One thing conservatives never value is QUALITY OF LIFE. This bill is going to increase the country's quality of life. The idea in ten years there will be a total reduction of the National Deficit by $305.2 billion (THAT IS NEARLY A THIRD OF A TRILLION) while changing the way the USA gets energy through No Pollution of Greenhouse Gases is an incredible accomplishment. Every American should be proud of what is being accomplished in this Congress.
Protections for the climate cannot be undervalued. It is far more than simple dollars and cents. This is a burgeoning accomplishment for the USA every American can be proud of and tout as the greatest country on Earth. Not everything is measured by military prowess.
by Andrew Lautz
On Tuesday, (click here) over 100 economists signed a letter to Congressional leaders urging them to pass the Inflation Reduction Act (IRA), claiming that because the legislation “is deficit-reducing,” it will put “downward pressure on inflation.” However, this claim was undermined the very next day by a new Congressional Budget Office (CBO) estimate that found that only seven percent of the IRA’s deficit reduction, or $21.4 billion out of $305.2 billion, occurs in the next four years. This makes it extremely unlikely that the IRA will fight inflation in the next few years, when it is expected to be highest – a finding confirmed by CBO in an analysis that found the IRA will have negligible effects on inflation in calendar years 2022 and 2023.
The CBO calculations, along with estimates of new revenues from enhanced IRS enforcement, find that the legislation reduces deficits by about $21 billion in FY 2023 and $5 billion in FY 2024, but then increases deficits in FY 2025 (by $2.6 billion) and FY 2026 (by $1.8 billion). The IRA then decreases deficits by larger and larger amounts from FYs 2027 through FY 2031, from $21.9 billion in FY 2027 to a high of $77.9 billion in FY 2031, the last year of the 10-year window....
