Inflation hits Biden's 'Inflation Reduction Act'

 Fox Business:

President Biden's clean-energy law will cost roughly $1.2 trillion, a figure three times more than what supporters initially claimed.

The Inflation Reduction Act was passed last year in an effort to address climate change, security and energy. Lawmakers who voted for the legislation said it would spur trillions in private-sector investment.

An analysis by Goldman Sachs Group Inc. found the $1.2 trillion in government outlays will unleash another $3 trillion in investment by businesses and individuals to build and expand climate-friendly ventures, Bloomberg reported.

The Congressional Budget Office forecast that the law's energy and climate provisions would cost $391 billion between 2022 and 2031, The Wall Street Journal reported.

However, the IRA's tax credits will cost hundreds of billions more.
...

Inflation has been a persistent problem ever since Biden's election and the actions of a Democrat-controlled Congress.  It is still out of control. It looks like it will take defeating Democrats to get it under control. The Inflation Reduction Act appears to be a political fraud.

Comments

Post a Comment

Popular posts from this blog

Should Republicans go ahead and add Supreme Court Justices to head off Democrats

Washington Post: Some Democrats eye adding more justices to the Supreme Court to change its ideological bent The once-remote idea has gained the attention of liberals angered by the GOP push to remake the federal courts. Probably the easy way to defeat this court-packing scheme is for Trump to propose doing the same thing now.  It would lead to Democrat denunciations and claims that it would be wrong, thereby blowing up any attempt by them in the unfortunate event of Democrats winning a presidential election.
Read more

29 % of companies say they are unlikely to keep insurance after Obamacare

Conn Carroll: A new survey of 368 midsize to large companies found that 29% of them are considering terminating their active employee health care plans when Obamacare is full implemented in 2014. Only 71% of employers surveyed said they did not expect to drop their health coverage, while 20% said they did not know and 9% said they were planning to exit. The latest survey, conducted by Towers Watson, echoes an ealier survey by McKinsey & Co. finding that 30% of private-sector employers were planning to drop their employee health insurance coverage by 2014. When the Congressional Budget Office crunched Obamacare's spending numbers, they estimated that only 7% of employees currently covered by employer-sponsored plans would lose their plans. ... This means the cost of the health care fiasco will be hundreds of billions more than estimated by the CBO and Congressional Democrat. It is also clear that Obama's pledge that you could keep your health care plan if you wanted t
Read more