“Do you think that this $369 billion climate and energy bill will increase or decrease inflation?” the survey asked. Just 13 percent, overall, said the bill will actually decrease inflation, while a plurality, 38 percent, said it will increase inflation, which already stands at a 41-year high: Economists had expected CPI to rise at an annual rate of 8.7 percent, down from 9.1 percent in June.
They expected a month-over-month increase of 0.2 percent, a sharp decline from the 1.1 percent recorded in June. Inflation has hit American families hard by raising prices for everyday necessities like food, gasoline, housing, transportation, and utilities. A sizeable decline in the price of gasoline in July, which retreated from record highs hit the prior month, helped bring down the overall rate of inflation.
The index for gasoline fell 7.1 percent in July. Compared with a year ago, the gas index is up 44 percent. President Joe Biden (R) moves to give Sen. Joe Manchin (D-WV) (L) the pen he used to sign The Inflation Reduction Act with Senate Majority Leader Charles Schumer (D-NY) in the State Dining Room of the White House August 16, 2022 in Washington, DC.
The $737 billion bill focuses on climate change, lower health care costs and creating clean energy jobs by enacting a 15% corporate minimum tax, a 1-percent fee on stock buybacks and enhancing IRS enforcement. (Drew Angerer/Getty Images) Over a quarter, 26 percent, said they are not sure what effect the bill will have, and 22 percent said the measure will not change inflation at all. Even Democrats, specifically, are not very confident that the multibillion-dollar bill will decrease inflation, as just 23 percent said it would. Just eight percent of independents and eight percent of Republicans agree with that assessment. Most Republicans, 68 percent, said it will increase inflation, and 40 percent of independents and 17 percent of Democrats agree with that. Perhaps what is more, most Americans do not believe inflation will be better six months from now, as 41 percent said the country will be experiencing a higher rate of inflation and 23 percent predicted that it will stand at the same rate. The survey was taken August 13-16, 2022, among 1,500 U.S. citizens and coincides with President Biden signing a $430 billion climate spending bill, $386 billion of which is allotted to green energy subsidies and tax credits. “We’re cutting deficits to fight inflation by having the wealthy and big corporations finally pay their fair share,” Biden said at the signing ceremony for the measure, asserting that lawmakers are in a “season of substance.”.
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