Schumer calls economists ‘wrong’ who warn Manchin spending bill will raise inflation

Senate Majority Leader Chuck Schumer called 230 economists who warn that the Inflation Reduction Act is expected to contribute to skyrocketing inflation “wrong” during a press conference Friday.

When asked about the letter 230 economic experts sent to the House and Senate leadership, first reported by Fox News Digital Thursday, Schumer argued the experts were “wrong.”

“They’re wrong. I don’t know who that list was… it’s as clear as the nose on your face,” Schumer, DN.Y., told reporters.

The economists wrote in the letter that the U.S. economy is at a “dangerous crossroads” and that the “inappropriately named ‘Inflation Reduction Act of 2022’ would be nothing like that and would instead perpetuate the same fiscal policy mistakes that contributed to accelerating the current troubling economic climate.”

MORE THAN 230 ECONOMICS WARN MANCHIN’S Spending STATEMENT WILL KEEP INFLATION

Chuck Schumer

Senate Majority Leader Chuck Schumer called 230 economists at a news conference Friday to warn that the Inflation Reduction Act is expected to contribute to skyrocketing inflation. ((AP Photo/Jacquelyn Martin) / AP Newsroom)

Some of the notable signatories include Nobel laureate Vernon Smith, former chairman of the Council of Economic Advisers Kevin Hassett, former director of the Office of Management and Budget Jim Miller, and Robert Heller, former president of the Federal Reserve Board from 1986-1989.

In addition, professors from the University of Chicago, Princeton University, Duke University, the University of Virginia, Columbia University and the University of Notre Dame were mentioned in the August 3 letter.

WHITE HOUSE REPORTS REPUBLICANS TO ‘CONNECT’ PASSAGE OF $739 Billion ANTI-INFLATION PLAN

Joe Manchin

sen. Joe Manchin, DW.Va., announced last week that he had reached an agreement with Schumer on the $739 billion reconciliation package after more than a year of negotiations between Democrats. (Drew Angerer/Getty Images/Getty Images)

The experts conclude that while they agree with an “urgent” need to tackle inflation, Manchin’s bill is a “misleading label” applied to legislation that would achieve the “opposite effect”.

sen. Joe Manchin, DW.Va., announced last week that he had reached an agreement with Schumer about the $739 Billion Reconciliation Package after more than a year of negotiations between Democrats.

CLICK HERE TO GET THE FOX NEWS APP

Chuck Schumer

The Senate will meet on Saturday to vote on a procedural motion to move the bill forward. ((AP Photo/Jacquelyn Martin) / AP Newsroom)

The Senate will meet on Saturday to vote on a procedural motion to move the bill forward. sen. Kyrsten Sinema, D-Ariz., said Thursday she is in favor of moving the legislation forward, and her vote is needed for the bill’s final approval under conciliation rules that would allow a majority.

“We have agreed to cut the provision of the deferred interest tax, protect advanced manufacturing and boost our clean energy economy in the Senate budget alignment legislation,” Sinema said. “Subject to the MP’s assessment, I will continue.”

The MP is expected to release her assessment of the legislation before the Senate meets on Saturday.

Chad Pergram and Kelly Phares of Fox News contributed to this report.

Leave a Comment