Biden Admits Inflation Reduction Act Was Misnamed, Says It’s Really About Climate Change

President Joe Biden acknowledged that the $700 billion Inflation Reduction Act was misnamed during an event in Wisconsin. While the bill allocated $369 billion for green energy initiatives, it did little to reduce inflation, as Biden admitted. Financial experts, including BlackRock’s Larry Fink, highlighted that the act, part of Biden’s larger economic agenda, may not significantly lower inflation. Despite its title, the bill focuses on combating climate change and includes provisions for Medicare drug price negotiations and deficit reduction.