August 18, 2022 2:00am EDT
MSNBC, ABC, CNN realize Inflation Reduction Act doesn’t reduce inflation after bill is passed: ‘Marketing’
CNN's John Harwood admitted the bills name was a 'marketing ploy' after it was passed
By Nikolas Lanum | Fox News
Left-leaning media networks, including MSNBC, ABC, and CNN, finally realized that the Inflation Reduction Act does not actually reduce inflation, but not until the massive spending package had already been signed into law.
The bill, which was passed by the Senate earlier this month and the House of Representatives last week, costs an estimated $437 billion, with $369 billion going toward investments in "Energy Security and Climate Change," according to a summary by Senate Democrats.
Democrats claim the legislation will soften the deficit by raising $737 billion, imposing a 15% corporate minimum tax which is predicted to raise $222 billion, and prescription drug pricing which the Senate estimates will raise $265 billion.
One thing the Inflation Reduction Act is not expected to do, according to multiple analyses, is reduced inflation. The Congressional Budget Office said the bill will have "a negligible effect" on inflation in 2022, and in 2023 its impact would range between reducing inflation by 0.1% and increasing it by 0.1%.
These facts were hard to come by on a number of liberal media networks, with reporters and hosts parroting the talking points of congressional Democrats, or at the very least failing to press them on the bill’s perplexing name.
Four days before the Inflation Reduction Act was passed, CNN analyst Ryan Lizza called the legislation a "big deal," and said that its passage would make Biden an "enormously consequential president" whose legislative win would put him in the "modern pantheon" of great leaders.
Less than a week before the bill was signed, NBC Nightly News hyped the Inflation Reduction Act as a "blockbuster billion-dollar deal" with "unprecedented" investments in energy that will put "downward pressure" on inflation.
A day earlier, CNN Newsroom host Pamela Brown claimed Biden was "one of the legislatively successful presidents in modern history," and became confrontational with former Trump campaign advisor David Urban over the Inflation Reduction Act.
According to an analysis of Grabien transcripts, only ABC’s George Stephanopoulos, CNBC’s Joe Kernen and CNN’s Poppy Harlow pressed their guests on the bills meager impact on inflation prior to it passing the Senate.
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https://www.foxnews.com/media/msnbc-abc-cnn-realize-inflation-reduction-act-doesnt-reduce-inflation-after-bill-passed-marketing
