EV’s Not saving environment or money

Biden  claims he’s saving the environment by redirecting billions of our tax dollars to electric vehicles. 

Why?

No one knows how much, if at all, CO2 emissions will decline as EV use rises.

No one knows when or whether EVs will reach economic parity with the cars that most people drive. Key factor is that EV’s require a ton of minerals and historically the more minerals you use the more expensive they are to extract.

https://manhattan.institute/article/electric-vehicles-for-everyone-the-impossible-dream/

https://twitter.com/moxlosllc/status/1679840103064117255?s=46&t=Y4fVsDnz2q8uZ3VNKeco4A

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

Biden hurting health

Biden’s Inflation Reduction Act is not only increasing deficit, hurting inflation and not helping climate it is discouraging drug development. 

https://taxfoundation.org/inflation-reduction-act-medicare-prescription-drug-price-controls/

https://twitter.com/moxlosllc/status/1651301189449809922?s=46&t=Y4fVsDnz2q8uZ3VNKeco4A

Biden’s Fib Gets Bigger

I previously posted (1) that Biden‘s Inflation Reduction Act was a big lie and that it will not reduce inflation, it will hurt the economy, and it will not even help the climate.

I was wrong.

A recent analysis by Goldman Sachs (2) says that the Inflation Reduction Act will actually cost $800,000,000,000, that is 800 billion,  more than Biden said it would. 

https://twitter.com/moxlosllc/status/1640001479334584322?s=46&t=Y4fVsDnz2q8uZ3VNKeco4A

(1) https://moxlosllc.blogspot.com/2022/08/inflation-reduction-act-big-lie.html

(2) https://www.wsj.com/articles/inflation-reduction-act-subsidies-cost-goldman-sachs-report-5623cd29