{"id":274024,"date":"2023-08-18T21:52:07","date_gmt":"2023-08-18T19:52:07","guid":{"rendered":"https:\/\/climatescience.press\/?p=274024"},"modified":"2023-08-18T21:52:22","modified_gmt":"2023-08-18T19:52:22","slug":"the-inflation-reduction-act-is-bidens-latest-flimflam","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=274024","title":{"rendered":"The Inflation Reduction Act Is Biden’s Latest Flimflam"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

From climatechangedispatch<\/a><\/p>\n\n\n\n

\u00a0By \u00a0STEVEN LAW<\/a>\u00a0<\/p>\n\n\n

\n
\"\"<\/figure>\n<\/div>\n\n\n

It isn\u2019t surprising that President Biden is marking the Inflation Reduction Act\u2019s first anniversary by traveling the country trying to convince voters that the law is working and the economy is getting better. Good luck to him.<\/span><\/p>\n\n\n\n

A recent CNN poll found Americans still consider the economy the most pressing issue facing the country. [emphasis, links added]<\/p>\n\n\n\n

More than half of Americans think the\u00a0economy is bad and getting worse<\/strong>, and only 37% approve of Mr. Biden\u2019s handling of the economy. Just\u00a030% approve of his handling of inflation.<\/strong><\/p>\n\n\n\n

That doesn\u2019t augur well for the credibility of Democrats and the legislation Mr.\u00a0Biden promised would \u201creduce inflation at the kitchen table<\/strong>\u201d and kick-start new economic growth.<\/p>\n\n\n\n

Every Democrat in Congress supported the bill<\/a>. It should doom them in 2024.<\/strong><\/p>\n\n\n\n

Republicans must aggressively articulate what is wrong with the legislation. The most obvious point: After a year,\u00a0the legislation hasn\u2019t reduced inflation<\/a><\/strong>.<\/p>\n\n\n\n

Food and consumer\u00a0costs are increasing again<\/strong>. Rent is\u00a0going up too<\/strong>. Even Mr.\u00a0Biden conceded that the\u00a0title is a misnomer<\/a><\/strong>, telling donors at a fundraiser, \u201cI wish I hadn\u2019t called it that.<\/strong>\u201d<\/p>\n\n\n\n

His administration has admitted\u00a0the act could cost Americans their jobs<\/strong>. Brian Anderson, executive director of the administration\u2019s interagency working group on energy communities, says\u00a0the law will hit workers in the\u00a0fossil-fuel industry especially hard<\/a>.<\/strong><\/p>\n\n\n\n

The fossil-fuel industry supports nearly\u00a0100,000 jobs in West Virginia<\/strong>\u00a0and more than\u00a0350,000 in Ohio<\/strong>,\u00a0two states critical to control of the Senate.<\/strong><\/p>\n\n\n\n

Yet Mr. Anderson told the New York Times, \u201cWe\u2019re standing right at the cusp of potentially still\u00a0leaving them behind again<\/a>.<\/strong>\u201d<\/p>\n\n\n\n

This isn\u2019t parody. Mr. Biden is traveling the country\u00a0championing a law he knows will cost Americans their livelihoods<\/strong>.<\/p>\n\n\n\n

Even worse, what U.S. workers lose through the legislation,\u00a0foreign companies gain<\/strong><\/a>.<\/p>\n\n\n\n

You might assume that\u00a0American workers and companies<\/strong>\u00a0would be the\u00a0biggest beneficiaries<\/strong>\u00a0of Mr. Biden\u2019s signature legislation, but the Journal\u00a0reports<\/a>\u00a0that\u00a0foreign companies will reap the greatest benefit.<\/strong><\/p>\n\n\n\n

Even firms with ties to the\u00a0Chinese Communist Party<\/strong>\u00a0could receive\u00a0billions in tax credits under the legislation<\/strong><\/a>\u2014all paid by U.S. taxpayers.<\/p>\n\n\n\n

And the price keeps going up.<\/strong>\u00a0Democrats told Americans that\u00a0the act would cost $700 billion<\/strong>. It turns out that\u2019s not even close.<\/p>\n\n\n\n

According to energy research firm Wood Mackenzie, the\u00a0law could cost $2.8 trillion\u2014four times the price quoted by Democrats.<\/strong><\/p>\n\n\n\n

With this legislation, Mr.\u00a0Biden and the Democrats sold hardworking Americans a bill of goods<\/strong>.<\/p>\n\n\n\n

They promised an economic panacea; what we got is\u00a0looming job losses<\/a>\u00a0and higher prices<\/strong>.<\/p>\n\n\n\n

The more that voters learn about this law, the\u00a0less likely they will be to support the politicians who enacted it<\/strong>.<\/p>\n\n\n\n

Read more at\u00a0WSJ<\/a><\/strong><\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

It isn\u2019t surprising that President Biden is marking the Inflation Reduction Act\u2019s first anniversary by traveling the country trying to convince voters that the law is working and the economy is getting better. Good luck to him.<\/p>\n","protected":false},"author":121246920,"featured_media":274412,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[691818862,691818729,691821938,691821939,691818772],"class_list":{"0":"post-274024","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-uncategorized","8":"tag-chinese-communist-party","9":"tag-higher-prices","10":"tag-inflation-reduction-ac","11":"tag-job-losses","12":"tag-u-s-president-joe-biden","14":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/08\/00biden-8217-s-inflation-crisis-has-just-started-fed-finally-admits-it-8217-s-going-to-get-worse-8230-mr_cw5gVGhI.jpg?fit=1280%2C720&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-19hK","jetpack-related-posts":[{"id":215606,"url":"https:\/\/climatescience.press\/?p=215606","url_meta":{"origin":274024,"position":0},"title":"WSJ:\u00a0The 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