President Celebrates Inflation Reduction Act

Hosts event on the White House lawn to express economic optimism.

President Joe Biden gave a speech on the White House Lawn on Tuesday, celebrating the signing of the Inflation Reduction Act. Musical artist James Taylor opened the event for the legislators, cabinet members, activists, and political groups who gathered together that afternoon. “Today offers proof that the soul of America is vibrant,” President Biden told the crowd. “The future of America is bright and the promise of America is real.”

The Inflation Reduction Act is projected to reduce inflation in the mid-term and long-term, but the president acknowledged that it does not do much to impact inflation in the short term. The Labor Department released data on Tuesday showing an unexpected rise in consumer prices during the month of August, and the current economy continues to be the biggest concern for voters ahead of November’s midterm elections.

As the Lord Leads, Pray with Us…

  • For economic prudence for the president and his advisors.
  • For Treasury Secretary Yellen as she heads her department.
  • For the members of the National Economic Council as they offer the administration recommendations.

Sources: The Hill, Reuters


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