Biden administration climate czar John Kerry acknowledged Thursday that the Democrats’ so-called Inflation Reduction Act has little to do with combating inflation.
The “special presidential climate envoy” made the awkward admission during a speech at the International Energy Agency’s Global Clean Energy Action Forum in Pittsburgh.
After saying the Inflation Reduction Act is a “completely misnamed piece of legislation,” Kerry confessed he was “not sure how much it has to do with inflation,” Fox News reported.
However, the career politician called the bill “amazing” for aggressively advancing the Biden administration’s radical climate agenda.
“The most important parts of the IRA are very simple — production and investment tax credits,” Kerry said, according to Fox News. “That, I think, is going to do more than almost anything else in the bill.”
“We don’t have to have government making choices about winners and losers. The marketplace is going to choose,” he added. “You, inventors and investors, are going to help move that along, and we’re going to get there.”
Ironically, while praising President Joe Biden’s efforts to address climate change, Kerry admitted that “no government is going to solve this problem” because it simply doesn’t have enough money to do so.
Accordingly, the user of gas-guzzling private jets said the climate agenda can be effected only through the private sector.
“The private sector is the entity that has the trillions of dollars,” Kerry said.
Instead of curbing inflation, as its name indicates, the Democrats’ Inflation Reduction Act pushes hundreds of billions of dollars in additional spending at a time when Americans are being crushed by historically high prices on food, gas, electricity, rent and everything else.
Last month, the Congressional Budget Office said the bill will not reduce inflation for the foreseeable future.
“In calendar year 2022, enacting the bill would have a negligible effect on inflation, in CBO’s assessment,” the agency’s director, Phillip Swagel, wrote in an Aug. 4 letter to Republican Sen. Lindsey Graham of South Carolina, the ranking member of the Senate Budget Committee.
“In calendar year 2023, inflation would probably be between 0.1 percentage point lower and 0.1 percentage point higher under the bill than it would be under current law, CBO estimates,” Swagel said.
The CBO director also noted that the Inflation Reduction Act would actually increase inflation and reduce labor participation by incentivizing people not to work.
“In addition, enacting the bill would reduce the incentives of some people to work, mainly because of the enhanced health insurance subsidies, pushing down output and pushing up inflation,” Swagel wrote.
Wow! A bill that increases inflation and unemployment. Sounds like a surefire recipe for a crippling recession.
In a nutshell, the Democrat’s farcically named Inflation Reduction Act is an equity-driven radical climate bill masquerading as an economic relief package.
Ultimately, it’ll end up draining our tax dollars while doing next to nothing to help struggling Americans manage their skyrocketing grocery bills and gas costs.