‘Inflation Reduction Act’ — What’s in a name?

Last week, a few days before the Bureau of Economic Analysis announced a 1 percent monthly rise in the Personal Consumption Expenditures (PCE) price index — higher than expected and the highest inflation in decades — Sens. Joe Manchin (D-W.Va.) and Chuck Schumer (D-N.Y.) announced that they had reached a deal on a climate, tax, and health care bill after long negotiations. The bill is called the “Inflation Reduction Act of 2022.” Inflation reduction would certainly be nice rig...