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The Hill was near chaos this week when Senate Majority Leader Chuck Schumer (D-NY) and Sen. Joe Manchin (D-WV) unveiled the anti-inflation bill. Republicans were accused that Manchin misled them into supporting a $280 billion chip and science bill — a bill they would have otherwise opposed. Others criticized the bill’s name, which contains a significant number of climate change provisions long sought by Democrats. Now, the respected Wharton School at the University of Pennsylvania has found that deflationary legislation will actually have no effect on inflation.

Manchin based his shift on the fact that the bill would reduce inflation despite raising taxes and spending. The legislation would fight climate change, increase Obamacare subsidies, and reduce the deficit by about $300 billion. Figures like Rep. Pramila Jayapal (D-WA) Admitted that much of the Build Back Better bill is now in law.

John Huntley and John Rico Found The bill “reduces the accumulated non-interest-bearing deficit by $248 billion over the budget window, with no impact on gross domestic product in 2031. The impact on inflation is statistically indistinguishable from zero.”

That’s $52 billion less than the deficit reduction Democrats claim, and the review found that the bill would actually “increase inflation very slightly through 2024 and reduce inflation thereafter.”

Wharton’s Budget Unit acts like an academic Congressional Budget Office in providing nonpartisan budget analysis. In a time of growing orthodoxy and intolerance of opinion, it remains an independent voice on budget matters.

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