Joe Biden has vowed to end the fossil fuel industry, putting oil workers, miners, and others who count on the industry to feed their families out of work. The far-left green agenda is aggressively pushing electric vehicles, solar panels, windmills, and so-called renewable energy sources while simultaneously coming for your gas stove, your gasoline-powered car, and your air conditioners, among other things.
Americans have largely been skeptical, and the sales of electric vehicles have been so poor that some mines are shuttering, and auto manufacturers are laying workers off and adding more gas-powered vehicles to their production plans. Thus far, the green energy push has been more style than substance, and now numbers are coming in, revealing what the boondoggle may cost American taxpayers.
The Congressional Budget Office recently revealed that Biden’s so-called Inflation Reduction Act has a much bigger price tag than initially thought. The CBO also pointed out that Biden’s radical climate agenda is projected to cost $428 billion. That stands in stark contrast to the initial number in 2022 of $400 million.
The CBO said: “The budgetary effects of energy-related tax provisions remain highly uncertain.” However, per the latest numbers the investment banking company Credit Suisse declared the far-left’s radical policy will cost almost $800 billion to be footed by American taxpayers. There are other reports that the policies could eclipse $1 trillion dollars of taxpayer funding.
According to Townhall via The Daily Wire, “The CBO explained that technical revisions resulted in substantially higher projections, most of which ($224 billion) arose from clean vehicle tax credits and revenues from excise taxes on gasoline. Of that total, $151 billion came from reductions in projected revenues, and $73 billion came from increases in projected outlays. Apart from the cost of Biden’s climate initiatives, the CBO report didn’t lend a positive outlook for the nation’s economy.”
As the national debt steadily increases to a projected $2.6 trillion in 2034, some experts are predicting a deficit level relative to some of the worst periods in American economic history. Townhall also said, “The CBO projected that the nation’s deficit would steadily mount, reaching $2.6 trillion in 2034 from $1.6 trillion this fiscal year. In relation to GDP, the deficit is projected to reach 6.1% in 2034. The CBO said that these deficit levels were similar to those experienced during some of the greatest national crises.
The public debt is expected to eclipse the nation’s Gross Domestic Product by 2034 and would be a record high for the United States. Economists worry that the upside-down nature of debt to GDP could plunge the nation into depression or worse. There is no easy answer on the horizon as the left continues to push unrealistic environmental policies.
Joe Biden and his far-left cronies continue to force-feed Americans an expensive bill of goods in terms of renewable energy. It is a bill that our children will be hard-pressed to pay, especially if the nation suffers economic blowback from bad Democrat policy. Hopefully, a top-down change in Washington in 2025 can reverse the damage Biden has done to American energy and American families.
Further, despite pushing the expensive green agenda on Americans, Biden still travels around in a gas-guzzling convoy. Watch that here:
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