Miraculous Inflation Reduction Act produces immediate 'zero inflation' results, or, why do we need it?

The ‘zero inflation‘ narrative continues to build in typically predictable fashion after July numbers were released. While true that there was no month-over-month inflation in July, there was another option for reporting a bigger, clearer, picture of the state of the US economy.

There was no month-over-month inflation in July
There was 8.5% year-over-year inflation in July

Both are correct… it's up to them to decide which to run with, and you to decide which matters

— Andy Swan (@AndySwan) August 10, 2022

Disregarding that pesky little year-over-year inflation factoid (8.5%!), we could all use some good news. What could have possibly contributed to this joyous month of no additional inflation? Wait, wasn’t there some recent legislation aimed at reducing this very thing? Why yes, Democrats happen to have passed the Inflation Reduction Act in the Senate very recently. Perhaps that fast acting legislation has produced a complete and utter miracle!

Inflation Reduction Act update: Biden already taking credit for reducing inflation to “zero.”

— Notabot (@don_drone) August 10, 2022

Either the Miraculous Inflation Reduction Act is a piece of absolutely astounding legislation, or… maybe we don’t really need it at all.

If inflation is zero I guess we can kill that >$400 billion Inflation Reduction Act, right? https://t.co/5P2SVJnsYK

— Kate Hyde (@KateHydeNY) August 10, 2022

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Grateful Calvin

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The question had to be asked. Which is it? We can not be funding massive efforts to fight inflation when there is zero inflation.

Inflation was so afraid of this legislation that
it…
just…
stopped.

— 🤡🥊uʍolƆ ǝɥ⊥ ǝlʎ˥🃏 (@LyleClown) August 11, 2022

The Biden Administration and the adoring propagators of the given narrative might have to circle back on this one.  Miraculous legislation is a pretty hard sell when the Inflation Reduction Act hasn’t gone into effect just yet.  There is still time to vote no on spending $485 Million in the name of reducing inflation, has the House received the memo that we have zero inflation? Confused citizens are just wondering.