Speaking in Wisconsin on Thursday, President Joe Biden bragged about his spending for his climate change agenda while inadvertently admitting that his gigantically-priced “Inflation Reduction Act” was not really about reducing inflation.
“I’m proud to announce that my investments, that through my investments, the most significant climate change law ever,” Biden boasted, then revealed that the Inflation Reduction Act title was simply a fig leaf for the real intent of the bill, continuing, ‘” And by the way, it is a $369 billion bill. It’s called the [Inflation Reduction Act]. We should have named it what it was.”
The bill was passed by Congress and signed into law by Biden in August 2022. In July 2023, Biden bragged on Facebook, “The Inflation Reduction Act included $369 billion, the biggest investment in the world in climate change, and we got it done without a single Republican vote.”
“We were sold under false pretense that spending more money we don’t have on federal programs we don’t need would somehow tame inflation,” Rep Jodey Arrington (R-TX) wrote in mid-August. “How does that work? It doesn’t. According to the Wharton School at the University of Pennsylvania, the IRA had a statistically insignificant impact on inflation and may have even exacerbated it.”
House Energy and Commerce Committee Chair Cathy McMorris Rodgers (R-WA) noted in August 2023, one year after the Inflation Reduction Act was passed, that since the start of the Biden-Harris administration, the cost of groceries had soared roughly 20%, gas prices were up almost 62%, natural gas prices had risen over 40%, and the Congressional Budget Office expected the launch prices of drugs to increase.
This week, Rodgers, and Energy, Climate, and Grid Security Subcommittee Chair Jeff Duncan (R-SC) announced they would hold a hearing titled “From Gas to Groceries: Americans Pay the Price of the Biden-Harris Energy Agenda.”
“Clean, affordable, and reliable energy is foundational to the continued prosperity of the American people. Yet, the Biden-Harris administration’s radical, rush-to-green agenda has undermined our energy security, leading to years of out-of-control inflation and higher prices on everything from food to housing to vehicles and more,” Rodgers and Duncan said. “Energy and Commerce Republicans are leading to expose the consequences of those harmful policies and to advance policies that unleash American energy.”
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