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Tipsheet

Biden Reminds Americans About His 'Inflation Reduction Act' Fraud

AP Photo/Manuel Balce Ceneta

President Joe Biden reminded Americans Thursday morning, from his posh vacation in St. Croix, that the so-called "Inflation Reduction Act" was really the Green New Deal in disguise. 

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In fact, not only does the $1.5 trillion piece of legislation (passed only by Democrats on Capitol Hill) not reduce inflation, it makes inflation worse with massive handouts for "green energy." The EPA calls it the "most significant climate legislation in U.S. history" dedicated to advancing "environmental justice." Forbes published the details when the bill passed in August. 

The Inflation Reduction Act (IRA) is the most significant climate legislation in United States history. Energy Innovation Policy and Technology LLC® modeling finds the IRA’s $370 billion in climate and clean energy investments could cut U.S. greenhouse gas (GHG) emissions up to 43% below 2005 levels by 2030.

Though the clean energy transition is happening, coal retirements must be accelerated to reach our climate goals. The IRA will speed the shift from coal to clean and support a just transition by providing $5 billion to back $250 billion in low-cost loans for utilities to reduce coal debt.  

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