Senate Majority Leader Chuck Schumer celebrated the one-year anniversary of President Biden’s budget-busting climate bill by vowing a much bigger encore if Democrats gain full control of Washington in next year’s election.
“Even though we passed the Inflation Reduction Act you ain’t seen nothing yet,” Schumer told reporters on Wednesday. “We are going to do even bigger and better.”
It’s hard to comprehend a bigger bill than the IRA, which Goldman Sachs says will amount to $1.2 trillion in green energy giveaways.
And the bill’s costs go far beyond mere dollars. Dan Lashof, the U.S. director of the World Resources Institute, says the bill has been “transformative,” by embedding environmental justice initiatives into the budget and creating a climate change-industrial complex that could rival the Pentagon’s influence on US business.
Yes, but in an incredibly negative way. The green energy blitz has so far been the biggest industrial policy flop in world history. Some $4 trillion spent on solar and wind power still only provide one-tenth the amount of energy that fossil fuels do. So Schumer’s promise to double down is the very dictionary definition of throwing good money after bad.