Dem Sen. Bennet: Inflation Reduction Act Won’t ‘Kick in for a While’

Senator Michael Bennet (D-CO) said Sunday on CNN’s “State of the Union” that the Inflation Reduction Act has not reduced inflation because it has not “kicked in.”

Anchor Dana Bash said, “It’s been two months since Democrats passed the so-called Inflation Reduction Act, which you called a victory for the American people. Core inflation is still at its highest level in four decades. Polls show, as you know, that the economy is a top issue for Colorado voters. So why isn’t the Inflation Reduction Act reducing inflation?”

Bennet said, “Well, because the elements of the Inflation Reduction Act aren’t going to kick in for a while, Dana. The cap on drug prices for seniors and the requirement final, finally, overcame Pharma to have the requirement that Medicare negotiate drug prices on behalf of the American people, capping insulin at $35 a month. These are things that are going to take a while to put in place. You’re right. Today gasoline is $3.70 a gallon. Here in Colorado, a gallon of milk costs $4.20. that’s really tough on people. I think one of the things I’ve been trying to explain to folks is that this is a global problem. Canada has the same inflation that we have. Every country in Europe has the same inflation we have. The U.K. does as well, India as well. Because we are facing broken global supply chains that we have to address.”

Follow Pam Key on Twitter @pamkeyNEN


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