“It seems that the only people who could claim a $14,000 [home electrification] rebate have well above average income. If so, like $7,500 electric vehicles (EV’s) rebates, this is an incentive that primarily will benefit the already well-to-do; except nearly twice as much as EV’s.”
“Without gas utilities to serve heating demand, electric utilities will become winter peaking, requiring massive investments of generating capacity and/or battery storage.”
Searchable text of Inflation Reduction Act is here.
The American public has been sold out in energy and climate just when the opposite seemed to be at hand. This bill is about bigger government, more spending, greater deficits, and more monetary inflation (federal counterfeiting) to make it all work (see Concerned Economists letter).
Hidden in the Bill are innumerable special-interest government interventions, one of which is very anti-consumer that no one is talking about.…
Continue Reading“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.…
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