There’s a valid case for lowering emissions but we must find the most cost effective way of doing so
The cat is out of the bag. After months of Republicans insisting that the Biden Administration’s Inflation Reduction Act (IRA) was nothing more than a green giveaway, the President himself has admitted as much.
“The Inflation Reduction Act,” he said, speaking at a fundraiser in Utah, “I wish I hadn’t called it that, because it has less to do with reducing inflation than it does to do with dealing with providing for alternatives that generate economic growth”.
By “alternatives” the President likely had in mind alternative sources of energy. The IRA was sold to economists as an industrial policy, yet one look under the hood shows that it was actually the infamous Green New Deal watered down and repackaged.
For every $1 the IRA allocates in loans and subsidies to manufacturing, it could end up spending around $6 on green energy and environmental programmes.