A look at the Inflation Reduction Act one year later

One year ago, President Joe Biden signed the Inflation Reduction Act into law. What, if anything, has the law accomplished? Foremost, the Inflation Reduction Act is terribly named. Most economists, and even the Biden administration, agree. The law's impact on bringing inflation down is, at best, minimal. Inflation has fallen mainly due to energy costs in the U.S. tumbling to -12% compared to last year. This combined with the Federal Reserve raising interest rates eight times since last August is the primary reason inflation is down to 3.3%.