I’ve been reliably told that we will all save money for Doing Something about Hotcoldwetdry. At some point. They won’t say when. The Wall Street Journal takes a peek
The Cost of Biden’s Climate Tax Credits Is Soaring
President Biden’s 2022 climate law is driving faster-than-expected growth in electric-vehicle purchases and clean-energy projects, doubling the projected cost to taxpayers while potentially accelerating emissions reductions.
Of course, companies pushing EVs are losing billions, and, because demand has dropped off by at least 50%, they are laying workers off and retooling, rethinking, and reducing production.
The Congressional Budget Office this week bumped up its projection of the law’s climate tax credits through fiscal year 2033 by $428 billion, putting an official stamp on what public and private analysts had been saying for the past year. The law, known as the Inflation Reduction Act, is expected to spur up to $3 trillion in total public and private investment over the next decade.
The CBO’s increase is driven by a flood of clean-energy factory announcements , proposed environmental regulations that would push more buyers to electric vehicles and rules allowing leased electric cars to qualify for generous tax breaks with fewer restrictions. The list of corporate investment pledges got bigger on Tuesday, when Toyota said it is spending $1.3 billion to expand EV production at a factory in Kentucky.
When enacted, the IRA was expected to include $271 billion in tax breaks over a decade, though that can’t be compared directly to the $428 billion increase. The CBO said this week that the IRA’s budgetary effects are still highly uncertain.
Realistically, this is benefitting the people who are mostly purchasing EVs, who typically make between $150K to $300K a year. Rich folks mostly do not purchase them, except as a “fun” car, like those super expensive Porsche EVs. The rich stick with large, expensive, fossil fueled vehicles. What’s the true cost?
(Townhall) The CBO explained that technical revisions resulted in substantially higher projections, most of which ($224 billion) arose from clean vehicle tax credits and revenues from excise taxes on gasoline. Of that total, $151 billion came from reductions in projected revenues, and $73 billion came from increases in projected outlays. Apart from the cost of Biden’s climate initiatives, the CBO report didn’t lend a positive outlook for the nation’s economy.
The CBO projected that the nation’s deficit would steadily mount, reaching $2.6 trillion in 2034 from $1.6 trillion this fiscal year. In relation to GDP, the deficit is projected to reach 6.1% in 2034. The CBO said that these deficit levels were similar to those experienced during some of the greatest national crises.
What it means is that this will cost taxpayers, most of whom neither want an EV or can afford one, or just are too much of an issue for their lives, over $800 billion. And this is just the EV portion of Biden’s climate law, which was supposed to be about inflation reduction, if you remember.
New York is expanding a curfew to additional migrant shelters after violent incidents attributed to migrant shelter residents gained national attention in recent weeks.
Almost 150 people hit the beach in Stamford on Sunday for the inaugural SoundWaters Super Splash.
Aides have President Joe Biden take the shorter stairs to board Air Force One. When it comes to news conferences, they yell loudly — and quickly — to end the questions, sometimes stealing a classic awards show tactic and playing loud music to signal the conclusion of the event. And forget about regular interviews with major news publications, including a traditional presidential sit-down on Super Bowl Sunday.
The Hochul administration is quietly using taxpayer dollars to gift cash payments to thousands of migrants who don’t qualify for typical welfare assistance, The Post has learned.
Jumping into a cold 42 degree Potomac River at the National Harbor takes a certain type of mindset. A mindset that thinks about the changing climate.
