Democrats’ Inflation Bill Will ‘Absolutely’ Raise Gas, Electricity Prices for Americans, Expert Says

President Joe Biden (C) signs the Inflation Reduction Act with (L-R) Sen. Joe Manchin (D-W. Va.), Senate Majority Leader Charles Schumer (D-N.Y.), House Majority Whip James Clyburn (D-S. Car.), Rep. Frank Pallone (D-N.J.) and Rep. Kathy Catsor (D-Fla.) in the State Dining Room of the White House in Washington, on Aug. 16, 2022. Drew Angerer/Getty Images

The Democrats’ Inflation Reduction Act (IRA) will see Americans forking out more for electricity and gasoline, experts have warned.

President Joe Biden on Tuesday signed the Democrat-backed IRA into law as the country battles with soaring inflation, which stood at an annual rate of 8.5 percent in July.