Screenshot || inMaricopa
By Lee Shappell || inMaricopa.com
When President Joe Biden last week signed the Inflation Reduction Act into law, ostensibly to reduce debt, the big question was: Will the American public buy it?
“Well, I hope they do,” Rep. Tom O’Halleran, who represents Maricopa in the U.S House, said during an exclusive interview with InMaricopa. “I guess we have a lot more information, those of us who have to make that decision. We know prescription drugs costs are high. We know that for our elderly this allows a $2,000 maximum on costs (on out-of-pocket for people with Medicare Part D). This invests in our future in a way that we are going to be able to accomplish some goals worldwide that will keep our economy going, and a stronger economy will help slow down the inflationary cycle.
“Is (acceptance) going to be automatic? I can’t look at the American public and say, yes, but I can say we will be better off as we move along.”
InMaricopa readers who took part in the unscientific poll last week aren’t so sure.
Most – 53% – said they thought the legislation, which passed with no Republican support, actually will increase inflation, 28% said it would have no effect, 16% thought the act would reduce inflation as intended and 2% said they don’t care.
The U.S. Senate Congressional Budget Office agrees with the majority in the InMaricopa poll, saying the Joe Manchin-Chuck Schumer-sponsored bill would do nothing to address inflation, calling it “negligible at best.”
Click here to see in InMaricopa poll about Inflation Reduction act.
O’Halleran, a Democrat who has voted with President Biden the vast majority of the time, has plenty at stake with his support of the law. The three-term representative’s seat is among a handful of competitive races across the country this year that could swing the balance of power in the House. He faces Donald Trump-endorsed Eli Crane in the November General Election.
“Any normal bill going through Congress takes a bit of time to get into process, where any agency can make it work, and that’s what’s going to go on with this,” O’Halleran said. “So, I’m not making people promises because I know it’s not going to be doable in the next six months.
“But we will gradually get to that point where it will help.”
The Inflation Reduction Act is designed to lower costs for middle-class families, close tax loopholes for the rich and big corporations, take the most significant action ever to fight the climate crisis and create good-paying jobs.
The law, which comes as inflation is at a 40-year high, promises to raise $739 billion in new revenue by setting a minimum 15% corporate tax rate. That and the changes to Medicare drug pricing are to help pay for climate and health initiatives. It aims to curb inflation by reducing the deficit and investing in domestic energy production while promoting clean energy.
