Rep. Kim Wrong On ‘Inflation Reduction Claim’

–GOP Challenger Says Congressman’s Boasting at Odds with Economic Experts — 

MOORESTOWN, NJ— Republican candidate for Congress Bob Healey today issued the following statement:

“Congressman Kim stated the other day that the spend & tax bill he voted for last week “…will fight inflation and lower costs for American families while setting the stage for strong, stable, and broadly-shared long-term economic growth[1]”.

Truth-in-advertising is not a concept Washington politicians like Andy Kim seem to understand.

The respected, independent Wharton School at the University of Pennsylvania studied the bill and said of it: ‘The impact on inflation is statistically indistinguishable from zero’.[2]

No matter how the Congressman tries to spin it, the fact is he voted for a bill that raises taxes on the middle class. A bill that raises taxes on New Jerseyans who already pay the highest taxes in the country – while capitulating on restoring the SALT deduction Andy Kim promised to bring back.

Even worse is Rep. Kim’s insulting claim that a $740 billion radical tax and spend spree will ‘cut $300 Billion off the National Debt.’  As analyses by both the Wharton economists and the nonpartisan Congressional Budget Office (CBO) suggest, the only way to spend billions and reduce the federal deficit is by instructing the 87,000 new IRS agents to fleece more money out of already financially stretched middle-class taxpayers.  But, come to think of it, maybe that was President Biden and Congressman Kim’s plan all along!”

[1] “Congressman Kim Votes to Lower Costs, Finally Allow Medicare to Negotiate Drug Prices, Fight Climate Change, and Cut $300 Billion off the National Debt”, https://kim.house.gov/media/press-releases/congressman-kim-votes-to-lower-costs-finally-allow-medicare-to-negotiate-drug-prices-fight-climate-change-and-cut-300-billion-off-the-national-debt .

[2] “INFLATION REDUCTION ACT: COMPARING CBO AND PWBM ESTIMATES”,  https://budgetmodel.wharton.upenn.edu/issues/2022/8/5/inflation-reduction-act-comparing-cbo-and-pwbm-estimates .