OPINION:
My friend Rep. Chip Roy is right: The Inflation Reduction Act should be fully repealed. In his statement after the passage of the House budget resolution, Mr. Roy said his support was contingent on “the full eradication of Green New Deal IRA subsidies.” Conservatives and Republicans in Congress should accept nothing less than the full repeal of the Inflation Reduction Act as part of the “One Beautiful Bill” strategy.
The Inflation Reduction Act is a disaster and a boondoggle for American families. Its subsidies distort the market toward magical thinking and reckless naivete rather than serious “America First” solutions that lower energy prices and solidify reliability.
According to an analysis by the Coalition for a Prosperous America, “Chinese companies could gain over $125 billion in taxpayer-funded Inflation Reduction Act (IRA) credits.” It’s simply unconscionable for American taxpayers to subsidize the Chinese Communist Party’s building of factories in the United States. The CCP is America’s greatest threat, and it’s time we started acting like it. We cannot give American taxpayer dollars to fund CCP companies.
Democrats initially claimed the Inflation Reduction Act would cost $391 billion over 10 years. Thanks to the bill’s uncapped green energy tax credits, it is now estimated to cost more than $1 trillion over 10 years while we stare down some $37 trillion in national debt.
The Inflation Reduction Act is also funding antisemitism, believe it or not. The bill, which was supposed to reduce inflation (but never had a chance given inescapable design flaws and President Biden’s out-of-control spending), is succeeding at increasing antisemitism.
Sen. Shelley Moore Capito, West Virginia Republican, revealed last year that Inflation Reduction Act funding was flowing from taxpayers’ pockets to a pro-Hamas “climate justice” group that believes “climate justice travels through a Free Palestine.” Even after Hamas’ attack on Israel and the vile spread of antisemitism spread across America’s college campuses, the Biden administration continued to fund this antisemitic organization. Thankfully, Lee Zeldin, the Environmental Protection Agency administrator, canceled this nonsensical $50 million grant.
Senior citizens are bearing the brunt of the Inflation Reduction Act as well. As a result, Medicare prescription drug insurance premiums are set to increase by more than 20%. Congress raided $300 billion in Medicare funding to prop up the Inflation Reduction Act and Mr. Biden’s other Green New Deal wish list items.
While senior citizens’ pocketbooks are hurting from the Inflation Reduction Act, their health may soon be at risk. The act imposed government-mandated prices on certain drugs. With two-thirds of all new drugs originating in the United States, American pharmaceutical companies — some of the best in the world — will be bringing fewer lifesaving drugs to market over the next few years. Free markets and incentives matter. While green energy boondoggles get taxpayer funds, American seniors will have higher premiums and less access to lifesaving drugs.
In November, the American people rejected the legacy of the Biden administration. It’s time for Congress to heed Mr. Roy’s call, repeal the laughably named Inflation Reduction Act and dismantle Mr. Biden’s harmful agenda. Leaving the Inflation Reduction Act in effect will have a disastrous impact on our national debt, energy stability and America’s senior citizens while empowering China.
• Tim Chapman is the president of Advancing American Freedom, an advocacy group founded by former Vice President Mike Pence.
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