When President Joe Biden signed the Inflation Reduction Act (IRA) on Aug. 16, 2022, he said that it was “one of the most significant laws in our history.” That was no exaggeration.
In her speech at the Democratic National Convention on Thursday night, Vice President Kamala Harris vowed to “pass a middle-class tax cut that will benefit more than 100 million Americans.” In fact, while serving as vice president, Harris played a key role in enacting legislation that increased the cost of living for all Americans.
Contrary to its label, the law had nothing to do with reducing inflation.
“Thanks to the IRA, the American people face a greater likelihood of future blackouts – and are being made to pay for the privilege.” (RELATED: DIANA FURCHTGOTT-ROTH: After Two Years, It’s Clear Biden’s Inflation Reduction Act Did The Exact Opposite) The energy chaos the IRA and like-minded “climate-friendly” Biden administration regulations are unleashing on the country may temporarily benefit recipients of the IRA’s giveaways.
In a publication titled “Building a Clean Energy Economy: A Guidebook to the Inflation Reduction Act’s Investments in Clean Energy and Climate Action,” updated in January 2023, the White House boasted that the IRA “invests nearly $3 billion in the U.S. transmission system to help overcome the financial and permitting challenges that hinder the build-out of high-capacity lines.
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