Larry Kudlow Shedding Light on the Full Costs of the Inflation Reduction Act

President Biden's radical climate policies are driving the American middle class to the brink, with blue-collar workers like auto industry employees in full revolt. UAW President Sean Fain has been one of the loudest voices calling out Biden, accusing him of pandering to corporate elites and the billionaire class while leaving workers behind. The UAW’s frustration stems from Biden’s push for electric vehicles (EVs), which are heavily subsidized by the government but leave auto workers with shrinking wages and no guarantees of fair compensation.

Biden, who claims to be the “union president,” has betrayed the very people he promised to stand up for. A study by Good Jobs First, a group funded by labor unions, revealed that EV plants are receiving billions in government subsidies with no requirement to pay good wages. The so-called Inflation Reduction Act is nothing but a disguised Green New Deal, funneling taxpayer money to Biden’s political donors and radical woke interests. Even the Joint Tax Committee has raised alarms, projecting that the cost of these green tax credits could hit $790 billion, and other estimates put the figure at $1.2 trillion.

Meanwhile, the House is fighting to restore sanity. They've passed H.R. 1, which seeks to revive fossil fuel production—an essential step for restoring America’s energy independence. Over the last decade, U.S. carbon emissions have dropped by 1.2 billion tons, proving that our natural gas and oil are the cleanest in the world. While China, Russia, and India continue to increase their emissions, Biden’s war on fossil fuels is leaving hardworking Americans with less, while failing to deliver any meaningful environmental benefits.

The truth is, according to Biden’s own Council of Economic Advisers, the projected climate impact on the economy is negligible. It’s time we stop Biden’s central planning disaster, let free-market policies thrive, and return to the energy dominance that makes America strong. Bidenomics has failed—now is the time for real, America First solutions.