The damage caused to your wallet or pocketbook with Keynesian vs. Austrian economics is huge.

Two years of inflation reduction? Not so fast.

By Akash Chougule – August 13, 2024

This Friday marks the second anniversary of the so-called Inflation Reduction Act—a bill that promised to ease the pain of rising prices but instead has done just the opposite.

As we reflect on the two years since this ironically named legislation passed, it’s clear that the bill has only expanded reckless government spending and fueled the very inflation it was supposed to curb.

Here’s a few words that I shared the other day:

“The so-called Inflation Reduction Act was a trillion-dollar grab-bag of special interest giveaways that was never intended to reduce inflation. The name of the bill should be a reminder of Washington’s cynical attempt to fool everyday Americans into thinking this was anything but a political wish-list bill.

“Vice President Kamala Harris was the deciding vote on the IRA, which means any one of the Senators up for reelection this year who voted for it could have stopped it. Instead, every single one decided to go along with their Party to support another trillion dollars in spending when inflation was already raging. The costs people are paying today are a direct result of Washington moving full speed ahead on its reckless spending binge despite repeated warnings. Voters should hold those Senators accountable, and ask them a simple question: would they do it again?”

When the Inflation Reduction Act was signed into law on August 16, 2022, it was touted as a solution to soaring costs.

Here’s what we got instead:

  • Americans are paying $11,400 more for the same standard of living as in 2021
  • ‌Car maintenance is up 2% and new cars are up 18.7%, so owning a car is starting to feel like a luxury.
  • Rent is up 7%, making it harder for would be first time home buyers to save for a down payment.

As such,  78% of Americans are living paycheck to paycheck. Unable to save for a house, a medical emergency, or retirement.

The American Dream is slipping further away for countless families, as wages fail to keep pace with the rising cost of living. This is Bidenomics in action—a policy agenda that prioritizes political wish lists over the needs of everyday Americans.

‌It’s time to take a stand. We need to oppose these destructive economic policies that are making life harder for all of us. Let’s demand real solutions that empower individuals and promote economic freedom, not more empty promises and government overreach.

Contact Your Lawmakers

‌Can you please ask your lawmakers to reject bad economic policies like the Inflation Reduction Act?

Contact Your Lawmakers

Your voice is crucial in this fight. Together, we can push back against Bidenomics and reignite the American Dream.

‌Akash Chougule is Vice President of Government Affairs for Americans for Prosperity