While the anticipated Inflation Reduction Act of 2022 might do great things for the environment, healthcare, and the deficit, it’s unlikely to much help inflation, and any benefit is likely to be years out. It’s because the overall spending and revenue effects are very modest, equaling, at most, 0.2% of GDP by 2029. If passed, this bill might eventually lower inflation from a theoretical 2.0% to 1.85% in 2029.