FJB.

'Two Years In, Inflation Reduction Act Proves to Be the Climate
Boondoggle Critics Predicted'

<https://freerepublic.com/focus/f-news/4259813/posts>

<https://www.dailysignal.com/2024/08/20/two-years-inflation-reduction-act-is-exactly-what-critics-said-would-become/>

'In a recent interview, World Energy Council Secretary General Angela
Wilkinson told me that one of the main impediments to the energy
transition today is a lack of what she calls “systems thinking.”

“Energy transitions are a change in the organization of society,” she
pointed out. “They’re not a simple case of swapping out one technology
for another and everything else stays the same. Yet we have this very
simplistic narrative that we can take the oil system, we can put
renewables in, it’s going to happen immediately, and nothing else will
change. It’s like saying we’re going to take your thighbone out, but
we’d like you to run a marathon.”

But that simplistic narrative is essentially what President Joe Biden
and congressional Democrats used to sell the public and reluctant
Democrat senators—like Sen. Joe Manchin of West Virginia—on the glories
of the Orwellian-named Inflation Reduction Act during the course of 2021
and the first eight months of 2022.

Given that Friday marked the two-year anniversary of the day Manchin
surrendered his political future by serving as the deciding vote in the
passage of that landmark bill, now is a good time to take a look at
where it has brought the country since Aug. 16, 2022.

The first thing to understand about the Inflation Reduction Act is that
the Democrats who enacted it along strict party-line votes see it as
merely a down payment for their ultimate Green New Deal-based goals for
transforming the entire U.S. economy. It is not just me saying this, it
is Democrat officeholders like Treasury Secretary Janet Yellen, who
recently told an interviewer that the global energy transition to a
net-zero goal would require $3 trillion in new capital spending every
year through 2050.

That is a conservative estimate, by the way. McKinsey & Co. released an
estimate two years ago of $275 trillion from 2021 to 2050 to meet that
goal. That estimate came before we began to learn about the energy
demands for data centers and artificial intelligence technology, and
before we experienced all the Biden-Harris inflation. By now, the number
would no doubt come to $300 trillion or more, a cost so high and
economically ruinous that the human mind simply cannot truly conceive of
it.

The advertised $369 billion in green energy tax breaks and direct
subsidies contained in the Inflation Reduction Act seems paltry by
comparison. Goldman Sachs estimated last year that the true cost over
time will be more in the range of $1.2 trillion, but that is still just
a drop in the bucket.

Obviously, future presidents and Congresses would need to enact many
more Inflation Reduction Act-type debt-funded spending sprees to really
have any hope of getting to the flowery utopia envisioned by the Green
New Deal and its sponsors.

So, two years down the road, what has this down payment really
accomplished?

Not a lot, really, in terms of transforming the energy system. The U.S.
has seen a marginal rise in the percentage of power generation provided
by wind and solar. This is especially true in solar, where installed
capacity rose by over 10% in 2023 and has continued a rapid rise in
2024. The growth has been especially rapid in Texas, which has quickly
become the national leader in solar capacity after having focused on
growth of wind power over the prior 20 years.

The flow of Inflation Reduction Act subsidies and tax breaks has also
had the inevitable effect of encouraging the starting up of businesses
that are not based on sound business models. This is especially
manifesting itself in the electric vehicles sector, where almost every
pure-play EV maker in the country not named Tesla is either in
bankruptcy or teetering on the brink. Legacy automakers like Ford, GM,
and Stellantis, who were so eager to go in whole hog on the Biden-Harris
agenda, have spent much of the past year scaling down and canceling EV
investments as the consumer market has flopped.

The vaunted Biden-Harris offshore wind adventure is also shaping up to
become a boondoggle, as companies like Orsted, BP, Equinor, and others
have canceled project after project and suffered big financial hits
related to high inflation, rising interest rates, and mucked-up supply
chains. The recent collapsed wind blade fiasco at Vineyard Wind, the
only offshore project to come online to date, which littered the beaches
of Nantucket Island with dangerous fiberglass insulation, now threatens
to force a reconsideration of the entire sector in the United States.

Finally, the other aspect of the deal Manchin made with Senate Majority
Leader Chuck Schumer and then-House Speaker Nancy Pelosi in exchange for
his decisive Inflation Reduction Act vote—legislation to streamline
permitting processes related to energy projects—has also been a flop.
Manchin’s initial bill failed in late 2022, and the bipartisan bill he
is now pursuing seems to have similarly dim prospects of ultimate
passage.

As we observe the Inflation Reduction Act’s two-year anniversary, it is
fair to say the disjointed collection of green subsidies and tax
incentives have created exactly the negative impacts its critics warned
would be the result when Biden signed it into law.

It has all been quite a disaster so far, and whomever assumes the
presidency in 2025 should make a reconsideration of the entire approach
his or her top energy priority. Perhaps even engage Angela Wilkinson to
help lead the effort.'

On 2024-08-21, John Smyth <smythlejon2@hotmail.com> wrote:
> FJB.
>
>
> 'Two Years In, Inflation Reduction Act Proves to Be the Climate
> Boondoggle Critics Predicted'
>
>
><https://freerepublic.com/focus/f-news/4259813/posts>
>
>
><https://www.dailysignal.com/2024/08/20/two-years-inflation-reduction-act-is-exactly-what-critics-said-would-become/>
>
> 'In a recent interview, World Energy Council Secretary General Angela
> Wilkinson told me that one of the main impediments to the energy
> transition today is a lack of what she calls “systems thinking.”
>
> “Energy transitions are a change in the organization of society,” she
> pointed out. “They’re not a simple case of swapping out one technology
> for another and everything else stays the same. Yet we have this very
> simplistic narrative that we can take the oil system, we can put
> renewables in, it’s going to happen immediately, and nothing else will
> change. It’s like saying we’re going to take your thighbone out, but
> we’d like you to run a marathon.”
>
> But that simplistic narrative is essentially what President Joe Biden
> and congressional Democrats used to sell the public and reluctant
> Democrat senators—like Sen. Joe Manchin of West Virginia—on the glories
> of the Orwellian-named Inflation Reduction Act during the course of 2021
> and the first eight months of 2022.
>
> Given that Friday marked the two-year anniversary of the day Manchin
> surrendered his political future by serving as the deciding vote in the
> passage of that landmark bill, now is a good time to take a look at
> where it has brought the country since Aug. 16, 2022.
>
> The first thing to understand about the Inflation Reduction Act is that
> the Democrats who enacted it along strict party-line votes see it as
> merely a down payment for their ultimate Green New Deal-based goals for
> transforming the entire U.S. economy. It is not just me saying this, it
> is Democrat officeholders like Treasury Secretary Janet Yellen, who
> recently told an interviewer that the global energy transition to a
> net-zero goal would require $3 trillion in new capital spending every
> year through 2050.
>
> That is a conservative estimate, by the way. McKinsey & Co. released an
> estimate two years ago of $275 trillion from 2021 to 2050 to meet that
> goal. That estimate came before we began to learn about the energy
> demands for data centers and artificial intelligence technology, and
> before we experienced all the Biden-Harris inflation. By now, the number
> would no doubt come to $300 trillion or more, a cost so high and
> economically ruinous that the human mind simply cannot truly conceive of
> it.
>
> The advertised $369 billion in green energy tax breaks and direct
> subsidies contained in the Inflation Reduction Act seems paltry by
> comparison. Goldman Sachs estimated last year that the true cost over
> time will be more in the range of $1.2 trillion, but that is still just
> a drop in the bucket.
>
> Obviously, future presidents and Congresses would need to enact many
> more Inflation Reduction Act-type debt-funded spending sprees to really
> have any hope of getting to the flowery utopia envisioned by the Green
> New Deal and its sponsors.
>
> So, two years down the road, what has this down payment really
> accomplished?
>
> Not a lot, really, in terms of transforming the energy system. The U.S.
> has seen a marginal rise in the percentage of power generation provided
> by wind and solar. This is especially true in solar, where installed
> capacity rose by over 10% in 2023 and has continued a rapid rise in
> 2024. The growth has been especially rapid in Texas, which has quickly
> become the national leader in solar capacity after having focused on
> growth of wind power over the prior 20 years.
>
> The flow of Inflation Reduction Act subsidies and tax breaks has also
> had the inevitable effect of encouraging the starting up of businesses
> that are not based on sound business models. This is especially
> manifesting itself in the electric vehicles sector, where almost every
> pure-play EV maker in the country not named Tesla is either in
> bankruptcy or teetering on the brink. Legacy automakers like Ford, GM,
> and Stellantis, who were so eager to go in whole hog on the Biden-Harris
> agenda, have spent much of the past year scaling down and canceling EV
> investments as the consumer market has flopped.
>
> The vaunted Biden-Harris offshore wind adventure is also shaping up to
> become a boondoggle, as companies like Orsted, BP, Equinor, and others
> have canceled project after project and suffered big financial hits
> related to high inflation, rising interest rates, and mucked-up supply
> chains. The recent collapsed wind blade fiasco at Vineyard Wind, the
> only offshore project to come online to date, which littered the beaches
> of Nantucket Island with dangerous fiberglass insulation, now threatens
> to force a reconsideration of the entire sector in the United States.
>
> Finally, the other aspect of the deal Manchin made with Senate Majority
> Leader Chuck Schumer and then-House Speaker Nancy Pelosi in exchange for
> his decisive Inflation Reduction Act vote—legislation to streamline
> permitting processes related to energy projects—has also been a flop.
> Manchin’s initial bill failed in late 2022, and the bipartisan bill he
> is now pursuing seems to have similarly dim prospects of ultimate
> passage.
>
> As we observe the Inflation Reduction Act’s two-year anniversary, it is
> fair to say the disjointed collection of green subsidies and tax
> incentives have created exactly the negative impacts its critics warned
> would be the result when Biden signed it into law.
>
> It has all been quite a disaster so far, and whomever assumes the
> presidency in 2025 should make a reconsideration of the entire approach
> his or her top energy priority. Perhaps even engage Angela Wilkinson to
> help lead the effort.'

Well the inflation reduction act certainly didn't lower inflation.

Yet another massive failure for the Biden/Harris regime.

--
pothead
Tommy Chong For President 2024
Lifetime Member of "The Prescott Parasite Eradication Team"
Ask snit how he pissed on his cat.
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On Wed, 21 Aug 2024 13:49:12 -0000 (UTC), pothead <pothead@snakebite.com> wrote:

>Well the inflation reduction act certainly didn't lower inflation.

Well, that is a barefaced lie. Inflation has now dipped just below 3%. Trump
gave us an inflating economy that peaked at nearly 9%.

>Yet another massive failure for the Biden/Harris regime.

Yet another success for them. And that, along with the nightmare of Project
2025 and Trump's developing dementia has your kind worried.

--
#NEVERtrump - we need a landslide