The IRA’s Two-Year Disastrous Anniversary As we mark the two-year anniversary of the Inflation Reduction Act (IRA), it’s hard to pinpoint what exactly has been reduced. Inflation continues to strain American families by an extra $1,000 per month, and the burden of government regulation on businesses has certainly not eased, as they struggle under new tax rates, mandates, and rising supply costs. The $750 billion health care, tax, and climate bill, hailed by President Biden as “one of the most significant laws in our history,” has proven to be a fiscal disaster. The American people are learning the hard way that the IRA was never truly about reducing inflation; it was a massive spending package filled with radical left-wing wish list items that placed the United States in the worst economic position in the history of our country. Perhaps the most glaring example of IRA’s destructive priorities is its reckless spending on climate initiatives like the “Green New Deal.” Goldman Sachs now estimates that taxpayers will shell out a staggering $1.2 trillion—over three times the initial prediction—to fund the IRA’s war on the U.S. energy sector. The legislation spent billions on energy tax credits for renewables like wind, solar, and hydropower, along with consumer rebates for electric vehicles, rooftop solar panels, and more energy-efficient home appliances. But what Democrats conveniently overlook is that while these subsidies aimed to promote green energy and electric vehicles, they’ve also drastically raised electricity and gas prices, leaving Americans to foot the bill. Electricity prices have skyrocketed by 30% since 2021, rising 13 times faster than in the previous seven years. Meanwhile, gas prices have more than doubled since Biden took office. Rising energy costs have also been a major driver of food inflation, forcing Americans to spend over 11% of their disposable income on food—the highest percentage in three decades. These costs are compounding the financial strain already felt by Americans, who are grappling with a historic 20% inflation rate produced by IRA’s reckless spending spree. What’s worse, Democrats seem utterly indifferent to the financial strain Americans are facing due to their radical climate agenda. In fact, it’s safe to say that skyrocketing energy costs aren’t just accidental side effects of their policies—they’re the intended results. In 2022, Biden praised the pain Americans feel at the pump as “part of an incredible transition,” while Transportation Secretary Pete Buttigieg suggested that Americans should switch to electric vehicles so that they “never have to worry about gas prices again.”
On the one hand it is probably keeping the employment above ground with all its government spending but yeah it is still spiking utility rates. Here in California PG&E have tripled the electricity rates from 2020. My bill went from $40 to $150 in 4 years in the summer. The SF bay area is essentially for rich people so nobody here cares to vote against idiots like Newsom. The amout of crazy leftists that rule over California is scary. Kamala Harris is just another crazy leftist. She wants a wealth tax & a financial transaction tax that will surely tank the liquidity of markets.
Donald Trump: He promised to cut the deficit. He added $8T to it. He promised to build a wall. He only did 458 miles out of 2,000. Most of it was repair or replacement, not new. He promised to make Mexico pay. They didn't. He promised to unveil a new healthcare plan. It didn't exist. He promised a middle-class tax cut. He cut taxes for the rich. The middle class is paying for it. He said he wouldn't play golf as President. He made 250 visits (way more than Obama) to his own golf clubs. It cost taxpayers $150 million. He said he'd increase economic growth by 4%. He didn't. President Biden did. He promised an infrastructure plan. He had none. President Biden signed a massive one. He promised to hire "the best people." He fired 3/4 of them and then said they were the worst ever. He promised to bring down the price of prescription drugs. He didn't: President Biden did. He promised we'd win the trade war with China. We didn't, It cost about a quarter million jobs and hurt Americans not help them. He promised his corporate tax cuts would help and benefit Workers and corporations would use that money to invest in American workers. They didn't, they used that money to buy back stocks. He promised to bring back and revive the coal industry. Never happened - more coal jobs were lost during his presidency. He promised to drain the swamp. He didn't: He WAS the swamp. Jan 6th … never forget!
Yeah, it's artificially juicing the employment number for sure. However... the State Does Not Create Value-Enhancing Jobs.