Perspective: Why the “Inflation Reduction Act” is no such thing
Though kernels of truth stud all of these critiques, they derive from a faulty mental model of the economy and how it works. So let’s step back and see what is really going on.
In hindsight, it is clear that policymakers ignored warnings and overdid it. But it is equally true that economic policy is not a science, and that the global economy is not a system that can be controlled by a couple of dials in Washington.
Yes, some workers may lose a job as the economy adjusts to a more sustainable level of spending and output, but the evidence from employers is that in most places most should be able to find another. And to the degree people are unable to find jobs, it is not because some officials set the macroeconomic dials wrong in Washington — it is because workers are unwilling or unable to move to where the jobs are.
The wages paid for lower-skilled jobs will have to rise to attract and retain workers, while the inflated incomes of those at the top will have to fall.
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