Democrats’ $369 Billion Green New Virtue Signal Barely Scratches Global Warming

“The Inflation Reduction Act invests $369 billion to take the most aggressive action ever—ever, ever, ever—in confronting the climate crisis and strengthening our energy security,” President Joe Biden said Tuesday at the White House, just before signing the IRA into law.

IRA goes far beyond the massive figure that Biden cited. This leviathan raises taxes $739 billion during a recession and boosts spending $433 billion amid 8.5% inflation—a price-hike level better suited to the early 1980s.

The IRA’s “aggressive action” includes, among much more:

• $160 billion for clean-electricity tax credits
• $35 billion for clean fuel and vehicle tax credits
• $27 billion for a new EPA “Green Bank.” What do federal eco-crats know about banking? About as much as bankers do about agricultural nitrous oxide emissions.