An expensive legacy: Originally estimated to only cost about $370 billion, a new study by the Cato Institute finds that the structure of subsidies in the Inflation Reduction Act means taxpayers could be on the hook for trillions of dollars over the next 25 years.
Last year, the catastrophically misnamed Inflation Reduction Act (IRA) was a punching bag on the campaign trail for raiding about $270 billion from Medicare prescription drug spending to fund green energy and electric vehicle giveaways and other Democratic special interest priorities.
Biden’s misguided climate-change efforts hurt fragile ecosystems and animal populations.
As part of the Inflation Reduction Act of 2022, the federal government has been forking over as much as 70% of the cost of new wind and solar investments.
The political shell game around net zero is to claim that someone other than taxpayers will foot the bill. Germans are discovering otherwise, and the political uproar is a warning to other governments. If only the U.S. had such a mechanism to stop green boondoggles like the Inflation Reduction Act.
The program represents a ‘negotiation’ in the same way a robber ‘negotiates’ with employees at the bank.
It has been one year since Joe Biden and Congressional Democrats passed their signature Inflation Reduction Act (IRA) – a disastrous law that did nothing to address inflation and is now confirmed to have added hundreds of billions to the deficit.
“They broke their word to the American public,” Manchin told Hannity, noting that the original draft of the bill he wrote would have cost $684 billion over 10 years, and $384 billion was for energy production.
America is fast approaching another needless emergency—the raising of the national debt ceiling. This impending crisis isn’t an accident but a result of the inaction of various actors who refuse to confront fiscal reality, sit down, negotiate and make hard decisions for the sake of our nation’s future. While all parties have a responsibility to negotiate in good faith, recent actions make clear to me that the Biden administration is determined to pursue an ideological agenda rather than confront the clear and present danger that debts and deficits pose to our nation.
Democrats’ Inflation Reduction Act (IRA) could cost roughly $1.2 trillion in green energy subsidies, more than four times an initial government forecast of outlays, Bloomberg reported Thursday, citing analysts from Goldman Sachs.
On Thursday’s broadcast of “CNN This Morning,” Sen. Joe Manchin (D-WV) accused the Biden administration of trying to “reconfigure” the Inflation Reduction Act “to something that…wasn’t in that legislation” and said the administration is “not adhering to the piece of legislation called the Inflation Reduction Act. They have touted that as strictly an environmental bill” when it isn’t.
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