WASHINGTON DC (08/17/2023) – The American Energy Alliance (AEA), the country’s premier pro-consumer, pro-taxpayer, and free-market energy organization, has joined a coalition of free-market organizations working to save taxpayers from runaway Washington spending on green corporate welfare found in the so-called “Inflation Reduction Act.”
AEA President Thomas Pyle issued the following statement:
The Biden Administration’s victory lap on the one-year anniversary of the passage of the Inflation Reduction Act shows just how out of touch Washington is with the American people.
American families are paying $700 more on their monthly budgets than they were 2 years ago, mortgage rates are approaching 8% in many states, and credit card debt is at an all-time high and the IRA will do nothing to help them with any of that. Instead, it lavishes green subsidies on large corporations, foreign competitors, and wealthy taxpayers.
The federal government has no business telling consumers what types of cars they can drive or restricting our access to affordable and reliable energy sources. Even Senator Joe Manchin, the author of the IRA, has stated that the Biden Administration is seeking to implement the IRA as a “radical climate agenda.” Instead of providing Americans with real relief from their economic struggles, the Biden Administration is dishing out billions in subsidies to their corporate cronies and special interest groups. No wonder songs like Rich Men North of Richmond are going viral.”
The Congressional Budget Office’s initial estimate for the “green” subsidies of the IRA was $391 billion. However, a more recent assessment by Goldman Sachs suggests that the overall expenses might escalate significantly to as much as $1.2 trillion. The House Ways and Means Committee clarified that the primary factor behind this substantial surge in costs is the unexpectedly high rate at which taxpayer-funded subsidies for green energy are being utilized by major corporations, international rivals, and affluent taxpayers.
We applaud the efforts of lawmakers who have taken action to eliminate the “green” subsidies within the IRA. Legislators should leverage all the resources at their disposal to resist the legislation, which includes incorporating policy provisions into funding bills and utilizing Congressional Review Act (CRA) resolutions to express disapproval.
Additional Resources:
- Inflation Reduction Act Now Forecast to Cost Taxpayers Triple the Government Estimate
- EIA’s Annual Energy Outlook 2023 Refutes IRA Claim Regarding Carbon Reductions
- 150 Ways President Biden and the Democrats Have Made it Harder to Produce Oil & Gas
For media inquiries please contact:
THOMAS.PYLE@ENERGYDC.ORG