President Joe Biden made a surprising admission during a recent visit to Wisconsin, where he was promoting his so-called “Bidenomics” investments.

At the event, Biden acknowledged that the $700 billion Inflation Reduction Act, which was supposed to address inflation, didn’t quite live up to its name, as reported by Breitbart.

Instead, the President called it “the most significant climate change law ever,” going so far as to admit, “we should’ve named it what it was.”

Joe Biden just STRAIGHT UP ADMITTED that the Inflation Reduction Act was a TOTAL SCAM that had NOTHING to do with reducing inflation!

Does Kamala Harris agree with this?

"We should've named it what it was!" pic.twitter.com/2WL7N1exN2

— Townhall.com (@townhallcom) September 5, 2024

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This $369 billion green energy bill, wrapped up in the larger Inflation Reduction Act, was a rebranded version of the failed Build Back Better Act.

Despite its grand promises, the Penn Wharton Budget Model and the Congressional Budget Office found that the bill would lower inflation by a meager 0.1 percent over five years—hardly a dent. It’s no wonder even Biden had to backpedal on the bill’s original purpose.

The act, praised by the Biden-Harris Treasury Department as a milestone in climate legislation, didn’t stop there. It also allowed Medicare to negotiate drug prices, extended costly Obamacare subsidies for another three years, and, surprisingly, aimed to reduce the deficit by $300 billion.

That sounds nice until you factor in the tax hikes slapped on Americans during an already painful recession.

But that’s not all—$80 billion in new IRS funding was tucked into the package, essentially giving the IRS more power and resources than the Pentagon, State Department, FBI, and Border Patrol combined. In true Washington fashion, the bill passed the Senate with a razor-thin 51-50 vote, Kamala Harris casting the deciding vote.

Financial experts have not been kind to the almost trillion-dollar bill. BlackRock CEO Larry Fink highlighted in April that it’s hard to see inflation dropping to the targeted 2 percent, thanks to the Biden administration’s relentless spending.

Fink pointed out the fiscal stimulus pouring into the economy through the CHIPS Act, the Infrastructure Act, and this infamous Inflation Reduction Act.

Meanwhile, the Consumer Price Index shot up 2.9 percent year-over-year in July, further evidence that the bill hasn’t delivered on its promises.

Former Trump administration official Larry Kudlow didn’t mince words when he assessed the situation.

According to Kudlow, there’s not a “single iota” of growth incentives in the bill. “Nothing,” he said. And for all the rhetoric about economic recovery and green energy, it seems the only thing growing is the national debt.