Make no mistake, the so-called Inflation Reduction Act unveiled Wednesday by Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Joe Manchin, D-W.Va., will do nothing that its supporters state—in fact, it will do quite the opposite.
If passed, the act will increase the prices that Americans pay for energy, make the United States less energy secure, and do absolutely nothing for the environment. Perhaps more insidious, it will hurt Americans who live in coal-rich states, like Manchin’s West Virginia, the most.
Focusing on just the energy and climate section of the act, the top-line numbers are staggering. Like Oprah Winfrey handing out gifts to her studio audience, the act would use $369 billion in taxpayer funding to dole out favors to every special interest in Washington, D.C.