Schumer-Manchin So-Called ‘Inflation Reduction Act’ Might Lower Inflation—in 2026 – Opinion

When I wrote about the agreement West Virginia Senator Joe Manchin made with Senate Majority Leader Chuck Schumer on July 27 regarding the Inflation Reduction Act, I predicted that the actual details of the bill wouldn’t be known immediately and would trickle out over time. As Nancy Pelosi once famously said, “We have to pass the bill so that you can find out what is in it — away from the fog of the controversy.” Although she wasn’t talking about the Inflation Reduction Act in that instance, the same principle would apply.

It’s only years later that you find out $100 million was earmarked for the Barney Frank Underwater Basketweaving Society.

As more details of the Schumer-Manchin pact come out, it becomes even harder to discern just what the heck Manchin, who’s mostly funded by out-of-state voters and only won his last election by three percentage points, was thinking. He’s talked tough on inflation, ruled out abolishing the filibuster, and has oftentimes sounded like he’s considering moving to the Republican Party. With this bill, however, it’s a huge mess.

The National Review has more information:

…a closer look at a fresh analysis of the bill from the Congressional Budget Office shows that over 90 percent of the promised deficit reduction in the bill would come after 2026 — It would not do anything to reduce inflation. (Emphasis mine.)

My RedState colleague Nick Arama reports on how Manchin tried—and failed—to explain this contradiction on Harris Faulkner’s Fox News show. Sister Toldjah meanwhile details how, despite the hype, this won’t actually help Biden’s re-election chances.

National Review condemns this bill further

Of the $305 billion in promised deficit savings over the next decade, CBO says just $21 billion will be coming over the next five years, when we’re in the midst of a historic inflation crisis, while the remaining 93 percent of the claimed savings won’t come until after 2026. The bill’s promise to address current inflation problems is absurd, regardless of what else can be said.

This bill is basically made up of green-energy grants totaling hundreds of millions of dollars and an expansion of Obamacare. The tax increase and more enforcement by the IRS are supposed to offset this. We need the IRS more in our lives.

Joe Biden promised he wouldn’t raise taxes on anyone making less than $400k a year. He 100% lied. It’s shameful you signed on to this @Sen_JoeManchin. Vote yes to this and your political career is done in West Virginia. pic.twitter.com/ZYh9LcfYcc

— Clay Travis (@ClayTravis) August 3, 2022

Manchin may not be the moderate man he portrays. Fox News reports that Manchin is more Democrat than most people think.

According to ProPublica, Manchin (D-W.Va.) voted for Sen. Bernie Sanders (88%), and Sen. Elizabeth Warren (91%), according to the database. According to ProPublica, Manchin also voted with Chuck Schumer (D-N.Y.), on 91% votes.

The Wall Street Journal Editorial Board is not a fan of the bill, writing that it’s just a big payoff to unions and special interests:

It is filled with green goodies, including those that support unions or projects in particular regions. The bill covers 725 pages. Most tax credits for renewable energy projects are five times more generous if contractors pay “prevailing wages”—that is, union-scale wages—and employ workers participating in apprenticeship programs. They are often run by unions.

It’s hard to understand what Manchin was thinking on this one. Perhaps he wants to be fêted by the Washington Post and the New York Times and get invited to Georgetown cocktail parties.

As he was strong against the abolishment of the filibuster as well as talking a great game about inflation, I used to love him. Now he’s seemingly turned his back on his principles, and the American people, and we can only hope Arizona Senator Krysten Sinema is a no-vote on this unfortunate bill.