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Biden’s Green Energy Bet Backfires, Hitting Your Wallet

It appears that Biden’s Energy and Green Energy Inflation Reduction Act (IRA), as outlined on MishTalk, is on the brink of an unforeseen and dire financial crisis. Despite the billions of dollars in subsidies promised for green energy, a financial crisis looms large, and guess who will bear the brunt of the burden? Taxpayers and utility ratepayers, that’s who!

According to a recent report by the New York State Energy Research and Development Authority (NYSERDA), large offshore wind developers and solar projects are demanding hefty price adjustments, averaging 48% and 64%, respectively, to offset skyrocketing costs. These demands paint a grim picture for the viability of green energy projects under the IRA. The irony here is that the government-pushed green energy transition itself is contributing to inflation, driving up the costs of equipment, materials, and labor.

But that’s not all – Biden’s IRA comes with a catch. The prevailing wage and domestic content conditions required for bonus tax credits inflate costs further, meaning that U.S. taxpayers are set to foot an even larger bill for this corporate welfare, while utility ratepayers are poised to pay a premium for renewable power. It’s a double whammy brought to you by the climate lobby.

As if that weren’t enough, the supply chain for EVs, solar panels, and wind turbines is struggling to keep pace. The U.S. remains dependent on foreign countries, especially China, for essential materials, putting the nation’s energy future in a precarious position. With Biden’s confrontational stance on trade with China, there’s the looming threat of retaliation that could disrupt the supply of rare earth elements, exacerbating the problem. The end result of all these actions? More inflation.

To read the full article by Mish Shedlock of MishTalk, Click here

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