A majority of voters say President Joe Biden’s Inflation Reduction Act will actually increase inflation over the next year, with even more saying they view America’s economy as being weak.
About 53% of voters said the passage of the Inflation Reduction Act would immediately increase inflation compared to just 21% who said it would help reduce inflation, according to a survey by the Harris Poll and HarrisX. Another 26% said the legislation would have no effect.
THE WINNERS AND LOSERS IN THE INFLATION REDUCTION ACT
The numbers reflect a nationwide pessimism toward the state of the economy, as 66% of voters say the economy is weak compared to 34% who say it shows signs of being strong, the poll found.
For individual taxpayers, 54% say their personal financial situation is “getting worse,” compared to only 23% who say it is improving. However, those numbers are an improvement from June, when 64% said their finances were getting worse and only 16% said they saw signs of improvement, according to the poll.
Inflation has emerged as a top priority among voters, with 38% of voters ranking it as their No. 1 concern and another 17% placing it second highest, the poll showed.
Inflation rates slightly decreased over the last month, with August prices rising 8.3% compared to the year before, noted a report from the consumer price index released on Tuesday. The numbers were higher than expected but nevertheless a decline from July’s numbers, which showed an 8.5% increase.
The numbers from the Bureau of Labor Statistics on Tuesday revealed that while it ticked down, inflation remains high despite the Federal Reserve’s aggressive interest rate hikes. July’s headline CPI reading clocked in at 8.5%.
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Later Tuesday, Biden is expected to host an event celebrating the passage of the Inflation Reduction Act, which seeks to reduce the country’s deficit by $300 billion over the next 10 years by expanding health insurance subsidies, increasing funding for the Internal Revenue Service, and offering financial incentives to companies that prioritize renewable energy.
The Harris Poll/Harris X survey was conducted between Wednesday and Thursday among 1,885 registered voters. The margin of error for the poll was not clear.
