Contrary to its name, there is no credible evidence the "Inflation Reduction Act" will reduce inflation. The Penn Wharton Budget Model, often touted by Democrats, estimates that the bill's effects on inflation are "statistically indistinguishable from zero...." Likewise, the Congressional Budget Office (CBO) estimates the bill could increase or decrease inflation by up to 0.1 percentage points in 2023, a result that is also statistically indistinguishable from zero. The bill has some deflationary aspects, but it also has inflationary ones. The main deflationary aspect is deficit reduction, but under a best-case scenario, this would undo only 5% of the inflationary damage of Congress' deficit spending in the past 2.5 years.