Inflation Reduction Act’s name prompts second-guessing

The Inflation Reduction Act’s name is coming under scrutiny, even from President Biden. At a fundraiser in Utah last week, the president said he wished he “hadn’t called it that,” acknowledging that the law would have “less to do with reducing inflation” than other results. When the legislation was proposed, the Congressional Budget Office said its impact on inflation would be “negligible.” And Republicans criticized the name, too. Even former Obama economic adviser Jason Furman said he can’t “think of any mechanism” by which the law would have reduced inflation.