Print more money, sell more Treasury bonds to the banks, and then raise interest rates more. Wash, rinse, repeat.
However, according to The Wall Street Journal, The Congressional Budget Office forecasts the law’s energy and climate provisions would cost $391 billion between 2022 and 2031.
Additionally, The Journal also reports the IRA’s tax credits will cost hundreds of billions more. Biden’s spending bill was signed into law during historically high levels of inflation. According to the Bureau of Labor Statistics (BLS), the Consumer Price Index (CPI), an inflation measure, increased by 8.5% annually in July 2022.
The real name of Biden’s bailout bill should be the Inflation Redoubling Act since this is nothing more than a way to enable Biden and his cronies to live even higher on the hog.