Spoiler alert it will not reduce inflation
Defined as the rising cost of all
goods and services, in the immediate term. Nope. It won't. I wouldn't have named the bill what they did, but ...
The folks at Wharton are questioning some aspects of the CBO's model. I could get into it, but come on, that "academic" debate will just bore people to death, and why bother.
Nobody seems to have a magic wand to end the Ukraine war, or other global supply disruptions. As for consumer demand, well, that's up to the Federal Reserve. The sad part is the whine will simply change as interest rates go up, and so does your mortgage rate, etc. Turns out that's how you fight inflation, be careful what you wish for.
Will it lead to cost reductions in certain goods and services, over the medium term, ... yes, I think it will. And that does
affect what people call "inflation"...
On the bright side the prescription price part is way over due.
It's late because Republicans were blocking that part of the bill in the past (negotiation for cost of drugs by the gov't), and continued to block it (see Republican votes on cost of insulin) up until passage.