I know, you don’t want to hear about Joe Biden anymore. But, sadly, this man’s failures were so spectacular, they will affect Americans for years to come. For four painful years, America watched as the elderly commander-in-chief stumbled through the presidency. His crowning “achievement” during those dismal years? The laughably misnamed Inflation Reduction Act.

Even Democrats knew the bill would never actually reduce inflation. Biden’s signature economic legislation promised to cost “only” $370 billion according to initial estimates. Just a small price to pay for saving the planet, right? Wrong.

The truth is now emerging about this massive fraud perpetrated on the American public. According to a bombshell study from the Cato Institute, Biden’s green energy boondoggle could actually cost taxpayers up to $4.67 trillion by 2050. Democrats have mastered the art of picking your pockets while telling you they’re just checking for lint. They’re not just taking your wallet; they’re emptying your bank account, selling your car, and mortgaging your great-grandchildren’s future.

From ‘Just The News’:

“When former President Joe Biden’s signature Inflation Reduction Act (IRA) passed in 2022, it did so along party lines with not a single Republican voting for it. At the time, a Senate one-pager summarized the law as costing taxpayers $369 billion, based on Congressional Budget Review (CBO) estimates.”

Trillions and Trillions and Trillions, Oh My!

Using complex models and data from the U.S. Energy Information Administration, researchers calculated all the investment tax credits and production tax credits that could flow from various “green” projects. The results should terrify every American taxpayer.

Over just the next decade, taxpayers could be on the hook for anywhere from $936 billion to $1.97 trillion. By 2050, that number balloons to between $2.04 trillion and $4.67 trillion. All this while Americans struggle with higher prices for groceries, housing, and energy.

Democrat Shell Games: Hide the Money

The devious brilliance of the Democrats’ scheme becomes clear when you understand how they structured these subsidies. They created a system of “stackable” tax credits that multiply the burden on taxpayers.

Loucks explained the nightmare scenario: A mining company gets production tax credits for producing lithium. That lithium goes into a battery storage facility, which gets investment tax credits. If that battery facility provides energy storage for a solar farm, the solar farm gets more tax credits. And if that solar farm produces green hydrogen, there are additional production tax credits for the hydrogen.

Democrats aren’t just taking your money – they’ve engineered an elaborate machine to extract maximum cash from your pockets.

Hope in A New Presidency

Thankfully, the Trump administration has been aggressively reviewing Biden-era regulations, with multiple agencies already taking action to dismantle the previous administration’s green agenda overreach. However, addressing the IRA’s massive costs will require congressional action. The Cato Institute recommends a full repeal of the energy subsidies or, at minimum, placing caps on them and adding firm expiration dates.

“Delaying action only strengthens the political and economic interests tied to its subsidies, making reform even more difficult as the web of government handouts expands,” Loucks and Fisher warn. The longer we wait, the harder it will be to undo the damage. Meanwhile, Democrats will continue their grand tradition of treating the American taxpayer like an ATM with no daily withdrawal limit – taking everything they can while leaving us with nothing but empty promises and mounting debt.

Key Takeaways:

• Biden’s “Inflation Reduction Act” could cost taxpayers up to $4.67 trillion by 2050, nearly 12 times the originally advertised price of $370 billion.
• The legislation was deliberately designed with uncapped subsidies and “stackable” tax credits that multiply the burden on American taxpayers.
• The complex regulations primarily benefit large corporations with legal teams, not average Americans or small businesses.

Sources: Just The News