- Tue Aug 23, 2022 1:20 pm
#134936
August 23, 2022 at 1:58 PM
President Biden recently signed the Inflation Reduction Act (IRA) into law with the goal of taming inflation and addressing climate, tax, and health care issues.
According to economists, however, the $430 billion price tag over the next 10 years is a hefty amount for what they consider to be marginal economic returns.
"Our preliminary analysis of the 'Inflation Reduction Act' (IRA), a climate, tax, and health-focused bill, shows it will boost the level of GDP by about 0.2%-0.3% by the end of 2031 and, despite its name, will have no measurable impact on inflation," Oxford Economics economists wrote in a new note.
President Biden recently signed the Inflation Reduction Act (IRA) into law with the goal of taming inflation and addressing climate, tax, and health care issues.
According to economists, however, the $430 billion price tag over the next 10 years is a hefty amount for what they consider to be marginal economic returns.
"Our preliminary analysis of the 'Inflation Reduction Act' (IRA), a climate, tax, and health-focused bill, shows it will boost the level of GDP by about 0.2%-0.3% by the end of 2031 and, despite its name, will have no measurable impact on inflation," Oxford Economics economists wrote in a new note.