The Competitive Enterprise Institute’s Senior Fellow Marlo Lewis joins host Sterling Burnett on today’s episode of Environment & Climate News. Lewis explains why the Democrats’ misleadingly named Inflation Reduction Act will likely add to inflation whilst doing nothing to prevent climate change. The main impact of the energy provisions within will be increased energy costs for Americans.
Fossil fuels are the mainstay of U.S. and global economies. The Inflation Reduction Act aims to make coal, oil, and gas production costlier while providing subsidies for less effective, more expensive, green energy sources. Politically connected billionaires will benefit from the hardships imposed on business and households through rising energy prices, further enriching themselves in the process.