The Real Inflation Reduction Act Comes This Fall

Joe Manchin's side deal, to ease permitting and expand our economy's productive capacity, really would fight inflation. Let's get it done.

Dear readers,

The Inflation Reduction Act itself probably isn’t going to have a large effect on inflation. The main way it’s supposed to cut inflation is by cutting the budget deficit, but it won’t do that soon —it’s actually likely to modestly raise budget deficits through 2026. Three of its prongs that are supposed to push down inflation over time — li…