On March 30, 2023, President Biden proudly announced the passage of his so-called “Inflation Reduction Act” as one of the biggest legislative achievements of his presidency. However, a recent analysis from Goldman Sachs has revealed that this bill, which was primarily a climate subsidy spending bill, will cost taxpayers 300% more than originally projected.
Biden counts the Inflation Reduction Act as one of his biggest achievements.
— Hannah Cox (@HannahDCox) March 30, 2023
The bill was intended to fund electric vehicle subsidies, expand green energy tax credits, increase IRS funding, and increase indirect taxes on workers. Unfortunately, experts ranging from the Congressional Budget Office to the Wharton School of Business concluded that it would have negligible impact on inflation. Even Senator Bernie Sanders was forced to concede this fact.
Originally, the legislation was expected to cost taxpayers approximately $391 billion, according to CBO analysis. However, the Goldman analysis has revealed that the bill will cost more like $1.2 trillion when all is said and done. This would more than eliminate any deficit reduction that the Biden administration had touted and lead to hundreds of billions of dollars in unfunded spending.
This is an unacceptable situation for taxpayers. They are being misled about the true cost of this legislation. Three times as much of their money is going to be spent on Biden’s agenda than they were told. It is a disgraceful situation that would never be accepted in other walks of life.
The political class continues to waste taxpayers’ money without consequence. It is up to the citizens to stand up and put a stop to this type of behavior. Otherwise, they will continue to be taken advantage of and their hard-earned money will be misused.