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.

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