Alongside going down in history as a $430 billion bill to tackle climate change, the inflation act aims to lower prescription drug prices and lower the inflation rate- which saw a 40 year high earlier this year.
What is the Inflation Reduction Act and will it be enough to keep Joe Biden in power?
The bill will also make sure Medicare can lower drug prices for the elderly and large corporations pay the tax they owe.
And the democrats say that- the way it will take on inflation is through lowering the federal deficit. And even though economists say this is possible- they also maintain their stance that this won’t happen overnight. In fact it will take years.
As for the Republican Party, they’re critical of the bill.
Senate Republican leader Mitch McConnell said
“Democrats robbed Americans last year by spending our economy into record inflation. This year, their solution is to do it a second time. The partisan bill President Biden signed into law today means higher taxes, higher energy bills, and aggressive International Revenue Service audits”.
But this bill is part of a trend of legislative string victories for the Democrats.
And the latest word is that they will now be capitalising on this especially considering that the November midterms are fast approaching and Joe Biden’s approval ratings are poor across the country.
And the best way to that is money and ads.
Reports from within the Democratic part indicate that millions will be spent to pump up President Biden for the election.
And with the Inflation act now passed, climate change groups and Biden supporter bases will target voters in swing states; which are U.S. states where the two major political parties have an equivalent level of support among voters.
The midterm elections will be tough for both parties.
And it doesn’t seem like either has the momentum for now.
