(Chris Parker, Headline USA) The Biden regime’s climate alarmist special envoy John Kerry recently called the Democrats’ so-called Inflation Reduction Act an “amazing bill” but also admitted that he’s “not sure how much it has to do with inflation.”
The brief moment of truth came during Kerry’s speech at the International Energy Agency’s Global Clean Energy Action Forum, Fox News reported.
“We’re running around saying, ‘I support the IRA.’ That’s tricky in politics, but here we are,” Kerry cracked, apparently in a bizarre reference to the Irish Republican Army, which has the same abbreviation as the recently passed federal spending bill. “And I’m not sure how much it has to do with inflation, but that’s OK,” he continued.
He also called it “a completely misnamed piece of legislation.”
He put special focus on its green-energy tax incentives, claiming that it will avoid the pratfalls of past government efforts to throw money at climate-change initiatives.
“The most important parts of the IRA are very simple: production and investment tax credits,” Kerry said.
“That, I think, is going to do more than almost anything else in the bill,” he continued. “We don’t have to have government making choices about winners and losers.”
Obama-era lending programs for green-energy producers notoriously led to a $535 million loss after solar-panel company Solyndra declared bankruptcy in 2011.
With the new programs, however, “The marketplace is going to choose,” Kerry said. “You, inventors and investors, are going to help move that along, and we’re going to get there.”
Kerry isn’t the first Democrat to let the truth slip on the IRA.
White House aide Jesse Lee, a communications adviser to the National Economic Council, called Moody’s Analytics chief economist Mark Zandi’s analysis of the IRA “the overwhelming consensus.”
According to Zandi, the “impact of this legislation on inflation is marginal,” adding that its impact would be “more meaningful later in the decade.”
Ultimately, the act is actually expected to raise taxes on nearly all Americans according to the Congressional Joint Committee on Taxation, not just the wealthiest. It also includes a corporate tax that will likely drive prices even higher.
So, according to the Left’s own admission, the Inflation Reduction Act will have no real impact on inflation. It will, however, increase taxes, according to nonpartisan analyses. It will also likely lead to higher costs for consumers.