Stephen Moore and Tomas J. Philipson write in The Wall Street Journal that the Inflation Reduction Act will lead to fewer cures and more expensive energy.
- The Inflation Reduction Act (IRA) will increase costs for Americans and do little to tame inflation.
- While the federal government has an important role to play in accelerating energy innovation, the IRA will lead to the government picking energy winners and losers.
- As the bill is likely to pass, conservative lawmakers would do well to ensure that federal funds are allocated in a responsible way.
- Instead of spending our way out of climate change, federal officials should look for ways to reduce barriers for private sector innovation and lower the green premium for emerging technologies.
“In short, Congress is about to make a near half-trillion-dollar bet on the wrong horse. The bill will make America poorer and less competitive, and it will cost lives.”
Read the full article here.