Cost Estimates for Biden's Green Law Explode by Hundreds of Billions

May 15, 2023
World Net Daily

This story was originally published by the WND News Center.

Besides promoting abortion and transgenderism, two of Joe Biden's main agenda points for his presidency, he's also known for spending money.

Lots of it. Trillions of dollars.

Now there's a warning that Biden's plan to subsidize green energy tech under the mislabeled "Inflation Reduction Act" is going to cost American taxpayers hundreds of billions of dollars more than predicted earlier.

report in the Washington Examiner said the original estimates were that the "climate change-related" parts of that bill would cost about $369 billion over 10 years.

Now that could cost $800 billion more.

The report said, "Democrats passed the energy and healthcare spending law last August without any Republican support in what became the defining achievement of President Joe Biden's first two years in office. The law expanded existing tax credits for electric vehicles and renewable energy while creating new tax incentives designed to expand manufacturing of those technologies in the United States to serve both the administration's climate change and industrial agendas."

But it is a Goldman Sachs analysis that estimated the value of those incentives over 10 years will cost taxpayers $1.2 trillion.

And, the report noted, "Researchers at the University of Pennsylvania's Wharton School recently updated their estimate of the law's cost, putting projected spending on the energy and climate provisions at around $1.05 trillion through 2032, up from its earlier estimate that the cost would be closer to $385 billion."

That analysis said spending on "clean cars and trucks" will cost $393 billion, "a number that by itself exceeds the original estimate for the entirety of the IRA's energy and climate-related provisions," the report said.

Excuses offered by various sources for the problems include that there's a greater interest than expected, from families willing to drive electric vehicles to manufacturers now willing to build windmills.

Other analysts have simply said the original Congressional Budget Office guesses about the costs were wildly off base.

It is Sen. Joe Manchin, D-W.Va., who supported the plan, who now has charged Biden is "liberalizing" some of the law's requirements determining eligibility for tax credits and bonus credits.

The report said, "Manchin's biggest problem is the Treasury Department's implementation of the law's revised tax credit for consumer electric vehicles. Eligible vehicles must be assembled in North America and source their components from the U.S. and select free-trade agreement countries in order to qualify."

And Republicans have suggested a repeal of a multitude of Biden's energy tax credits and other programs.

"Taxpayers are footing a bill for these tax breaks that are hundreds of billions above what they were told," Ways and Means Chairman Jason Smith said during a hearing in April.

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