President Joe Biden conceded he wished the Inflation Reduction Act had another name before its first anniversary next week.
“I wish I hadn't called it that because it has less to do with reducing inflation than it does to do with dealing with providing for alternatives that generate economic growth," Biden told donors in Park City, Utah, Thursday."So, we're now in a situation where if you take a look at what we're doing in the Inflation Reduction Act, we're literally reducing the cost of people being able to make their — meet their basic needs."Sen.
Biden's comments come after the Labor Department reported consumer prices increased in the year ending July 30 by 3.2%, up from June's annualized inflation rate of 3%.
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