A Penn Wharton Budget Model report is weighing in on the Inflation Reduction Act. It says the final version of the bill isn’t expected to increase inflation. However, the bill probably won’t reduce inflation soon, either. It will likely take 10 years for the legislation to lower non-interest cumulative deficits by $264 billion. Taxes on high-income individuals and corporations are projected to pay for new climate and health care-related spending. The report affirms that “additional tax revenues are greater than the spending increases, which leads to a decrease in government debt.” More information: https://whr.tn/3STYQFV
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