David Vasquez,
April 1, 2024
The $1.347 Trillion Green New Steal
The Biden Administration has promised an era of clean, low-cost renewable energy to transition the U.S. and global economy away from fossil fuels. The result, however, is billions of dollars invested in build-back-never energy policies that are crippling the health and prosperity of the American economy. A few examples include:
The fraudulently titled “Inflation Reduction Act” - $1.2 Trillion:
- Provides up to $250 billion in green spending via increased loan authority to “upgrade, repurpose, or replace energy infrastructure.”
- Allocates $393 billion in federal funding and tax credits to produce unpopular electric vehicles (EVs) and EV batteries.
- Expands “clean” electricity tax credits up to an estimated $274 billion through 2031.
- Subsidizes manufacturing for intermittent and unreliable solar and wind generation through the $193 billion “45x program.”
The Wasteful Infrastructure and Investments Job Act - $120 Billion:
- Allocates $50 billion for vague “climate resilience” measures.
- Authorizes $65 billion to create clean power and clean energy transmission and EV infrastructure upgrades, which are intermittent and largely unreliable.
- Creates more than $4.5 billion in Title XVII loan guarantees in an effort to distort the market to pick winners and losers by providing undue subsidies to renewable energy industries.
The American Rescue Plan Act boondoggle - $27 Billion:
- Allocates an additional $4.5 billion for an energy subsidy program blighted with fraud.
- Bankrolls the Biden Administration’s self-inflicted inflation crisis by dedicating $21.5 billion to offset exorbitantly high energy costs.
- Subsidizes divestment in reliable energy sources through the $1 billion Build Back Better Regional Challenge to advance “environmental justice.”
Total estimated cost for President Biden’s “Green New Steal?”