Stuart Varney: Biden’s Inflation Reduction Act Is Not Working For Middle America

EXCERPT:

VARNEY: “After that, the president made some dubious claims. He used his signature whispering tone to claim inflation is down and going lower. Has he seen gas and diesel prices recently? Interest rates are moving up again, 7 percent mortgages and that’s got the housing market stalled. Youngsters kept out. The average age of a home buyer these days is 36, the highest in years. To deal with inflation, consumers now dipping into — using their credit cards, they have racked up a trillion dollars worth of credit card debt. Hardship withdrawals from 401(k)s rising rapidly. In short, one year of inflation reduction has not done much for middle America. And for the future? Well, first, understand that the Inflation Reduction Act is really a climate spending bill. Biden is trying to convince us that spending hundreds of billions of dollars on transitions to green energy will cut prices. That is quite a gamble.”

(Via RealClearPolitics)