Sen. Coons: 'We May Not See Huge Impacts on Inflation in the First or Second Year'

[mystery-ak]

 Sen. Coons: 'We May Not See Huge Impacts on Inflation in the First or Second Year'
By Susan Jones | August 8, 2022 | 6:55am EDT

(CNSNews.com) - Senate Democrats passed their so-called Inflation Adjustment Act on Sunday, but as one of those Democrats said, "we may not see huge impacts on inflation in the first or second year."

Sen. Chris Coons (D-Del.) told ABC's "This Week" that "this important, even landmark piece of legislation...will reduce prescription drug prices, reduce healthcare costs, reduce the deficit and make a big down payment on combatting climate change."

Host George Stephanopoulos told Coons, "You call the bill the Inflation Reduction Act, but the nonpartisan Congressional Budget Office says the bill is going to have a negligible effect on inflation this year, barely any impact in 2023, between 0.1 percent lower and 0.1 higher. So is it really fair to call it the Inflation Reduction Act?" he asked.

"Yes, it is, George," Coons said.

    "This is going to reduce the costs that hit American families in their pocketbook. Prescription drug costs, healthcare costs, energy costs.

    "It's going to make for a more secure and stable and cleaner and more affordable future for American families, and while we may not see huge impacts on inflation in the first or second year, Treasury secretaries who've served in both Democratic and Republican administrations support this bill, and the AARP, who I trust as the voice of seniors in America, says this will make a big impact on prescription drug prices."

In other words, grocery and various other consumer prices will remain inflated but other bills, for certain people, may be less hefty.

According to Republican Sen. Marco Rubio, "There isn’t a single thing in this bill that helps working people lower the prices of groceries, or the price of gasoline, or the price of housing, or the price of clothing. There isn’t a single thing in this bill that’s going to keep criminals in jail. There isn’t a single thing in this bill that’s going to secure our border. Those happen to be things that working people in this country care about.”

Coons said it "may take a year or more" for the inflation reduction effects to be felt: "But look, George, we've seen gas prices come down week after week after week for the last five weeks in a row. Gas in Delaware is now below $4.

"Yes, inflation is higher than it should be, but we just got a robust jobs number, more than 500,000 jobs created in this past month, unemployment is the lowest it's been in my lifetime and I think we've got a strong economy, a strong recovery under way."

more
https://cnsnews.com/article/washington/susan-jones/sen-coons-we-may-not-see-huge-impacts-inflation-first-or-second-year

[Kamaji]

Already they're walking back the lies they told when they passed it.

No, Coons, we will see huge impacts in the first or second year - increasing inflation, not decreasing it.

[Hoodat]

Sen. Coons: 'We May Not See Huge Impacts on Inflation in the First or Second Year'

Sure you will.  Printing up $700+ billion in new money and dumping it into the economy will have a definite and noticeable impact on inflation.

[DefiantMassRINO]

[GtHawk]

I don't believe Coons, I'm betting we are going to see dividends very quickly but those dividends will be higher inflation, more middle and lower class families filing for bankruptcy and losing their cars and homes.....democrat dividends are different from what conservatives consider dividends.

[mountaineer]

... the AARP, who I trust as the voice of seniors in America, says this will make a big impact on prescription drug prices ...

Not so fast, Bub.

AARP was wrong to back Medicare drug price control. It'll end up hurting seniors
Opinion: The celebrated Inflation Reduction Act doesn't reduce inflation. Worse, it'll stymie drug research and development that hurt seniors' access to drugs.
Jon Decker
Nov. 14, 2022

There’s no way to get around it: the newly enacted Inflation Reduction Act (IRA) marks a terrible blow to American seniors.

For the millions of older Americans on Medicare, the future of medical innovation is much dimmer, as will be their access to critical prescription drugs.

But AARP – the supposed bastion of senior advocacy – is apparently unfazed. It recently concluded a victory tour, which included an event in Arizona celebrating the bill’s enactment as a historic achievement for seniors. ...

To “combat inflation,” the law puts in place an irrational price control measure over Medicare Part D drugs, even though American drug costs are not what’s driving inflationary pressures. The IRA does nothing to address inflation and instead puts seniors at risk of losing quality health care.

AARP ought to know that by imposing government price controls on pharmaceutical drugs, manufacturers would be forced to scale back on research and development. This means fewer options, fewer cutting-edge medicines and fewer cures in the future. ...

AZ Central

[LMAO]

Already they're walking back the lies they told when they passed it.

No, Coons, we will see huge impacts in the first or second year - increasing inflation, not decreasing it.

I know. Talk about moving the goalposts again