Biden’s IRA a BUST

Joe Biden’s Inflation Reduction Act 

No meaningful affect on inflation (1)

No meaningful impact on climate (2)

Now we find it increases deficits $522 billion, not decrease as promise.

September 13, 2022  

Biden: “Inflation Reduction Act will reduce the deficit by 300 billion.” (Though not clear where he pulled that number from because the CBO scored the law with the $238 billion deficit reduction.)

April 27, 2023

The CBO has revised their estimate based on all the changes Biden administration is sneaking into the law. Golden Sachs has done an analysis. And the Penn Wharton Budget Model has provided their analysis. The spending of the IRA is revised from $285 billion to $1.045 TRILLION, an increase of $760 billion. (3)

Net Result

Deficit increase of $522 billion NOT the $238 billion decrease promised. 

https://twitter.com/moxlosllc/status/1651723241403056130?s=46&t=Y4fVsDnz2q8uZ3VNKeco4A

(1) https://budgetmodel.wharton.upenn.edu/issues/2022/8/12/senate-passed-inflation-reduction-act

(2) 

(3) https://budgetmodel.wharton.upenn.edu/estimates/2023/4/27/update-cost-climate-and-energy-inflation-reduction-act