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Tim Scott suggests ‘The Inflation Acceleration Act’ is a better name for Biden’s legislation

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Sen. Tim Scott, R-S.C., appeared on “Sunday Night in America” to discuss the impact of rising inflation rates on average Americans ahead of the midterm election.

Although inflation was thought to have “cooled down” in July, new economic reports showed that inflation increased by 8.3% year-over-year in August, which was .1% higher than economists originally predicted. Despite the bad inflation report, Biden celebrated the passage of his “Inflation Reduction Act” on Tuesday in what many saw as a tone-deaf display.

Scott similarly criticized Biden as the source of rising inflation rates.

“Since Biden has taken office, inflation has been up 17 straight months in a row. That is really bad news for people living paycheck to paycheck. The truth is Biden’s inflation equals a pay cut for Americans all across the country,” Scott said.

Sen. Tim Scott, R-S.C., questions Chris Magnus as he appears before a Senate Finance Committee hearing on his nomination to be the next U.S. Customs and Border Protection commissioner in the Dirksen Senate Office Building on Capitol Hill in Washington, D.C., Oct. 19, 2021. 

Sen. Tim Scott, R-S.C., questions Chris Magnus as he appears before a Senate Finance Committee hearing on his nomination to be the next U.S. Customs and Border Protection commissioner in the Dirksen Senate Office Building on Capitol Hill in Washington, D.C., Oct. 19, 2021. 
(Rod Lamkey/Pool via REUTERS)

REP. KUSTOFF SLAMS BIDEN ADMIN FOR INFLATION CELEBRATION AFTER CPI REPORTS 8.3% INFLATION: THEY’RE ‘TONE DEAF’ 

He noted that a recent survey found that a majority of Americans reported “experiencing financial hardship” from high inflation rates. Almost one in four Americans also reported buying less in general or buying only essential items. 

“Times are hard because Biden continues to spend money we don’t have,” Scott said.

The senator also attacked the “Inflation Reduction Act,” remarking that it is unlikely to reduce inflation and more likely will exacerbate it. 

“You know, they have a habit on the left of misnaming everything. The COVID relief package, $1.9 trillion. The only thing missing in COVID relief was COVID relief, 1% for vaccines. The Inflation Acceleration Act is what it should have been named because of $740 billion of spending, creating 87,000 new positions for the IRS to hunt through your accounts to see if you’re a tax cheat or not, especially those under $200,000. It is the most ridiculous name of a bill since the COVID Relief Act,” he explained. 

“So the truth of the matter is that the Democrats hope you believe what they say and not what you see at the gas pump or your electric bill or your food bill but trust them, they will bring your inflation down by doing the exact same thing that cost it: over-spending. It is ridiculous,” Scott added.

President Biden speaks about the Inflation Reduction Act of 2022 during a ceremony on the South Lawn of the White House in Washington, Tuesday, Sept. 13, 2022.

President Biden speaks about the Inflation Reduction Act of 2022 during a ceremony on the South Lawn of the White House in Washington, Tuesday, Sept. 13, 2022.
(AP Photo/Andrew Harnik)

INFLATION REDUCTION ACT CELEBRATION ‘NOT BECAUSE WE HAD SOLVED INFLATION:’ SPERLING 

The only sure way to combat inflation, Scott commented, was for Republicans to retake the House and Senate. 

“Unfortunately, the most powerful tool we have is winning elections. The truth is if we can win back the majority in the House, win back majority in the Senate, we could turn this spigot off. And when we turn that spigot off, then inflation will go down because the cause of inflation is, in fact, over-spending because this administration loves to spend money we don’t have buying things we don’t need and impressing people who are simply unimpressed. So the fastest way to turn the spigot off is to win elections,” Scott said.

Scott is up for re-election in 2022 and has begun his campaign to retain his seat in the fall. While closing the segment, he highlighted the biggest issues facing his constituents.

People shop in a supermarket as rising inflation affects consumer prices in Los Angeles, California, U.S., June 13, 2022. 

People shop in a supermarket as rising inflation affects consumer prices in Los Angeles, California, U.S., June 13, 2022. 
(REUTERS/Lucy Nicholson)

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“The overall economy would be number one. Inflation is number two, and number three is gas prices, and number four is crime. Crime is devastating our most marginalized communities and can be stopped. We have to stop pretending we can defund the police. We need to refund the police,” Scott said.

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