Biden Nobel laureates support; Chuck Schumer called 230 economists including Nobel laureates wrong

On 8/5/2022, during his speech on the economy, President Joe Biden said his Inflation Reduction Act will reduce inflation, even though experts agree it will have no impact. Biden claimed Nobel laureates’ support. Biden said his “job” is to help families pay bills, but if that is true, he’s failing. Biden completely ignored a question on when he thinks inflation will finally subside. Biden said, “And one more point. This bill will not — let me repeat this: This bill will not — will not raise taxes on anybody making less than $400,000 a year. When it comes to the benefits of this bill, you don’t have to take my word for it. Nearly 130 economists; 7 Nobel laureates in econ- — on the economists — on economics, I should say; former Secretaries of Treasury; Federal Reserve — former Federal Reserve Vice Chair; former director of the Congressional Budget Office wrote that this bill will, quote, combine — they wr- — signed, quote, will “fight inflation and lower costs for American families while setting the stage for strong, stable, and broadly shared long-term economic growth.” In short, this bill is a gamechanger for working families and our economy.”

On 8/5/2022, Senate Majority Leader Chuck Schumer called 230 economists who are warning that the Inflation Reduction Act is expected to contribute to skyrocketing inflation “wrong” during a press conference Friday. About 230 US economists, including Nobel laureates in economics, voiced opposition to President Joe Biden and the Democratic Party’s “inflation reduction law” that would backfire. The economists sent a letter to the leaders of the U.S. Senate and House of Representatives expressing this position, arguing that the bill, contrary to Democrats’ claims, would fuel inflation and put a strain on the US economy. The signatures were signed by Vernon Smith, co-winner of the 2002 Nobel Prize in Economics, Kevin Hassett, a former Chairman of the Economic Advisory Council, and Jim Miller, a former Director of the Office of Management and Budget at the White House. The economists wrote in the letter that the U.S. economy is at a “dangerous crossroads” and the “inaptly named ‘Inflation Reduction Act of 2022’ would do nothing of the sort and instead would perpetuate the same fiscal policy errors that have helped precipitate the current troubling economic climate.” The experts conclude that although they agree with an “urgent” need to address inflation, Manchin’s bill is a “misleading label” applied to legislation that would achieve the “opposite effect.”

More Joe Biden’s 8/5/2022 speech, “You know, I know most families are focused on just putting three meals on the table, taking care of their kids, and paying their bills. Helping you do that is my job. That’s a President’s job as well … After watching my predecessor every single year increase the debt — the federal deficit — every year, for the four years he was in office, I said, “No more.” The days of exploding federal deficits are over. And I’ve kept my word. Just take a look at the facts. The deficit is down a record of $1.7 trillion this year. That’s right — $1.7 trillion, with a “T”. And that’s on top of a $350 billion reduction to the deficit my first year in office.

“Now, I know people will hear today’s extraordinary jobs report and say they don’t see it, they don’t feel it in their own lives. I know how hard it is. I know it’s hard to feel good about job creation when you already have a job and you’re dealing with rising prices, food and gas, and so much more. I get it. I literally can remember sitting at my mom and dad’s dining room table and watching them choose which bills they’re going to this — that month because there wasn’t enough money to pay all the bills. I get it. That’s why I’m doing everything in my power to lower the costs for families.”

“It will make historic investments in clean energy — clean energy, security. The security of the country is at stake. We’re going to save American families hundreds of dollars a year on paying their energy bills by allowing them to have money to invest by getting — allowing them to put in new windows and doors and solar panels and the like, and get tax credits for that.”

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Biden Nobel laureates support; Chuck Schumer called 230 economists including Nobel laureates wrong.