Biden’s disastrous clean energy cost - TEA



Biden’s disastrous clean energy cost

August 18th, 2023

The dog days of summer are here. The hot weather, storms and deadly wildfires on the Hawaiian island of Maui are stark reminders of our reliance on air conditioning, electricity and, as a result, a reliable power grid.

This report details that millions struggle to pay their bills during periods of extreme heat. In many instances people are skipping meals in order to pay their utility bills.

Nearly 30 million American households struggle to pay their energy bills and qualify for a subsidy. But less than 3% receive it for their summer bills, according to the latest federal data.

As we head into the sweltering hot days of mid-August, Americans across the country are facing all kinds of extreme weather:

  • The eastern United States earlier this month was pounded with storms that knocked out power for millions of homes and businesses.
  • And, the summer heat in other areas is straining our electrical grid as Americans crank up their air conditioning.
  • This time of year is when clean, affordable, reliable energy sources like American natural gas are most important to produce electricity and keep our power on.
  • We all know the danger of losing power during the cold winter months, but protection from the heat of the summer is equally as important.

For more information about natural gas being the Cleanest, Affordable, Reliable Energy Source (CARES) that keeps America’s power on, check out TEA’s 8-point Common Sense Energy Agenda.

Bottom Line: The dog days of summer remind us of the importance of a reliable electric grid powered by natural gas. Our lives would be a lot hotter if we tried to power our grid with just wind and solar!

Well, President Biden has finally admitted it. It only took him a year to come clean about the monumental tax-and-spend scheme.

It turns out that the Inflation Reduction Act had little to do with curbing inflation and most everything to do with pushing his radical green-at-any-cost climate agenda.

“I wish I hadn’t called it that, because it has less to do with inflation than it has to do with providing alternatives that generate economic growth,” Biden said at a recent meeting with donors in Utah.

The previous day, Biden, who is seeking a second term in office next year, had inaugurated a sustainable energy project that he said symbolizes the best of the IRA.

But a major issue remains the projected cost. Cost estimates have continued to shift upward and now span a range of more than half a trillion dollars:

“This is a far cry from the headlines that greeted the law’s surprising passage through Congress last summer. Most groups put a price tag of about $370 billion on the climate-spending measures. That number ended up with more or less official stature, repeated in White House assessments. At the core of the forecasting challenge are two structural elements of the IRA’s financial mechanics: Most of the spending comes in the form of tax credits that are uncapped, and those unlimited credits are designed to be rolled out over a 10-year span. There’s no restriction on how many businesses or citizens can claim new tax incentives available to support everything from the purchase of electric vehicles to the production of green hydrogen and assembled-in-America batteries.”

Remember that tax credit means less money taken from taxes. Also, when green businesses are money losers, that cost becomes a double whammy.

Go back exactly one year when TEA said that the IRA was merely a disguise for Biden’s green agenda. It bears repeating in light of Biden’s recent admission and includes:

  • A massive $369 billion in spending, including subsidies for renewable energy, like wind and solar projects.
  • Expanding tax credits for electric vehicle purchases.
  • A natural gas tax. It’s a tax on every part of our lives and it harms communities and shuts down production.
  • An EPA-run climate bank. It’s an unaccountable $27-billion-dollar, taxpayer-funded slush fund for liberal pet projects and political cronies.
  • An EPA school bus and garbage truck program. The program is a $1 billion giveaway that Americans were forced to foot the bill for. Reportedly, the school buses hardly work.

All these things have happened or are on the administration’s plate to fulfill while he’s in office. Now they’re taking a victory lap to observe the one-year anniversary of this charade.

Bottom Line: One year later, Joe Biden finally admits that the IRA was more about climate than inflation. No wonder he’s having such a hard time selling its “benefits” given the rising costs.Twitter

Gas prices continued to move in the wrong direction this week, with the national average increasing 3 cents to $3.87. This marks the highest national average for the nation in 10 months. In the last month alone, gas prices have increased an average of 30 cents across the country. Experts are predicting gas prices will remain elevated into the fall, due to hot weather and the potential for hurricanes which disrupt supply. Stay safe out there on the roads!

Nothing on the calendar for next week as Congress is still in summer recess!

“We have to cut the carbon pollution that’s driving the climate crisis, and that’s what the Inflation Reduction Act is all about.”

— White House Deputy Chief of Staff John Podesta