<p>Colorado Democratic Sen. Michael Bennet said that the Inflation Reduction Act is not reducing inflation because it hasn&#8217;t set in yet.</p>
<p>Appearing on CNN&#8217;s &#8220;State of the Union&#8221; Sunday, Bennet said that the cost-saving provisions of the Democrats&#8217; $740 billion tax and spending plan have not been implemented. Bennet claimed that high gas prices, a broken global supply chain, and the time it takes to put the law into effect are the primary reasons Americans aren&#8217;t seeing any relief.</p>
<p>&#8220;Why isn&#8217;t the Inflation Reduction Act reducing inflation?&#8221; host Dana Bash asked.</p>
<p>&#8220;Well, because the elements of the Inflation Reduction Act aren&#8217;t going to kick in for a while, Dana,&#8221; Bennet responded. &#8220;I mean, the cap on drug prices for seniors and the requirement finally &#8212; finally, we overcame pharma to have a requirement that Medicare negotiate drug prices on behalf of the American people &#8212; capping insulin at $35 a month, I mean, these are things that are going to take a while to put in place.&#8221;</p>
<p>&#8220;Today, gasoline is $3.70 a gallon,&#8221; he continued. &#8220;Here in Colorado, a gallon of milk costs $4.20. That&#8217;s really tough on people. And I think one of the things I have been trying to explain to folks is that this is a global problem. Canada has the same inflation that we have. The European &#8212; every country in Europe has the same inflation we have. The U.K. does as well. India has as well, because as we&#8217;re facing broken global supply chains that we have to address. And we&#8217;re facing increases in energy prices because, two years ago, oil was at $20 a barrel, went to $93 because of the economic recovery, and then Putin invaded Ukraine. The fact that it is global is cold comfort when you&#8217;re paying $3.70 a [gallon].&#8221;</p>
<p>Despite Bennet&#8217;s claims, expert analyses have shown that the <a href="https://www.dailywire.com/news/vp-harris-breaks-tie-senate-passes-democrats-inflation-reduction-act-climate-tax-and-spending-bill" target="_blank" rel="noopener">Inflation Reduction Act</a> won&#8217;t reduce inflation in the short term or the long term.</p>
<p>An analysis by the Wharton School of Business in July found that the bill could actually <a href="https://www.dailywire.com/news/democrat-inflation-reduction-act-could-slightly-increase-inflation-over-next-two-years-study-finds" target="_blank" rel="noopener">increase inflation</a> through 2024. But even after that, the law&#8217;s impact on inflation would be &#8220;statistically indistinguishable from zero&#8221; through the rest of the decade, &#8220;thereby indicating low confidence that the legislation will have any impact on inflation,&#8221; Wharton&#8217;s budget model found.</p>
<p>The Inflation Reduction Act likely won&#8217;t lower prescription drug prices in the short term either. Under the law, the Secretary of Health and Human Services can negotiate the prices of certain drugs beginning in 2026.</p>
<p>Critics warn that it might not lower gas prices, as it imposes a 16.4 cents per barrel tax on imported crude oil and petroleum products.</p>

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Dem Senator Bennet: Inflation Reduction Act Hasn’t Reduced Inflation Because It Won’t ‘Kick In For A While’

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Dem Senator Bennet: Inflation Reduction Act Hasn’t Reduced Inflation Because It Won’t ‘Kick In For A While’