Stuart Varney: Biden's Inflation Reduction Act is not working for middle America
Biden's economic 'gamble' does not seem to be paying off for the country, Varney argues
Stuart Varney: Bidens Inflation Reduction Act is not working for middle America
Varney & Co. host Stuart Varney argues Bidens Inflation Reduction Act is really a climate bill thats not delivering what he promised.
During his "My Take" Wednesday, "Varney & Co." host Stuart Varney addressed the president's "dubious" claims about the economy and "Bidenomics," arguing the rise in gas prices, mortgage rates and credit card debt indicate the Inflation Reduction Act is not doing much to help middle America.
STUART VARNEY: The president took his "Bidenomics" road show to Wisconsin.
That's a key electoral state, and it's the site for the first Republican debate one week from today.
The event marked the one-year anniversary of the Inflation Reduction Act. It did not get off to a good start.
U.S. President Joe Biden speaks to guests at Ingeteam Inc., an electrical equipment manufacturer, on August 15, 2023 in Milwaukee, Wisconsin. (Biden speaks to guests at Ingeteam Inc. / Getty Images)
REP. GWEN MOORE: "Uh oh, I am a little underwhelmed aren’t you all? I think I messed up."
After that, the president made some dubious claims.
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He used his signature whispering tone to claim inflation is down and going lower.
Has he seen gas and diesel prices recently?
Fuel prices at a Chevron gas station in San Francisco, California. ((David Paul Morris/Bloomberg via Getty Images) / Getty Images)
Interest rates are moving up again, 7% mortgages and that's got the housing market stalled.
Youngsters kept out. The average age of a home buyer these days is 36, the highest in years.
HOMEBUILDER SENTIMENT PLUNGES AS MORTGAGE RATES SURGE AGAIN
To deal with inflation consumers now have over a trillion dollars in credit card debt.
Hardship withdrawals from 401(k)'s are rising rapidly.
Inflation Reduction Act biggest climate bill in history of the world: UGE International CEO
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In short, one year of inflation reduction has not done much for middle America.
For the future? First, understand that the Inflation Reduction Act is really a climate bill.
Biden is trying to convince us that spending hundreds of billions on the transition to green energy will cut prices.
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That's quite a gamble.
One last thing. I watched the president deliver his speech and again, he lacked energy and focus.
It was an unconvincing performance. I just can't see this president holding down the job for another six years.