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Opinion Inflation is the least significant aspect of the Inflation Reduction Act

John Avlon: Despite its name, the Inflation Reduction Act isn’t really about inflation. Avlon says the bill raises about $739 billion in revenue, offset by $433 billion in spending, for a net reduction of about $300 billion. He says inflation is primarily driven by the sudden drop of economic activity during the coronavirus pandemic. Inflation, interest rates and fluctuating energy prices have far more impact on inflation than the fiscal effects of this bill, Avlon writes. That does not mean the bill would be useless; it would make a huge investment in green energy, which is good for the planet and for jobs down the road, he says. Avlon adds that it might be the best effort to reduce glaring inequities in the tax code.

The bill would have important economic, health and environmental benefits for a wide swath of Americans. Democrats should