WASHINGTON, D.C. — Today is the anniversary of President Joe Biden signing the Inflation Reduction Act (IRA) into law. 

Patrice Onwuka, director of the Center for Economic Opportunity (CEO), issued the following statement:

“It’s been one year since President Biden fleeced the nation with a bill that was deceptively marketed as a means to reduce inflation. All along, the president knew–and recently admitted–that the IRA was never intended to reduce 40-year-high prices. It is a radical climate bill meant to shower green energy corporate friends with costly taxpayer subsidies while stripping Americans of the right to choose the vehicles and appliances they prefer.  

“The White House should not strike a celebratory tone today. Bidenomics-driven inflation has hit families with a $5,600 effective pay cut. Many households are in tough financial straits, and the IRA does nothing to address their concerns. Nearly three out of four Americans are stressed about their personal finances. Americans are exhausting every means to stay afloat amidst elevated prices. Consumer credit card debt just surpassed $1 trillion for the first time. Some 54% of Americans used savings to pay for everyday expenses such as groceries and rent.  Meanwhile, hardship withdrawals surged by 36% in the first three months of this year.  Half of Americans say they are worse off now compared to a year ago, up from 40% the year prior.

“Massive, reckless federal spending launched prices to levels not seen in generations. Spending restraint and pro-growth policies will help to push prices back down and give families lasting financial relief.” 



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