CNN correspondent John Harwood said Tuesday the name "Inflation Reduction Act" was nothing more than a "marketing device" meant to trick Sen. Joe Manchin (D-W.Va.) into supporting President Joe Biden's agenda.
What did Harwood say?
Speaking on CNN's "New Day," Harwood was asked whether the bill would "live up to its name" as law. Harwood admitted that it will not.
Not only will the Inflation Reduction Act not live up to its name and actually reduce inflation by any meaningful standard, but Harwood charged that Democrats strategically slapped the bill with that name to dupe Manchin into supporting it.
"No, it doesn't live up to its name," Harwood said. "Let's be real: They called it the Inflation Reduction Act as a marketing device, in part to lock down the vote of Joe Manchin or to reassure Joe Manchin that they were focused on his issue.
"It is going to have a negligible effect on inflation," he admitted. "If it does anything, it might reduce inflation a tiny, tiny bit, but that's not what it's about.
"What's it about is climate. It's about health policy — extending Obamacare subsidies, lowering prescription drug costs by letting Medicare negotiate — and taxing big corporations. That's the core element of the plan," Harwood added. "If it does any appreciable to reduce inflation, that's gravy."
The media agree with Harwood.
After Biden signed the so-called Inflation Reduction Act into law, media outlets immediately ceased describing the new law as one that will help Americans who are struggling financially because of the inflation crisis.
Instead, the bill suddenly became about health care, climate, and taxes.
- New York Times: "Biden Signs Expansive Health, Climate and Tax Law"
- Washington Post: "Biden signs sweeping bill to tackle climate change, lower health-care costs"
- Axios: "Biden signs Democrats' $740 billion tax, climate and health care bill into law"
- NBC News: "Biden signs major climate, health care and tax bill into law"
- Bloomberg: "Biden Signs $437 Billion Tax-Climate Bill in a Long-Sought Democratic Win"
Despite this, Manchin remains supportive of the law and has even admitted the supposed inflationary benefits — which the Congressional Budget Office said would be negligible at best — will not be passed on to Americans any time soon.