Inflation Reduction Act—or Radical Green New Deal?

“Make no mistake, the so-called Inflation Reduction Act unveiled Wednesday by Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Joe Manchin, D-W.Va., will … increase the prices that Americans pay for energy, make the United States less energy secure, and do absolutely nothing for the environment. [T]he act would use $369 billion in taxpayer funding to dole out favors to every special interest in Washington, D.C. Renewables—you get $30 billion!”

“My Heritage Foundation colleagues recently produced a study that looked at an eerily similar policy. Using a clone of the model used by Biden’s Energy Information Administration, they analyzed the impact of reducing [CO2] emissions by 44% by 2030, and the results are staggering.”

“In summary, they found that such [CO2] reductions would cause annual average job losses of 1.2 million with peak annual job losses reaching 7.8 million. Add to that $7.7 trillion in lost economic growth. That’s an income loss of $87,000 per family of four—and an average increase in household electricity expenses of 23%.”

Originally published here at The Daily Signal on 28 July 2022.

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