Contrary to its name, there is no credible evidence the "Inflation Reduction Act" has reduced or ever will reduce inflation. The Penn Wharton Budget Model, often touted by Democrats, estimated that the bill's effects on inflation are "statistically indistinguishable from zero...." Likewise, the Congressional Budget Office (CBO) estimated 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 was deficit reduction, but the Penn Wharton Budget Model is now projecting that the climate and energy provisions of the law will cost $660 billion more than originally projected. This is 2.7 times the original estimated deficit reduction of $248 billion. This means the bill will actually increase the deficit, and with that, add to inflation.