Washington, D.C. — Today, the Senate voted to advance the Inflation Reduction Act (H.R. 5376) by a 51 to 50 margin.
Patrice Onwuka, senior policy analyst at Independent Women’s Voice, released the following statement:
“Senate Democrats try to fleece the American people to believe that their misleadingly-named ‘Inflation Reduction Act’ will reduce the current 40-year high inflation. Economists and trusted economic modeling indicate that this bill will increase inflation over the next year.
“Not only will high gas prices and accelerating inflation eat away more of workers’ pay, but most households face tax increases from corporate tax changes in this bill. Industries critical to supporting our energy needs and the supply chain face a slew of tax increases that will undermine domestic energy production and hamper efforts to get the supply of goods and services in line with the demand — the key way to lower inflation.
“As a result, expect prices to keep rising. While the elites in power can afford it, vulnerable Americans such as low-income families, older Americans, and struggling single-parent households are reaching their limits. Americans are under financial distress right now. Congress is right to want to reduce that hardship, but the Inflation Reduction Act is 100% counterproductive to that goal. The real champions of the hardworking families and vulnerable Americans must stand up and vote ‘No’ on this bill in the House.”
Independent Women’s Voice fights for women by expanding support for policy solutions that aren’t just well intended, but actually enhance freedom, opportunities, and well-being.