According to a new poll by Morning Consult, a majority of voters don't think the Inflation Reduction Act will help address inflation or make it worse.
The Inflation Reduction Act was signed by the president.
According to a survey by Morning Consult, only 26% of voters think the Inflation Reduction Act will improve inflation.
Only 15% of independent voters and 6% of Republicans think the package will improve inflation, but Democrats are more likely than others to think so.
The act, which includes $369 billion of investments in climate and energy programs as well as several measures to cut health care costs, will make inflation worse, according to a majority of GOP voters.
The Inflation Reduction Act is a scaled-down version of Biden's plan. The package was the final piece of Biden's domestic agenda. A 15% minimum tax on corporations that make at least $1 billion a year in income will be included in the spending for the act. According to the White House, the bill will help lower prices by cutting energy and health care costs for Americans. The Biden administration believes that the tax credits in the law will help cut greenhouse gas emissions by 40%. There is a $2,000 out-of-pocket cap on prescription drug costs for Medicare patients, a $35 monthly cap on the diabetes druginsulin, and the ability for Medicare to negotiate with pharmaceutical companies to lower the price of some medications. Experts say the package won't have an immediate effect on inflation. According to a report from Penn Wharton Budget Model, a group of University of Pennsylvania economists and data scientists, it may not have a significant effect on rising prices in the long term.
According to recent surveys, many Americans are in agreement with the health care and climate measures within the new law. According to a survey done by the group at the end of July, about three-quarters of voters supported allowing Medicare to negotiate certain drug prices. More than half of voters said they wanted to invest $369 billion in climate and energy programs over the next decade, but less than a third of Republicans said they were behind the spending.
Biden signs sweeping climate and health care package.
The inflation reduction act doesn't do anything about rising prices.
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