OPINION: This article may contain commentary which reflects the author's opinion.
The Democrats got moderate Sens. Joe Manchin of West Virginia and Kyrsten Sinema of Arizona on board for their new “Inflation Reduction Act,” but the people are not on board.
A new YouGov poll showed that only 12 percent of Americans believe that the legislation will do what the same suggests it will do, The Daily Wire reported.
The survey asked nearly 1,500 Americans between July 30 and August 2 about their thoughts on the new spending package that Democrats are using to resurrect parts of President Joe Biden’s “Build Back Better” agenda. The results showed that most people don’t think the bill will reduce inflation.
“Do you think this bill will increase or decrease inflation?” the survey asked. More than one third of the respondents (36%) said it will increase inflation while only 12% said they think it will decrease inflation. Another 23% said inflation will not change, and 29% were “not sure.”
The poll also gauged where voters stood on the “Inflation Reduction Act” as a whole. A majority (51%) supported the bill that YouGov referred to as a “climate and energy bill,” while 31% opposed and 17% were unsure.
And that is not the only issue facing this historic legislation that will presumably be passed by only the 50 Democrats in Congress via reconciliation.
It appears that President Joe Biden and the Democrats have secured the votes to get a major piece of their agenda passed, but it comes at a cost.
On Thursday, Arizona Senator Kyrsten Sinema said that she would support what the Biden administration has called the Inflation Reduction Act
“To win Ms. Sinema’s support, Democratic leaders agreed to drop a $14 billion tax increase on some wealthy hedge fund managers and private equity executives that she had opposed, change the structure of a 15 percent minimum tax on corporations, and include drought money to benefit Arizona,” The New York Times reported.
“Ms. Sinema said she was ready to move forward with the package, provided that the Senate’s top rules official signed off on it,” it said.
Senate Majority Leader and New York Sen. Charles Schumer said that he reached an agreement “that I believe will receive the support of the entire Senate Democratic conference.”
“The agreement preserves the major components of the Inflation Reduction Act, including reducing prescription drug costs, fighting climate change, closing tax loopholes exploited by big corporations and the wealthy, and reducing the deficit,” the Majority Leader said. The deal will “put us one step closer to enacting this historic legislation into law.”
It did not take a ton to get Sen. Sinema on board. She wanted a provision removed that would have eliminated preferential tax treatment for rich hedge fund managers who have donated millions of dollars to her campaigns.
She also asked for billions of dollars to help fix the drought issues that have affected states like hers in Arizona.
But the price Democrats paid to get her was higher. They eviscerated the “tax the rich” platforms of people like Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez who have been silent on eliminating the tax on hedge fund managers.
The New York Times reported:
“The agreement preserves the major components of the Inflation Reduction Act, including reducing prescription drug costs, fighting climate change, closing tax loopholes exploited by big corporations and the wealthy, and reducing the deficit,” he said. The deal will “put us one step closer to enacting this historic legislation into law.”
Mr. Biden called on the Senate to quickly pass the measure, praising the deal as “another critical step toward reducing inflation and the cost of living for America’s families.”
But, as the call it the Inflation Reduction Act, 230 economists said in a letter that it will definitely not reduce inflation Fox News reported.
