opinion
The total cost of the inflation reduction act, passed in 2022, has always been ambiguous, except that the United States is certainly spending billions and billions that Americans simply do not have.
The bill had nothing to do with inflation, it was always an energy bill. Even Joe Biden now regrets his nickname.
Regardless, the Congressional Budget Office now says it will cost more than originally thought.
To the tune of another $428 billion.
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428 billion dollars?!?
As is often the case, the costs quoted by proponents are much lower than the actual costs in the real world.
“The cost of energy and climate-related provisions under the TCA is now expected to be much higher than previously expected, at least in part due to greater-than-expected investment in climate-friendly technology,” says The Hill.
The story continued:
The Congressional Budget Office (CBO) revised its projections this week, significantly increasing what it believes the law's energy tax credit provisions will cost.
One factor cited by the agency is that more people are expected to claim tax credits for electric vehicles, as proposed environmental regulations push the market in that direction and the Treasury Department issues flexible guidance on credits.
The other reason is greater investment than expected in battery manufacturing and development of wind and solar energy.
In total, the Congressional Budget Office says the law's energy provisions will cost $428 billion more than originally projected.
This number is amazing. The fact that the original score was off Half a trillion Dollars are equally amazing.
That the bill does nothing to address inflation, which is worse than expected and rising, is not surprising.
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This is madness
The United States' national debt currently stands at $34 trillion. Social Security and Medicare are not at their best. America has sent billions to Ukraine, and Congress wants to send billions more now. We send billions to the Middle East. Many in Washington are eager for another war in Iran that would undoubtedly send the debt to unimaginable levels.
$428 billion may be chump change in Washington, but eventually this spending must end. Inflation was indeed one of the prices Americans had to pay for this wasteful spending, ironically in this case paying for legislation that originally promised to reduce inflation.
This cannot continue to happen, as Washington does not even care about it.
It's time to support and share the sources you trust.
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