Pelosi Says Inflation Reduction Act, Which Won’t Reduce Inflation, Is ‘So Beautifully Named’

House Speaker Nancy Pelosi said the Inflation Reduction Act was “beautifully named” during remarks at the White House Tuesday.

“And so many friends, what a thrill it is to be here to celebrate this life-changing legislation, making Inflation Reduction Act… so beautifully named for all that it does,” Pelosi said.

Pelosi’s comments came prior to President Joe Biden’s speech during a Tuesday celebration of the legislation. The Bureau of Labor Statistics reported that the Consumer Price Index (CPI) climbed by 8.3% year-over-year in August, following a 8.5% increase in July, a 9.1% increase in June and a 8.6% increase in May.

Biden signed the Inflation Reduction Act into law on Aug. 16. The legislation added 87,000 agents and an $80 billion budget increase for the Internal Revenue Service (IRS) while also spending $370 billion to combat climate change.

The House of Representative passed the legislation on a party-line vote, while Vice President Kamala Harris cast a tie-breaking vote in the Senate to advance the bill.

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The Dow Jones Industrial Average dropped by almost 1,300 points after the inflation data was released, Fox Business Network reported.

Pelosi did not immediately respond to a request for comment from the Daily Caller News Foundation.

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