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Biden claims American families will see energy bills ‘drop by the hundreds’ with Inflation Reduction Act

August 7, 2022 | | Print Article

President Joe Biden continues to generously distort the alleged perks of the widely panned Inflation Reduction Act.

In his latest stretch of the truth made Friday via Twitter, Biden claimed that the American people “will see their energy bills drop by the hundreds” thanks to the bill.

“When we pass the Inflation Reduction Act, working families will get rebates to buy efficient appliances and weatherize their homes. And folks will have tax credits for efficient heating and cooling and rooftop solar. Families will see their energy bills drop by the hundreds,” he wrote.

Look:

The president’s claim is rooted in the assumption that every American can afford to go “green.”  Sure, those who can afford to go “green” may indeed see savings. But what about those who can’t?

Thanks to the inflation crisis spurred by the president’s policies, most Americans can barely afford their cost of living, let alone going “green.”

“The hottest inflation in forty years is taking its toll on families, with three-quarters of middle-income Americans saying their earnings aren’t enough to pay for their cost of living,” CBS News reported late last month, citing a recent survey.

Most Americans likewise have barely any savings to dedicate toward purchasing “green” products.

“Nearly half of all hourly workers in the U.S. have been unable to save even a dime to guard against financial emergencies, according to a new survey of 3,000 employees by Branch,” CBS News also reported late last month.

“That figure, 48%, is up 7% from last year, a sign the higher cost of food, rent, gas and other staples is taking a severe toll on hourly workers. More than 80% of respondents said they had less than $500 tucked away for emergencies.”

So what’ll happen to those who can’t afford going “green?” They, according to the experts, will absolutely see prices go up.

“If passed, the act will increase the prices that Americans pay for energy,” according to The Heritage Foundation.

How? By subsidizing “green” energy but punishing traditional energy. This means higher gas prices and higher electricity bills.

“Huge government subsidies directed to certain industries make those industries attractive investments, and private investment starts flowing to things government wants rather than toward what Americans value. This starves proven energy sources and promising new ones of new investment while bankrolling energy sources and products that consumers would otherwise not want,” the Heritage Foundation notes.

“Over time, the market shifts from offering competitive products independently to offering costly and less reliable products that rely on taxpayer support. This is not just theory. Despite decades of subsidies and government-sponsored publicity, wind and solar remain dependent on taxpayer support and government mandates.”

Fact-check: TRUE.

To make matters worse, the so-called Inflation Reduction Act will raise taxes on virtually all Americans, meaning the American people will have even less money to dedicate to the Democrats’ beloved “green” projects.

Moreover, the bill will most likely either have no effect on inflation. Even Sen. Bernie Sanders, a Democrat, has admitted this.

“I want to take a moment to say a few words about the so-called Inflation Reduction Act that we are debating this evening. I say so-called because according to the CBO and other economic organizations that have studied this bill, it will in fact have a minimal impact on inflation,” he said on the Senate floor Saturday.

Listen:

Meanwhile, some experts have predicted that the bill could in fact worsen inflation.

“[W]e estimate that the Inflation Reduction Act would reduce long-run economic output by about 0.1 percent and eliminate about 30,000 full-time equivalent jobs in the United States,” according to the Tax Foundation.

“It would also reduce average after-tax incomes for taxpayers across every income quintile over the long run. By reducing long-run economic growth, this bill may actually worsen inflation by constraining the productive capacity of the economy.”

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Vivek Saxena
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