BofA Global Research Says IRA Will Cause, Not Reduce, Inflation

A new Bank of America Global Research report calls the so-called Biden Inflation Reduction Act (IRA) the most important, and largest, federal green energy and climate package in U.S. history. It also says rather than reduce inflation, the IRA will increase inflation because government spending will increase, regulations will restrict supply chains, and the result is that prices, especially for energy, will soar. The IRA is another sterling example of why the free market (capitalism) is preferred over government command-and-control (Communistic) intervention.

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