Please consider Penn Wharton’s update to the Budgetary Cost of Climate and energy provisions in the Inflation Reduction Act.
The 2022 Inflation Reduction Act (IRA) contained a range of climate and energy provisions that PWBM previously estimated to cost $384.9 billion over 10 years (FY2022 – 2031). Since that estimate, newer implementation details have emerged, and the fiscal year calendar has moved to start at FY2023. Our updated estimate for over 10 years (FY2023 – 2032) for just the climate and energy provisions is now $1,045 billion.
Senator Joe Manchin Feels Betrayed by President Biden, Told Ya So Joe
On March 29, I noted Senator Joe Manchin Feels Betrayed by President Biden, Told Ya So Joe
Told Ya So Joe
Flashback July 22, 2022 MishTalk: Will the Inflation Reduction Act of 2022 Do Anything at All?
I suspect Manchin is getting railroaded. The Administration will find a way to restrict oil and gas projects but fast approve what Progressives want.
In general, the best we can hope for is “nothing at all”.
There’s also a very real possibility there’s some language tucked in this deal that only a couple of lobbyists understand.
New Green Deal Trade War Accelerates
Flash forward to Feb 6, 2023 MishTalk: A New Green Deal Trade War Accelerates Between the US and EU
Tit for Tat (And Now Another Tit)
Perhaps CBAM is the EU’s way of striking back at the US for Biden’s IRA.
More likely, it’s just economic stupidity across the board as noted in Al Gore and John Kerry Aim to Hijack the World Bank for Climate Agenda.
Subsidies, tariffs, sanctions, and trade wars all have a cost. The result will be more inflation, more nationalism, and higher costs for consumers.
I wish I was wrong about Manchin, but I wasn’t.
The true costs begin to emerge.
The key word in that sentence is “begin”. Expect more revisions to this newly revised $1 trillion+ cost estimate.
Nothing in the bill will reduce inflation. It was a known lie right from the start.
This post originated at MishTalk.Com.
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