Americans 'Paying More for Less' After Inflation Reduction Act

President Joe Biden may be touting the so-called success of "Bidenomics" on the campaign trail, but economists say Americans have "nothing to celebrate" a year after the passing of the Inflation Reduction Act – which did nothing to reduce inflation, as the cost of gas and grocery prices skyrocketed.

Democrats on Aug. 16 celebrated the one-year anniversary of their signature bill, which amounted to a $740 billion spending bill that is essentially "historic" climate legislation with a misleading name. Still, Biden, during a press event to mark the occasion, declared that the act was having the effect that was intended and was proof that "Bidenomics" is "working."