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New York Times columnists admit Inflation Reduction Act is 'misnamed'

The NYT Opinion section published its weekly "The Conversation," where two columnists argued the Inflation Reduction Act was "misnamed" and the raid on Trump's home was a distraction.

The New York Times published its weekly "The Conversation" Monday, a written discussion between its writers about current events. In this week's publication, Times' columnists Gail Collins and Bret Stephens cast doubt on the honesty of the name "Inflation Reduction Act" - given to President Biden and Congressional Democrats' climate and tax bill that was signed into law earlier this month. 

"I’ll admit that the Inflation Reduction Act was perhaps not the perfect name for his bill," Collins said, "but what a moment for his presidency!"

Collins described the legislation as the "[f]irst time the country’s ever taken a big, serious step toward combating global warming."

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"And for once, I can imagine future generations looking back on what we’ve done and cheering," Collins continued. 

"I agree that the bill is misnamed," Stephens said. "It probably would have been better called the West Virginia Special Perks Act, after all the goodies Joe Manchin stuffed into it for his home state, or the Elon Musk Additional Enrichment Act, given all the tax rebates for buying electric vehicles."

The Wharton Budget Model and Congressional Budget Office both project that the Inflation Reduction Act will not actually reduce inflation. The Wharton model said the legislation’s impact on inflation is "statistically indistinguishable from zero," while the CBO's projection found the bill would have a "negligible" impact on inflation over the next two years.

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Stephens also argued that history won't look back at the legislation as "some kind of turning point" in fighting climate change when other countries like China emit more carbon dioxide than the United States. 

However, the two Times' columnist lamented how the FBI's raid of former President Trump's Florida Mar-a-Lago home took away attention from Biden and the Democrats' legislative victories. 

"On the other hand, there’s the raid on Mar-a-Lago, which struck me as really, really ill advised. Tell me I’m wrong," Stephens said. 

"Well, I sorta hated that it created so many headlines during a week when Biden should have been getting all the attention for his accomplishments," Collins said. 

Critics of the Inflation Reduction Act argue that it will actually increase inflation, impoverish Americans, and weaponize the IRS to go after the middle class.

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