“The Schumer-Manchin bill provides that after 2024 the traditional PTC and ITC programs expire, but the benefits live on through the new “Clean Electricity” tax credit program.”
“Based on published project footprints of recently sited wind projects in Wyoming, Oklahoma, New Mexico, and Colorado, new wind turbines will spread across 30 million acres (50,000 sq. mi.) by 2032.”
The Schumer-Manchin bill passed by the US Senate this weekend and heading to the House erases any doubt whether Congress is serious about lowering inflation, addressing energy costs, or protecting the environment.
Ironically dubbed the Inflation Reduction Act of 2022, Schumer-Manchin will do nothing to reduce inflation. But what it will do is far worse. Schumer-Manchin will unleash the largest industrialization of U.S. open lands not seen since the damming of our western rivers.…
Continue Reading“… we agree with the urgent need to reduce inflation, but the ‘Inflation Reduction Act of 2022’ is a misleading label applied to a bill that would likely achieve the exact opposite effect.”
Philosophic fraud is a term to describe purposeful misdirection. It may not be prosecutable, but it is strategic deceit.
I was reminded of this upon reading (and signing) the Concerned Economists letter on the $739 billion Inflation Reduction Act of 2022, which is scheduled for a vote tomorrow (Saturday). It’s all a rush with a bill so huge and laden with so many special interest giveaways.
The letter follows:
Dear Leader Schumer, Leader McConnell, Speaker Pelosi, and Leader McCarthy,
The U.S. economy is at a dangerous crossroads. Forty-year high inflation is causing immense strain for households and small businesses, and it is prompting steep interest rate hikes that, while necessary to counter fiscal policy excesses, increase the chance of a deepening recession.…
Continue Reading“On Monday, wind was functioning at 8 percent, which is not unheard of,” so it was weird to be called out in the press release, because it’s something that we know happens so we should be ready for that sort of thing.” – Joshua Rhodes, Webber Energy Group, University of Texas at Austin. July 15, 2022
[Electricity] anxiety, coupled with misleading claims about the role of renewable energy in power outages, may also leave Texans disillusioned about the future of clean energy. – ICN, below)
We will see if Texas’s wounded electricity grid escapes conservation alerts and rolling blackouts in the next month. But a false narrative has been set: it is fossil fuels plants that are unreliable, since everyone knows that wind and solar are intermittent and will not show up at times.…
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