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President Joe Biden’s green energy boondoggle keeps getting bigger by the hundreds of billions of dollars, according to a new study.
On Friday, Just The News reported that a new University of Pennsylvania Wharton School of Business model predicts that the cost of Biden’s oft-touted climate change bill — the Inflation Reduction Act — will now cost the U.S. taxpayers more than $1 trillion.
“The 2022 Inflation Reduction Act (IRA) contained a range of climate and energy provisions that PWBM previously estimated to cost $384.9 billion over 10 years,” Penn said in a press release. “Since that estimate, newer implementation details have emerged, and the fiscal year calendar has moved to start at FY2023. Our updated estimate for over 10 years (FY2023 – 2032) for just the climate and energy provisions is now $1,045 billion.”
Much of that comes from subsidizing the “electrification of everything,” as some have called it. Here’s exactly what that money will be going toward over the next 10 years:
Who will be in charge of doling that money out? Democratic lackey John Podesta. Will Podesta make sure that all of that money goes toward American companies? It doesn’t look likely. In March, he said that Chinese companies will have a big part to play in America’s energy future.
Even Senator Joe Manchin (D-WV) took issue with Podesta over the comments.
“It is beyond irresponsible for someone speaking on behalf of the White House to not only condone but also advocate for sending American tax dollars to Chinese companies,” Manchin told Fox News. “That is not consistent with either the IRA or the CHIPS + Science Act, which had widespread bipartisan support due to concerns about Chinese supply chains.”
That Podesta would want to funnel U.S. tax dollars overseas to the Chinese Communist Party shouldn’t come as much of a surprise. Podesta is good friends with at least one CCP official, Fox News also reported in September 2022.
Other Democratic allies are lining up to make sure they take advantage of the government spending over the next decade. Twice-failed gubernatorial candidate Stacey Abrams is now working with Rewiring America, a group that advocates the heavy regulation of gas stoves, arguing instead for electric appliances.
The founders of Rewiring America — Alex Laskey, Saul Griffith, and Ari Matusiak — have made significant money off government funding in the green energy sphere while advocating for policies that benefit their bottom dollar via the non-profit group.
“It’s a shocking amount of money that they’re hauling in with this scheme of theirs,” Tom Pyle, the president of the Institute for Energy Research, told Fox News. “I call it Big Green Inc. It is literally a business for these guys and they cloak themselves in the mantra of trying to save the planet. But, really, this is just very sophisticated self-dealing.”
It appears that the scheme now has more than a trillion reasons to continue, thanks to the seemingly never-ending price increase of the Inflation Reduction Act.
The views expressed in this piece are the author’s own and do not necessarily represent those of The Daily Wire.