Americans overwhelming doubt that Democrats’ $740 billion “Inflation Reduction Act” will actually do what its title promises – including four of five self-described Democrats – results of a new YouGov survey of U.S. citizens reveal.
The national survey of 1,500 adults, conducted July 30-August 2, finds that just 12% think the bill will decrease inflation, while three times as many (36%) say it will increase inflation. Another 23% believe it won’t change inflation and 22% aren’t sure what effect the bill will have.
Among Democrats, just 21% think their party’s bill will reduce inflation, while 13% believe the bill will increase inflation.
“Will Not Change” inflation (34%) and “Not Sure” (22%) were the most popular responses for the Democrats surveyed.
The Congressional Budget Office (CBO) is also dubious of the bill’s “inflation reduction” claim. CBO analysis concludes that, if it becomes law, the massive tax-and-spend bill “would have a negligible effect on inflation.”
Asked how much they have “felt the impact of inflation” on their own lives, 56% of all U.S. adults and about half (49%) of Democrats say they’ve felt it “a lot.” Just 5% of all respondents and 6% of Democrats say they haven’t experienced any impact of rising costs “at all.”
Ninety-four percent (94%) of both Democrats and all Americans consider inflation/prices an important issue. What’s more, 73% of all respondents and 66% of Democrats rate it a “very important” issue.
In another question YouGov asked respondents to choose which one issue, out of a list of 15 topical issues, that is “the most important” to them. “Inflation/prices” was the number one “most important” issue cited by all respondents.
For Democrats, however, inflation/prices ranked third, behind “Health care” and “Climate change and the environment.”
The Democrats’ “Inflation Reduction Act” passed the Senate on Sunday, when Vice President Kamala Harris deciding vote broke a 50-50 tie. The bill now heads to the House, where it is expected to pass.