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Wednesday, the White House celebrated the one-year anniversary of the Inflation Reduction Act as President Joe Biden touted his economic record in Wisconsin.

Despite Biden’s optimism, Americans are feeling the pinch of inflation.

Moody analysts recently found that Americans paid more than $700 more for goods and services last month than they did in July 2021.

Even Biden admitted the bill’s name is a misnomer last week. He said wished he named it something else since the bill is about “providing for alternatives that generate economic growth.” That’s a sharp reversal from what he told Congress last July.

Biden also bragged about the bill’s provisions for clean energy investment. But the Joint Committee on Taxation is now saying those investments will cost taxpayers over $650 billion. That’s more than double the original projections.