CNN’s Kate Bolduan pressed an economic adviser in the Biden administration to explain why the “Inflation Reduction Act” doesn’t actually reduce inflation and she laughed at the answer.
Bolduan was interviewing Cecilia Rouse, the chair of the White House Council of Economic Advisors, on the signing of the bill Tuesday and the official scoring that said it doesn’t actually do what it says it will do.
“Democrats titled this bill the Inflation Reduction Act, which begs of course for voters to hold you all accountable to that,” said Bolduan.
“The Congressional Budget Office, you know this, but to remind viewers, the non-partisan kind of scoring organization for legislation, says that the bill would have negligible impact on inflation this year and next,” Bolduan continued. “Are you personally comfortable as an economist calling it the inflation reduction act?”
“So this bill represents really important investments we know we need to make that help to expand our economic capacity,” Rouse responded.
“Inflation happens when we have too much demand for the supply, and we know we need to be investing in the supply supports so we are better able as a country to address issues like inflation going forward,” she added. “So this will increase our economic growth, and because of how we planned to implement it and provisions in the bill, that growth will be more equably shared.”
“But if you passed a bill called the Fill Every Pot Hole Act, I mean voters should expect you to fill every pot hole. So should voters measure the success of this bill on how much you reduce inflation in the next couple of years?” Bolduan asked.
Rouse went on to explain that the bill’s benefits would be spread out over many years, but she did not actually answer why it didn’t actually lower inflation.
“Yeah,” Bolduan replied.
“And a name is just a name, but there are definitely a lot of other names you could have named this bill!” she laughed.
Rouse was similarly pilloried by another CNN anchor, Jake Tapper, in July when he pointed out that Biden officials kept coming out to say they were working on inflation while it kept getting worse.
President Joe Biden signed the $700 billion legislation that doesn’t actually lower inflation on Tuesday.