Every time the lavish electric vehicles and green energy giveaways in the Biden Inflation Acceleration Act have been scored, the price tag has gone up.

Now, a comprehensive new analysis from the Cato Institute puts the upper-bound cost at a staggering $4.7 trillion:

Within the upcoming 10-year budget window (2025–2034), we estimate the IRA spending will range between $936 billion under a set of lower-bound assumptions and $1.97 trillion under a set of upper-bound assumptions. By 2050, total IRA spending could range between $2.04 trillion and $4.67 trillion. Table 3 shows Cato’s estimated total spending on IRA energy subsidies through the upcoming 10-year budget scoring window, as well as through 2050, including present values of IRA spending through 2050 using discount rates of 0, 3 percent, and 7 percent.

The original CBO/JCT 10-year score significantly underestimated the subsidy payments authorized by the IRA, but third-party estimates of the IRA’s 10-year budget score—such as the Goldman Sachs estimate of $1.2 trillion—fall comfortably between our lower- and upper-bound estimates for the upcoming 10-year budget window.

All of the IRA subsidies should be repealed or phased out. The savings should go for pro-growth tax cuts.