NEW Fox News articles can now be heard on audio! The weekly “The Conversation,” a written dialogue about current events amongst The New York Times’ writers, was published on Monday. President Biden and Congressional Democrats’ climate and tax plan, which was passed into law earlier this month, was given the label “Inflation Reduction Act,” but Times columnists Gail Collins and Bret Stephens questioned its veracity in this week’s issue.
Collins remarked, “I’ll concede that the Inflation Reduction Act may not have been the best moniker for his bill, but what a moment for his presidency!
For the “first time the country has ever made a large, meaningful step toward fighting global warming,” according to Collins, the measure was passed.
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And for once, Collins concluded, “I can picture future generations applauding what we’ve accomplished.”
I concur that the bill’s name is incorrect, Stephens remarked. Considering all the benefits Joe Manchin packed into it for his home state of West Virginia, or the Elon Musk Additional Enrichment Act given all the tax breaks for purchasing electric vehicles, it probably would have been better named the West Virginia Special Perks Act.
Both the Congressional Budget Office and the Wharton Budget Model predict that the Inflation Reduction Act won’t actually lower inflation. The CBO’s forecast indicated that the law would have a “negligible” influence on inflation over the next two years, in contrast to the Wharton model’s conclusion that the legislation’s impact on inflation is “statistically indistinguishable from zero.”
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Stephens also suggested that since China and other nations release more carbon dioxide than the United States does, history won’t look back on the legislation as “some kind of turning point” in the fight against climate change.
However, a columnist for The New York Times bemoaned how the FBI’s search of former President Trump’s Mar-a-Lago estate in Florida overshadowed Biden and the Democrats’ legislative accomplishments.
