The Inflation Reduction Act passed in the House of Representatives yesterday making way for full ratification and implementation with the President’s crayon. The New York Times immediately labeled it the Climate Change Reduction Act.
According to economist James D. Agresti there is definitely a misnomer since “there is no credible evidence the Inflation Reduction Act will reduce inflation”. Many believe the additional spending will again simply devalue the dollar further, making inflation worse.
That illustrates the arrogance and conceit of the neo-liberal American way – evidently, in most all cases the actions of the United States of America will medicate and cure all worldwide ills. That is of course if one deems anthropogenic climate change a verifiable illness – yet no one can.
This country and its 6% of the earth’s landmass, is going to wipe the world of all environmental afflictions. After all, Alexandria Ocasio-Cortez said, if the United States leads in the matter, China will surely follow. This will prove about as true as her January 2019 prediction citing the end of the world in 12 years.
If one reads the 725 pages of text in the act, there will be plenty of taxpayer wealth distribution to renewable energy companies. The ratio for money to megawatts (MW) produced will become the highest in history. As the politicians begin to shutter fossil fuel plants, the temporary power interruptions and intermittencies will begin to increase exponentially.
Further, economist James D. Agresti asserts the following about the act:
have no material impact on inflation.
increase pollution by subsiding electric vehicles, which emit more toxic pollutants over their lifespans than normal cars.
enrich “green” energy investors while doing little-to-nothing to help workers.
raise energy costs and make America poorer by subsidizing products that are much more expensive.
harm the manufacturing sector.
enact hidden taxes that fall on Americans of all income groups.
reduce incentives to work by giving people more welfare.
increase the costs of prescription drugs for working Americans by pushing more of the research and development costs onto them.
target wealthy people with IRS audits while letting the vast bulk of tax dodgers continue cheating the honest taxpayers of America.
Currently, the IRS performs the majority of its audits on people making less than $200,000 – with the act adding 87,000 more agents, that ratio is likely to continue or increase. Only a reversal as a result of an election will halt this process. In an employment posting for these additional agents, the IRS wrote applicants that must, “Carry a Firearm and be Willing to Use Deadly Force, if Necessary”. This criterion was quickly removed as more and more people found it despicable.
Here again, we discover the opening of the purse of worldwide leadership to China. While surrendering strength through senseless economic and climate actions, progressive America fights for societal nonsense with issues like diversity, inclusion, and equity and wonders why China is ever more gleeful.