Critics warned from its beginnings that Biden’s so-called “Inflation Reduction Act” was always a Trojan horse for Green-New-Deal-style spending policies. And there’s no more denying it, because Biden’s own Treasury Secretary, Janet Yellen, just admitted this outright.
“As others have said, the Inflation Reduction Act is, at its core, about turning the climate crisis into an economic opportunity,” Yellen said this week. “We have been quite busy in our implementation working vigorously to deploy the law quickly and effectively.”
— Tom Elliott (@tomselliott) April 4, 2023
That’s right: Yellen just openly admitted that the Inflation Reduction Act was not, at its core, about inflation at all. It was about climate change. That makes sense when you consider what was actually in it: hundreds of billions in green energy subsidies, healthcare subsidies, tax hikes, increased IRS funding, among other things. None of these address the root causes of inflation, like reckless monetary policy and radical levels of government spending.
Hence why nonpartisan analysts from the Congressional Budget Office to the Wharton School of Business all agreed the legislation would have no impact on reducing inflation. Heck, even Sen. Bernie Sanders, who supported the legislation, admitted “it will in fact have a minimal impact on inflation.”
So, it’s worth taking stock of what exactly we have here. The Biden administration rammed through legislation that could cost taxpayers up to $1.2 trillion and promised it would help address the still-hot inflation that’s costing families more than $700 a month. Yet even its top officials, like Janet Yellen, knew that was a lie. They knew their legislation was really about an unrelated climate agenda.
They quite openly exploited a massive problem that’s bankrupting Americans to trick the public into letting them waste taxpayer money on their unrelated, partisan agenda. That should be seen as the national disgrace that it is. And the fact that Biden officials have so little shame as to openly admit it is deeply revealing about this administration.