Inflation Reduction Act Won't Reduce Inflation

President Biden has signed the Inflation Reduction Act (IRA), his attempt at delivering on his campaign promises of new investments to combat climate change, improve healthcare, and impose “fair” corporate taxes. The IRA is a revival of the now defunct and unpopular Build Back Better (BBB) Act, ushered in at a whopping $3.5 trillion. Penn Wharton estimates that the IRA will reduce cumulative budget deficits by $264 billion over the 10-year budget window.