Joe Biden’s ironically-named “Inflation Reduction Act” did more to fuel inflation than reduce it - and now even the price of the Act itself needs to be adjusted for inflation.
According to a new analysis, a portion of the Act that subsidize green energy technologies could cost upwards of $800 billion more than initially expected.
According to the Washington Examiner’s Jeremy Beaman:
The original estimate tied to the legislation projected its energy and climate change-related programs to cost $369 billion over 10 years.
More recent projections estimate that the IRS will shell out more and, by some measures, three times more.
Goldman Sachs published analysis in April estimating the value of IRA incentives over 10 years at $1.2 trillion. The Wall Street giant also estimated the law would bring along $3 trillion in private-sector investment in renewable energy with it.
Researchers at the University of Pennsylvania's Wharton School recently updated their estimate of the law's cost, putting projected spending on the energy and climate provisions at around $1.05 trillion through 2032, up from its earlier estimate that the cost would be closer to $385 billion.
Meanwhile, long-term inflation expectations reached a 12-year-high this month.Matt Palumbo is the author of Fact-Checking the Fact-Checkers: How the Left Hijacked and Weaponized the Fact-Checking Industry and The Man Behind the Curtain: Inside the Secret Network of George Soros
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