another example of Washington false advertising. No matter what words President Biden and Democrats in Washington use, the Inflation Reduction Act won’t deliver as promised, and they know it,” Ways and Means Republican Leader Rep. Vern Buchanan (R-FL) writes in an op-ed for Townhall, warning that Democrats’ bill will worsen inflation and kill lifesaving cures.

READ: WSJ: IRS Expansion to Collect Billions from Middle-Class Audits

CLICK HERE to read the full op-ed.

Key Excerpts:

American families and small businesses suffering in President Biden’s cruel economy will suffer even more in this bill.

  • “For too long, Americans have been suffering under Biden’s cruel economy. Prices for food, gasoline and housing – to name a few – have risen to levels not seen in decades. And most of these increases are a direct result of this administration’s failed policies, such as limiting the supply of abundant American energy, imposing costly new permitting requirements for building infrastructure, failing to deliver supply-side tax incentives, and massive new government spending.”

Studies confirm Democrats’ bill worsens inflation on American families and small businesses.

  • “…[W]hile the administration tries to paper over their rookie mistakes with misleading bill titles and rhetoric, the nonpartisan Congressional Budget Office (CBO), Penn Wharton economic forecasters, over 300 economists, and even Bernie Sanders agree – this legislation will not extinguish the fires of inflation anytime soon.”

Budget gimmicks leave patients with fewer choices, higher prices, and less lifesaving treatments and cures.

  • “Instead of reducing costs, nonpartisan economists have confirmed that manufacturers will set much higher launch prices due to these new inflation caps – meaning costs to patients will go up, not down, in the short term as a result of this legislation.”
  • “Many experts agree that these new federal price controls will dramatically decrease the amount of private investment into research and development for new cures and treatments. The University of Chicago estimates 342 lost cures as a result of this bill. Slowing the pace of discovery and hope for new therapies for deadly diseases like cancer or Alzheimer’s may be the cruelest ruse of all.”

READ: WSJ: Cancer Patients Pay a Steep Price in Manchin-Biden Drug Pricing Scheme

CLICK HERE to read the full op-ed.

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