Barack Obama congratulated President Joe Biden for signing the mislabeled ‘Inflation Reduction Act’ into law by reviving one of Biden’s famous gaffes, “This is a BFD.”
Biden tweeted that the massive climate change spending and tax hike bill was now law, claiming it would ensure “wealthy corporations pay their fair share in taxes” and describing the measure as “the biggest step forward on climate in our history.”
Obama shared the tweet and noted it was “a BFD,” an acronym for “big f***ing deal” and a reference to Biden’s famous hot mic moment in 2010 when he said the same thing about the passage of the Affordable Care Act, more commonly known as ObamaCare.
Biden replied simply, “Thanks, Obama,” quite likely another joke referencing a meme that became popular during the Obama presidency.
RELATED: Senator Joe Manchin Swears ‘Inflation Reduction Act’ Won’t Raise Taxes On Americans Despite All The Signs It Will
It’s good to see Barack Obama and President Biden sharing jokes and laughs about the Inflation Reduction Act being a BFD when the real BFD is that Americans are suffering financially right now.
While gas prices are fleecing American wallets and groceries are not only scarce but unaffordable, experts have consistently pointed out that the legislation Biden just signed into law will do very little to combat inflation.
The Penn Wharton Budget Model reports that “the Act would very slightly increase inflation until 2024” adding that “the impact on inflation is statistically indistinguishable from zero.”
The Tax Foundation points out that “this bill may actually worsen inflation,” while the Congressional Budget Office (CBO) believes the bill “would have a negligible effect on inflation.”
In reality, as Biden’s announcement highlights, the Democrats’ chief concern is pouring money into climate change pet projects.
RELATED: Joe Biden’s 12 Greatest Gaffes
Even Senator Joe Manchin, a key ‘moderate’ Democrat whose vote allowed the Inflation Reduction Act to get across the finish line, admits the bill won’t do much to lower inflation.
“Well, immediately it’s not,” Manchin said when asked if the bill would make everyday goods less expensive. “We’ve never [said] anything would happen immediately, like turn the switch on and off.”
Even legacy media is skeptical. ABC News anchor Jon Karl called the naming of the bill “almost Orwellian.”
“How can you call it the Inflation Reduction Act when the nonpartisan experts say it’s not going to bring it down?” he asked White House press secretary Karine Jean-Pierre.
Democrats insist their Inflation Reduction Act will lower prescription drug costs and make “investments” in sustainable energy.
According to the Joint Committee on Taxation (JCT), the Congressional Budget Office, and the Heritage Foundation, however, Biden just signed a bill raising the tax burden on the middle class.
The bill, according to the Heritage Foundation, “would increase taxes collected from the American people by more than half a trillion dollars, affecting both rich and poor alike.”
The JCT, Fox News reports, “would increase tax revenue by $16.7 billion from Americans earning less than $200,000 a year” and “nearly every tax bracket would pay more in taxes with those making below $10,000 per year seeing the largest uptick.”
Now THAT’S a BFD to the average American.
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