Commerce Sec’y Raimondo: Inflation Reduction Act Will ‘Reduce Inflation over the Long Run’

During an interview aired on Tuesday’s broadcast of CNBC’s “Closing Bell,” Commerce Secretary Gina Raimondo stated that the Inflation Reduction Act reconciliation bill is “going to reduce inflation over the long run,” and will increase productivity in addition to being a large climate investment and reducing prescription drug costs.

Raimondo stated, “The president and I were just with dozens of business leaders. They are for the Inflation Reduction Act because it’s the biggest investment in climate that we’ve ever had as a nation. It’s going to bring down prescription drug costs. It’s not only going to reduce inflation over the long run, but will increase productivity. You know, I think some folks who aren’t for it, they believe in an old-fashioned, outdated mode of economic theory, which says, all you have to do is cut taxes and you’ll have prosperity. It’s not true. It’s wrong-headed. What we believe, and the president’s leadership is, of course, you need competitive taxes, but you need investments, and you sure as heck need to fight climate change. So, I’m confident that Pelosi will get this done in the Congress on Friday and we’ll have another great bill signing soon.”

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