Inflation Reduction Act
On the two-year anniversary of the “Inflation Reduction Act,” Treasury Secretary Janet Yellen claims that it is “lowering costs, strengthening our economy, and investing in clean energy.”
IN FACT, the act doesn’t do anything that Yellen claims it does. Instead, this law:
- has no material impact on inflation.
- enriches “green” energy investors while doing little-to-nothing to help workers.
- raises energy costs and makes America poorer by subsidizing products that are much more expensive than their competitors.
- increases pollution by subsidizing electric vehicles, which emit more toxic pollutants over their lifespans than normal cars.
- harms the manufacturing sector.
- enacts hidden taxes that fall on Americans of all income groups.
- reduces incentives to work by giving people more welfare.
