<p><a href="https://www.dailywire.com/topic/bernie-sanders">Senator Bernie Sanders (I-VT)</a> slammed the Inflation Reduction Act (IRA) negotiated by <a href="https://www.dailywire.com/topic/chuck-schumer">Senate Majority Leader Chuck Schumer (D-NY)</a> and Senator Joe Manchin (D-WV), in part because of a recent nonpartisan report that revealed the bill would do very little to actually reduce inflation.</p>
<p>Saturday evening, Vice President Kamala Harris <a href="https://thehill.com/homenews/senate/3591216-harris-breaks-50-50-deadlock-to-advance-landmark-climate-tax-health-bill/">rushed</a> to the Senate to cast the tie-breaking vote 51 &#8211; 50 to move the bill for debate before considering amendments. Despite voting in support of advancing the climate change and government spending bill, Sanders immediately voiced his concerns about the legislation.</p>
<p>&#8220;I want to take a moment to say a few words about the so-called Inflation Reduction Act that we are debating this evening,&#8221; Sanders <a href="https://www.businessinsider.com/bernie-sanders-inflation-reduction-act-schumer-manchin-2022-8">said</a> on Saturday. &#8220;I say so-called because according to the [Congressional Budget Office] and other economic organizations that have studied this bill, it will in fact have a minimal impact on inflation.&#8221;</p>
<p>In a letter sent responding to Senator Lindsey Graham (R-SC), the nonpartisan Congressional Budget Office (CBO) reported that the bill would barely make a dent in surging prices over the next year and half.</p>
<p>&#8220;In calendar year 2022, enacting the bill would have a negligible effect on inflation, in CBO’s assessment,&#8221; the CBO <a href="https://www.budget.senate.gov/imo/media/doc/58357-Graham.pdf">claimed</a>. &#8220;In calendar year 2023, inflation would probably be between 0.1 percentage point lower and 0.1 percentage point higher under the bill than it would be under current law, CBO estimates.&#8221;</p>
<p>In reaction, Graham blasted the Democrats for their &#8220;tax and spend proposal.&#8221;</p>
<p>&#8220;Democratic statements about the proposal are quite frankly wrong and misleading,&#8221; Graham <a href="https://www.budget.senate.gov/ranking-member/newsroom/press/cbo-confirms-to-graham-dems-inflation-reduction-act-wont-reduce-inflation#:~:text=CBO%20found%3A,would%20reduce%20incentives%20to%20work.">said</a>.</p>
<p>Graham also noted that the Inflation Reduction Act — which <a href="https://smartasset.com/financial-advisor/inflation-reduction-act#:~:text=The%20proposed%20legislation%20aims%20to,another%20vote%20in%20the%20House.">cost</a> taxpayers more than $700 billion — benefits wealthy families with government subsidies while hurting the economy.</p>
<p>“Further, CBO indicates that the Obamacare subsidies can go to a family of four earning $304,000 a year. This is, by any reasonable definition, people who are doing well and not in need of subsidies from the government,&#8221; he <a href="https://www.budget.senate.gov/imo/media/doc/58357-Graham.pdf">added</a>. “Also, CBO confirmed my suspicion that the way the 15 percent corporate minimum tax is constructed would hurt economic growth.&#8221;</p>
<p>The CBO also <a href="https://www.budget.senate.gov/imo/media/doc/58357-Graham.pdf">reported</a> that the IRA’s &#8220;proposed new corporate minimum tax would reduce the incentive for those large corporations to invest, primarily by limiting the tax benefit of accelerated depreciation and by decreasing the after-tax return on their new investment.&#8221;</p>
<p>“So what have we learned today from CBO? The bill does not lower inflation, it hurts economic growth and the Obamacare subsidies are absurd,&#8221; Graham <a href="https://www.budget.senate.gov/ranking-member/newsroom/press/cbo-confirms-to-graham-dems-inflation-reduction-act-wont-reduce-inflation#:~:text=CBO%20found%3A,would%20reduce%20incentives%20to%20work.">remarked</a>.</p>
<p>The CBO also reported that a key provision of the bill that bans pharmaceutical manufacturers from raising the prices of drugs higher than the rate of inflation would actually increase the cost of new drugs.</p>
<p>&#8220;The Congressional Budget Office projects that the inflation-rebate and negotiation provisions would increase the launch prices for drugs that are not yet on the market relative to what such prices would be otherwise,&#8221; the CBO <a href="https://www.axios.com/2022/08/05/democrats-drug-prices-medicare-effects">explained</a>.</p>
<p>Sanders also claimed that his colleagues must focus on &#8220;the major crises facing working families.”</p>
<p>&#8220;If we cannot do that, not only will people continue to hurt and suffer, but to my mind, it is questionable how long we will remain a democracy,&#8221; he said on Saturday.</p>
<p>It is likely that the final version of the bill will be slightly different after debate as senators like Sanders attempt to add preferred amendments to the bill.</p>

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Bernie Sanders Slams ‘The So-Called Inflation Reduction Act’