Inflation Reduction Act

Wednesday

Eva Terry

How justified is climate-change alarmism?

For decades, the picture of Earth’s future – as laid out by journalists and climate scientists alike – has been bleak. By 2070 we will see famine, economic collapse, a sun that cooks us, melted icecaps, flooding, extreme hurricanes and ever-present tropical storms. "Vast swathes" of the planet will be inhospitable for human life. And Greta Thunberg, in her late sixties, will wear a gas mask as she sits on the steps of Swedish Parliament with a cardboard sign declaring, "I told you so." Advocates have poured gasoline on the climate-alarmism fire earnestly, backed by reports declaring, "There really is no serious scientific debate remaining about climate change.

Global Climate Strike on September 20, 2019 in Edinburgh, Scotland (Getty)

Monday

Grace Curley

The Harris campaign’s ‘out of time’ ploy

The Harris-Walz campaign is depending on Americans feeling so rushed this election that they don’t pay attention to the vice president’s dramatic evolution. Last week, CNN’s Kasie Hunt interviewed Harris-Walz campaign senior spokesperson Ian Sams and discussed polling that shows Democrats are losing working-class voters. “What is it about what you guys have been doing for the last three-plus years that explains that?” Hunt asked. Sams’s attempt at a non-answer was actually quite revealing. “We’ve got sixty days until the election,” he replied, exasperated. “You know, we don’t have time to sit around and think about why, over the last few years, certain things may have happened or may not have happened.

ian sams time

Friday

Roger Kimball

There is a little bit of Frank Sinatra in Donald Trump

Unless you are drinking from the cistern that Bill Kristol and his herd top off daily, you will have been impressed by Donald Trump’s long press conference yesterday at his golf course in Bedminster, New Jersey. Kristol’s latest puddles include the charge that Trump and Elon Musk are “mediocre” (“two repulsive and mediocre oligarchs”), a comment that elicited more snickers than your local candy shop stocks.   It turns out that, like the House of the Lord, Donald Trump is a house with many mansions. You go to his rallies, and he is in rah-rah-cheerleading mode. He works the crowd. The enthusiasm among the tens of thousands of people is palpable. He is a master of off-the-cuff paratactic delivery and what the rhetoricians call aposiopesis.

trump

Wednesday

Lewis M. Andrews

As America’s fiscal storm approaches, government prepares to save itself

It’s a familiar response whenever the National Weather Service warns of a Category 5 hurricane, a life-threatening winter blizzard or some other looming natural disaster. Government officials urge local citizens to seek shelter immediately, while promising that area police will keep guard to ensure that looters do not use the emergency to rob boarded-up homes and abandoned stores. Today, Americans are being warned to brace for another kind of storm, one involving not the weather but their personal finances.

fiscal debt
inflation
Cockburn

White House deletes tweet bragging of Biden’s role in inflation crisis

You know the Democrats are grasping at straws when you see the White House Twitter account praising President Biden for this year’s increased Social Security checks. Particularly, Cockburn is at pains to point out, as the increase in Social Security is indirectly indexed to inflation. "Seniors are getting the biggest increase in their Social Security checks in ten years through President Biden's leadership," the White House bragged on Tuesday. Even Twitter's in-house moderators were taken aback, deigning to slap a "context" label on the post. After helpful users added the missing context on Wednesday, the White House's tweet mysteriously disappeared. How curious!

Saturday

Lewis M. Andrews

Biden’s green agenda pokes a big hole in America’s social safety net

With the current inflation rate still well above the Federal Reserve’s 2.0 percent target, it is only natural that critics of President Biden’s Inflation Reduction Act (IRA) treated its recent one-year anniversary as an opportunity to once again stress that the bill never had anything to do with inflation. Biden himself has finally admitted as much. But what has received almost no attention is the degree to which big spending programs like the IRA — whose estimated cost has already spiraled up from $384.9 billion to $1.5 trillion — will further erode America’s social safety net. Especially the Medicare hospital insurance fund (Medicare Part A), which its trustees say will be depleted in 2031, and Social Security, which runs out of money just three years later, in 2034.

energy green biden

Monday

Oliver Wiseman

Happy Birthday, Inflation Reduction Act!

It feels a bit like Groundhog Day in Washington at the moment. Returning after a week’s vacation, I plugged back in this morning to discover that Donald Trump is bracing for another indictment, this time for his post-election antics in Georgia; that none of his Republican rivals show any sign of making a dent in his primary lead; that Hunter Biden’s misdeeds continue to dog the president; and that Team Biden is gearing up for yet another week trying to win America over on “Bidenomics.”The excuse for Biden’s latest bit of economic salesmanship is the one-year anniversary of the Inflation Reduction Act. This means we will be treated to tired catchphrases that refuse to catch on, such as “grow the economy from the middle out and the bottom up, not the top down.

Sunday

Lewis M. Andrews

Forget electric cars: America should invest in electric roads

As President Joe Biden and House Speaker Kevin McCarthy begin to square off on a compromise debt ceiling bill, the subsidies in the so-called Inflation Reduction Act, or IRA, for the purchase of electric cars will prove a major, if not the major, sticking point. McCarthy clearly knows that Goldman Sachs, Brookings and other respected observers have predicted that these EV credits could cost taxpayers $390 billion over the coming decade — or at least twenty-seven times the original estimate. Yet the president is also acutely aware that preserving the IRA’s role in facilitating a rapid transition away from gas-powered vehicles is the reddest of lines for his progressive base.

electric roads

Thursday

Lewis M. Andrews

How the population scare predicted today’s climate hysteria

Stanford professor Paul Ehrlich's recent appearance on CBS’s 60 Minutes reminds us what can happen when those with impressive academic credentials begin making end-of-the-world predictions. It was 1968 when Ehrlich published The Population Bomb, a book that declared with absolute certainty that “the battle to feed all of humanity is over.” Because so many people were living so close together and consuming so much of the world’s limited resources, the inevitable future was one of “mass starvation” on “a dying planet.” A year after the book’s publication, Ehrlich went on to say that this “utter breakdown” in Earth’s capacity to support its bulging population was just fifteen years away.

Wednesday

Daniel DePetris

The Europeans are complaining, again

All is not well in the transatlantic relationship. This might come as a surprise given that the United States and Europe have been remarkably unified on Europe’s most urgent security crisis in the post-Cold War era. Despite Russian President Vladimir Putin’s attempt to inject division into the pro-Ukraine coalition by throttling gas supplies to Europe, the West is sticking to its guns, maintaining sanctions on Moscow until either the war ends or Russian troops are forced to withdraw. This consensus, however, has masked disputes between Washington and its European allies that are becoming more difficult to manage.

Monday

Matt Purple

Biden is in no position to attack Liz Truss

A transatlantic tiff is in the works. During a recent visit to an ice cream shop in Oregon, President Joe Biden lit into British prime minister Liz Truss and her recent (and recently withdrawn) tax proposals. Because this is how we do foreign policy in this country now: spouting off at random while the Chunky Monkey melts all over our hands. "I wasn’t the only one that thought it was a mistake," said Biden of Truss's tax cuts, brandishing a vanilla cone all the while. "I think that the idea of cutting taxes on the super-wealthy at a time when…I disagree with the policy, but it’s up to Britain to make that judgment, not me." And lest the Brits think they were being singled out, Biden also had tough words for the globe's other 193 countries.

Sunday

Emmet Penney

Nuclear power is the answer to our energy woes

America is about to spend $126.9 billion on renewable energy thanks to the Inflation Reduction Act. When this is added to the already existing production tax credits, the total is $240 billion. Greens everywhere are rejoicing. Paul Krugman took to the New York Times to wonder if the Democrats had just saved the world from climate change. And why not? America has seen emissions drop to 4.8 trillion tons a year since 2000. That’s a one-trillion ton decrease. In fact, since America has embarked on building out wind and solar, the country has returned to 1949 levels of emissions. But are renewables really to thank? After all, wind and solar only accounted for about 12 percent of our electricity supply in 2021.

nuclear

Tuesday

Rupert Darwall

China, not America, has the real emissions problem

Hailed as America’s first comprehensive climate law, the Inflation Reduction Act was signed by President Biden earlier this summer. It had been thirty years and sixty-five days since President George H.W. Bush signed the United Nations Framework Convention on Climate Change in Rio de Janeiro. The UNFCCC’s objective was to stabilize concentrations of greenhouse gases in the atmosphere “at a level that would prevent dangerous anthropogenic interference with the climate system,” a threshold that the convention left undefined. In 1992, the average concentration of carbon dioxide in the atmosphere was 356.54 parts per million by volume (ppmv).

Saturday

Grace Curley

The Biden team’s ‘0 percent inflation’ lie

To all of the bitter skeptics who doubted President Joe Biden, Treasury secretary Janet Yellen and the Federal Reserve, I have a message for you: come forth now with your most heartfelt apologies. For a few months the Ivy League know-it-alls had to back-pedal their claims that inflation was transitory. But that changed this week. After months of ridicule, it is Joe Biden and his team of Nobel Laureates (all seventeen of them) who are getting the last laugh. Inflation changed faster than anyone could have imagined. In fact, according to the White House, we went from 9.1 percent inflation in June to 0 percent inflation in July. Joe Biden — as pleased with himself as ever — couldn’t wait to break the news to the American people.

Tuesday

Teresa Mull

Democrats pick a bad time to punish the energy industry

With its new Inflation Reduction Act (IRA), the government is pulling one of those infomercial tricks where they throw in a third bottle of OxiClean ABSOLUTELY FREE! Acting as if the cost of everything hasn’t already been calculated and passed onto the consumer. The IRA, you see, contains a “Methane Emissions Charge” that will impose a $900-a-ton tax on oil and gas producers that will increase to $1,500 after two years. The left is patting itself on the back for their valiant work to cut greenhouse gas emissions drastically by 2030. But here’s the thing: the energy industry is already working hard to cut emissions; it’s in their interest to do so. And when the government fines them for not capturing enough methane, guess who gets to foot the bill?