Inflation Reduction Act Marks Two Years of Failure

August 16, 2024

Today marks the two-year anniversary of the Biden-Harris signing the so-called Inflation Reduction Act (IRA). The IRA was a $369 billion payout for “energy security and climate change” and a promise to reduce the federal deficit. Passed along party lines and requiring a tie-breaking vote from Vice President Kamala Harris, the promise of the IRA remains unfulfilled two years later.  

“Kamala Harris may be happy on this infamous anniversary, but America’s families have no reason to celebrate,” said Daniel Turner, Founder and Executive Director for Power The Future. “We’re all still paying the price for Kamala Harris voting to drive up the cost of everything in order to pay for her green agenda. If the Biden-Harris Administration really wanted to reduce inflation, they would stop printing more money and unleash American energy to generate more revenue and jobs at home.”

The IRA is nothing but a bloated eco-left spending bill, and that is why we joined the Competitive Enterprise Institute in sending a letter to lawmakers asking them to reconsider this bill in the 119^th Congress. 

The letter reads,

“We recognize that repeal may not happen this Congress, but legislators should take action now, such as through strong oversight and Congressional Review Act resolutions of disapproval, to help set the stage for dismantling the IRA’s “green” subsidies at the start of the 119th Congress. Next year, the reconciliation process would likely be the best tool to eliminate the subsidies, and doing so should be done in a manner to ensure a net tax cut.”

Results of the failed IRA include:

• The cost of electricity is higher than when the IRA was signed into law.

• Inflation is up more than 6 percent since the IRA was signed and more than 20 percent since the Biden-Harris Administration took office. 

• The Biden-Harris Administration promised the IRA would cause the federal deficit to “fall by more than $1.5 trillion” in 2022.

• After supporting the IRA, Sen. Joe Manchin (D-WV) later blasted the Biden-Harris Administration for its failure.