Schumer calls economists ‘wrong’ who are cautioning Manchin’s spending bill will increase inflation

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

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

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

The economists wrote in the letter that the U.S. economy is at a “dangerous crossroads” and the “inaptly named ‘Inflation Reduction Act of 2022’ would do nothing of the sort and instead would perpetuate the same fiscal policy errors that have helped precipitate the current troubling economic climate.”

OVER 230 ECONOMISTS WARN MANCHIN’S SPENDING BILL WILL PERPETUATE INFLATION

Chuck Schumer

Senate Majority Leader Chuck Schumer called 230 economists who are warning that the Inflation Reduction Act is expected to contribute to skyrocketing inflation “wrong” during a press conference Friday. ((AP Photo/Jacquelyn Martin) / AP Newsroom)

A few of the notable signers include Nobel laureate Vernon Smith, former Chair 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 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, among others, were listed on the letter dated Aug. 3. 

WHITE HOUSE SLAMS REPUBLICANS FOR TRYING TO ‘OBSTRUCT’ THE PASSAGE OF THE $739B ‘ANTI-INFLATION PLAN’

 

Joe Manchin

Sen. Joe Manchin, D-W.Va., announced last week he reached an agreement with Schumer on the $739 billion reconciliation package after more than a year of negotiations among Democrats. (Drew Angerer/Getty Images / Getty Images)

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

Sen. Joe Manchin, D-W.Va., announced last week he reached an agreement with Schumer on the $739 billion reconciliation package after more than a year of negotiations among Democrats.

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Chuck Schumer

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

The Senate is set to convene on Saturday to vote on a procedural motion to move the bill forward. Sen. Kyrsten Sinema, D-Ariz., said Thursday she is supportive of moving the legislation forward, and her vote is necessary for final passage of the bill under reconciliation rules that would allow a majority to pass.

“We have agreed to remove the carried interest tax provision, protect advanced manufacturing, and boost our clean energy economy in the Senate’s budget reconciliation legislation,” Sinema said. “Subject to the Parliamentarian’s review, I’ll move forward.”

The parliamentarian is expected to release her review of the legislation before the Senate convenes Saturday. 

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

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