President Biden touts the passage of his so-called “Inflation Reduction Act” as one of the biggest legislative achievements of his presidency. But a new analysis from Goldman Sachs warns that this bill, which was really a climate subsidy spending bill, will cost taxpayers 300% more than originally projected.
We already knew that the bill, which funded huge electric vehicle subsidies, expanded green energy tax credits, increased IRS funding, and increased indirect taxes on workers, wasn’t actually going to do anything about inflation. Experts ranging from the Congressional Budget Office to the Wharton School of Business concluded it would have negligible impact on inflation, a fact even Senator Bernie Sanders was forced to concede! So, it was always a sick joke, a slap in the face to Americans struggling under the crushing weight of inflation.
But it gets even worse. The legislation was originally expected to cost taxpayers—aka, you and me—about $391 billion, according to CBO analysis that only looked at part of the bill. That’s already a lot of freaking money. But thanks to the Goldman analysis, we now know that when everything is said and done, the legislation will really cost more like $1.2 trillion—three times more than anticipated.
This would more than eliminate all the Biden’s administration’s touted deficit reduction from the bill and lead to hundreds of billions of unfunded spending, ironically probably resulting in more inflation. Yet it’s unacceptable on a much more fundamental level.
Taxpayers will be deeply misled about this legislation. Three times as much of our money is going to be spent on Biden’s agenda than we were told. That’s a disgrace. And it’s one that would never be accepted in other walks of life.
Imagine if you told your boss that the project you signed off on is actually going to cost the company three times as much as you said it was going to cost. Imagine if you went out and bought a car that cost three times as much as what you and your wife had agreed on. You’d probably find yourself browsing the classifieds and sleeping on the couch.
But for our political class, this is just another day that ends in y. They’ll keep pissing away our money until we stand up and put a stop to it.