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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.”

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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.

Aug 29, 2024; Savannah, Georgia; USA; Democratic presidential nominee Vice President Kamala Harris is greeted by Mashama Bailey, co-owner of The Grey, during a visit on Thursday. Mandatory Credit: Richard Burkhart/Savannah Morning News-USA TODAY Network

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.

August 25, 2020; Washington, D.C., USA; (Editors Note: Screen grab from Republican National Convention video stream) Larry Kudlow, director of the US National Economic Council, speaks during the Republican National Convention at the Mellon Auditorium in Washington, D.C. Mandatory Credit: Republican National Convention via USA TODAY NETWORK

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.