During a hearing Capitol Hill Thursday, West Virginia Democratic Senator Joe Manchin expressed outrage over the $800 billion+ Inflation Reduction Act not living up to its name and costing the American people more money than they were previously told.
Senator Joe Manchin, who voted for the Inflation Reduction Act, tells Energy Secretary Granholm that he's "not proud of is...that we're not staying within the guidelines of what the CBO score was..."
— Townhall.com (@townhallcom) April 20, 2023
"I'm trying to make sure that we don't dupe or scam the American public!" pic.twitter.com/ZV44Ivjt1y
Senator Joe Manchin voted for the "Inflation Reduction Act."
— Townhall.com (@townhallcom) April 20, 2023
Now, he's PISSED about how it's been implemented.
"I am SO UPSET about this because they're doing everything they can to BUST THE BUDGET, what we PROMISED the American people what it would cost!" pic.twitter.com/doV2dzYhhB
Interesting how he didn't mention betraying energy rich West Virginia with the legislation, which was packed full of the biggest climate giveaways in American history.
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 and reinvest in clean technologies. Another provision provides $9.7 billion in financial assistance for rural electric cooperatives to move toward clean energy sources.
As a reminder, Manchin was the final vote needed for the Inflation Reduction Act to pass and make it to President Joe Biden's desk for signature. At the time, Manchin admitted it wouldn't reduce inflation or costs.
President Biden hands Sen. Joe Manchin (D-WV) the sole pen he used to sign the Inflation Reduction Act. pic.twitter.com/X2t8EelgHP
— The Recount (@therecount) August 16, 2022
REPORTER: "So what evidence do you have that this is actually do what this legislation is promising to do which is reduce inflation?"
— RNC Research (@RNCResearch) August 1, 2022
Democrat Joe Manchin doesn't offer any. pic.twitter.com/Q6KAUtdIW7
Manchin and fellow Democrats also knew the CBO analysis last summer despite claims to the contrary.
"According to CBO analysis, the proposal’s effect on inflation is negligible at best. The estimate ranges from reducing inflation by 0.1 percent to increasing it by 0.1 percent in the near term. The idea that this tax and spend proposal is going to blunt inflation is yet again rejected, this time by CBO. Democratic statements about the proposal are quite frankly wrong and misleading," Republican Senator Lindsey Graham pointed out at the time. “Further, CBO indicates that the Obamacare subsidies can go to a family of four earning $304,000 a year. This is, by any reasonable definition, people who are doing well and not in need of subsidies from the government. Also, CBO confirmed my suspicion that the way the 15 percent corporate minimum tax is constructed would hurt economic growth. So what have we learned today from CBO? The bill does not lower inflation, it hurts economic growth and the Obamacare subsidies are absurd."
Joe Manchin's so-called "Inflation Reduction Act" will mean billions more in new taxes for all Americans. That includes new corporate taxes, the cost of which will be borne by middle and working-class Americans.
— Heritage Foundation (@Heritage) August 3, 2022
Larry Kudlow's spot-on about why this proposal is a tax nightmare: pic.twitter.com/6QPSo48tDj