The Inflation Reduction Act (IRA) has been criticized by President Joe Biden, who believes it has little to do with the year-long decline in inflation from 9% to 3.2%.

Most economists argue that the IRA has little to do with the inflation to date, and that other factors, such as rising consumer prices, may have contributed to the decrease.

The Congressional Budget Office called the IRA “negligible” for inflation, but it may have lower pricing in the future.

The bill was proposed after Americans heard that consumer prices were rising at the fastest rate in 40 years.

Biden’s 2024 presidential candidacy revolves around the law, emphasizing its climate change, job, and health care components.