Democrats’ Green Energy Agenda to Cost American Taxpayers Billions
The Democratic Party’s Inflation Reduction Act (IRA) was initially estimated to cost the American taxpayers $370 billion, according to the Congressional Budget Office (CBO). However, new research by Goldman Sachs analysts reveals a startling cost increase of over $1.2 trillion in green energy subsidies. These subsidies, aimed to fuel President Joe Biden’s mission to decarbonize the US economy, will severely affect middle and lower-income Americans.
$1.2 Trillion? So much for inflation reduction https://t.co/kERU2OV2mE
— Daily Caller (@DailyCaller) March 24, 2023
Heritage Foundation Economist E.J. Antoni highlights the IRA’s inaccurate cost estimates, presenting what was shocking but expected news to conservatives. “As time has progressed and those rosy forecasts are pushed outside the realm of possibility, the real cost is becoming increasingly clear,” he stated.
As we know, Biden’s leftist agenda is relentless in promoting their ways, having recently attacked Republicans who rightly opposed his IRA’s massive cost. However, Joe’s plan forces all Americans to pay for unsubsidized wind, solar, and battery production, as well as mandatory battery sourcing (with a minimum of 40% domestically sourced minerals).
Now, the Goldman Sachs deficit estimation surpasses all previous estimates, as the new figure could rise to over $3 trillion– a shocking discovery that blows previous estimations out of the water.
Despite these costs, the Bill may have zero or possibly negative effects on inflation rates in America, according to a Penn Wharton Budget Model preliminary estimate made in July. Nevertheless, conservative politics avoid Biden’s leftist bidding to conceptualize an effective solution.
Republican influence could have stopped this wasteful and costly spending, as former House Minority Leader, Kevin McCarthy, argued that the IRA’s effect on American taxpayers would be astronomical. McCarthy rightfully highlighted the plan as funding “more inflationary spending,” which would financially impact America’s middle class for years, if not decades.
The Democrats have chosen to fund unreliable and costly renewals instead of exploring and upgrading already successful methods or energy. In doing so, they are betting with America’s economic future, a gamble that the conservative right will not withstand.