High prices and bad stock market ruin Biden’s Inflation Reduction Act party

President Joe Biden stopped short of criticizing former President Donald Trump during a White House event celebrating the Inflation Reduction Act’s passage, held the same day August’s consumer price index report was released and the stock market closed at a two-year low.

“The last guy who had this job,” Biden started saying Tuesday to boos from the crowd.

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Biden repeated how the Inflation Reduction Act is a win for middle-class families over special interests, ripping Republicans for not only opposing the legislation, but also threatening to repeal it. He also scrutinized the GOP for blocking a $35 insulin price cap proposal and opposing IRS funding to help the service crackdown on tax cheats. Republicans contend adding IRS agents will disproportionately affect lower-income filers.

“The future of America is bright,” the president said. “The promise of America is real.”

Biden’s speech, preceded by a performance from singer-songwriter James Taylor, is undermined by Harvard Center for American Political Studies-Harris Poll research that found this week that 53% of respondents believe the Inflation Reduction Act will contribute to higher prices. Roughly 20% think it may have the converse effect.

Climate and environmental activists, healthcare advocates, and union workers joined administration officials, lawmakers,…

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