On Wednesday’s “CBS Mornings,” CBS News Senior White House and Political Correspondent Ed O’Keefe stated that the Inflation Reduction Act that President Joe Biden held an event celebrating the passage of on the same day as the release of the August Consumer Price Index (CPI) report, “does nothing to address short-term price hikes.”
O’Keefe said, “That inflation report dashes hopes of a quicker economic rebound. And while the stock market goes up and down all the time, this one-day drop for most indexes was the biggest since the early months of the COVID-19 pandemic.”
He continued, “Even though the average price of gas is down 26 cents in the last month, other prices aren’t falling. Government figures show groceries climbing more than 13% on average, electricity spiking nearly 16%, and rent up nearly 7% over the last year. Those high prices, plus the likelihood the Federal Reserve will raise interest rates again, sent the markets tumbling, just as the President and Democrats were celebrating passage of their Inflation Reduction Act.”
O’Keefe added, “The new law provides funding to fight climate change, ease healthcare costs, and hike taxes on big corporations. But it does nothing to address short-term price hikes.”
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