W.H.’s Bernstein Calls the ‘Inflation Reduction Act’ ‘The Investment Reduction Act’

EXCERPT:

BERNSTEIN: "So Look, I think where you landed is important, which is yes, capital flowing into the private sector is absolutely essential. I can't think of an economy that's grown without that, but where you I think made a fairly substantial misstatement there was on taxing capital. In fact, if you look at the Investment Reduction Act, the subsidies to private businesses, investing in climate, investing in resilient supply chains, investing in -- in healthcare, those subsidies are -- are very, very substantial. And by the way, if you talk to the companies themselves, which we do, they're very happy to see them, and moreover, if you want even better evidence than that, private capital is getting pulled in to the market to help complement the -- the policies in the IRA and in the infrastructure law. So I do totally support your view about capital, but I think you have it kind of backwards in terms of the extent to which our policies are actually pulling in capital investment."