We all knew the so-called 'Inflation Reduction Act' was an environmental, big spending bill that wouldn't have seen the light of day if not for tis Orwellian title. Even Biden doesn't refer to the legislation by its name.
So in news that will surprise precisely no one, the costs of the green energy provisions in the bill will be astronomically higher than originally projected.
Per the CBO, the Inflation Reduction Act's energy provisions will cost $428 BILLION more than originally projected https://t.co/71fe024afw
— John Hasson (@SonofHas) February 9, 2024
The cost of the Inflation Reduction Act’s energy and climate provisions is now expected to be significantly higher than previously projected, at least partially because of greater-than-anticipated investment in climate-friendly technology.
The Congressional Budget Office (CBO) revised its projections this week, greatly increasing how much it believes the law’s energy tax credit-related provisions will cost.
“The costs of energy-related tax provisions are much higher than the staff of the Joint Committee on Taxation originally projected,” CBO Director Phillip Swagel said.
One of the factors the agency cited is a greater number of people expected to claim tax credits for electric vehicles, as proposed environmental regulations push the market in that direction and the Treasury Department issues flexible guidance for the credits.
At a time when we just don't have the money for anything, what's another several hundred billion?
But remember, all this spending reduces inflation, or something
— John Hasson (@SonofHas) February 9, 2024
Sure it does.
Does the CBO use new public school math to screw up their original estimates this bad?
— Bob’s your Uncle (@p8riot) February 10, 2024
Probably.
Republicans pounce!
— Irwin R. Schyster (@I_R_Schyster) February 9, 2024
That'll be the headlines. Not the lies about the 'Inflation Reduction Act' or how disastrous it is, but how Republicans react to it.
The Affordable Care Act that raised the price of health care…
— Robert McLaws (@robertmclaws) February 10, 2024
The Inflation Reduction Act that continues to make inflation worse…
It’s almost as if Jim Cramer is naming these things!
Government makes everything worse.
Isn't it kinda weird how the CBO's projections are always short by astonishing amounts?
— Ratiohead (@RandoRanting) February 9, 2024
It's almost like its sole purpose is to lie about the true cost of legislation in order to get it passed.
Totally weird.
Whoopsies. https://t.co/Kyv1vyDpKB pic.twitter.com/EUVIsEnXiP
— Arthur Frelling Dent (@ArthurFrDent) February 10, 2024
Big whoopsies.
NOBODY COULD'VE PREDICTED THIS. https://t.co/uGkqD250oP
— Pradheep J. Shanker (@Neoavatara) February 9, 2024
'Unexpectedly.'
So in other words, not actually reducing inflation https://t.co/e2rPh77yIH
— Sarcastic Cupcake (@SarcasticCupcak) February 10, 2024
No. That was never the goal.
Just
— john jackson (@pvtjokerus) February 9, 2024
Like
Every
Government
Program
In
History https://t.co/ZyOFLI8ENh
In the history of forever.
The government NEVER comes in under budget. Didn’t the @USCBO score the bill originally? Wasn’t it going to reduce the deficit by $238B in Monopoly money? So it’s actually a $200 billion INCREASE In deficit spending. https://t.co/pQXP1gGoHR pic.twitter.com/HSaMZO97dw
— The Doctor (@TennantRob) February 9, 2024
This is fine. Totally fine.
And now we just wait for the experts to tell us how going over budget by $428B actually REDUCES the debt https://t.co/SZrhfr3BQe
— Robbb (@bommrob) February 10, 2024
Of course they will.
LOL. Are you tired of being lied to by the politicians? https://t.co/Hr8db6OHNj
— unseen1 (@unseen1_unseen) February 10, 2024
So tired.
Meanwhile, auto manufacturers are reducing or even eliminating EV vehicles and municipalities are mothballing their EV fleets. We're being fleeced. https://t.co/dYK1PVhuph
— Chris Matthiesen (@c_matthiesen) February 10, 2024
We will reach $40 trillion in debt inside 3yrs https://t.co/dZVWMg7w4X
— Dividend Master (@DividendMaster) February 10, 2024
And everything will collapse. When that happens, it'll be very, very ugly. Gird your loins.
I’m shocked to find there is gambling going on in this casino! https://t.co/mdjioIYzLJ
— Scott McBryde (@Scott_McBryde) February 10, 2024
And drinking going on in this bar.
Government takes your money and wastes it. Tale as old as time.
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