Will the Inflation Reduction Act actually reduce inflation? And if so, how? : Planet Money Congress just passed the biggest, most ambitious climate bill in history. And it's called ... the Inflation Reduction Act of 2022. What's with that branding? And what can the bill teach us about actually fighting inflation? | Subscribe to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.

Inflation Reduction Actually

Inflation Reduction Actually

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Drew Angerer/Getty Images
WASHINGTON, DC - AUGUST 16: U.S. President Joe Biden (C) gives Sen. Joe Manchin (D-WV) (L) the pen he used to sign The Inflation Reduction Act with Senate Majority Leader Charles Schumer (D-NY) and House Majority Whip James Clyburn (D-SC) (Photo by Drew Angerer/Getty Images)
Drew Angerer/Getty Images

It's called the Inflation Reduction Act, but there's a lot going on under the surface.

President Joe Biden's newly signed landmark law will cut spending on prescription drugs, supercharge the IRS to go after tax evaders, and most of all: It will pay for one of the most expensive and ambitious climate change agendas that Congress has ever approved.

All under the guise of "inflation reduction."

So ... does anything in this bill actually fight inflation? In this episode, we break it down. And learn how to sniff out inflationary (or disinflationary) pressures, wherever they may lurk.

This episode was produced by Willa Rubin, edited by Molly Messick and engineered by Gilly Moon.

Music: Fruit Salad, Reverend & Up All Night

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