Democrats quickly gave up on the Inflation Reduction Act, since they couldn’t sell the idea that another $700+ billion in deficit spending would somehow reduce inflation. So now it is alleged to be a climate control act, instead.
But the bill won’t affect the climate any more than it would have reduced inflation. Even if you assume the UN’s inflated estimate of the impact of CO2 emissions on global warming, the bill’s impact is nil:
[W]e get somewhere between 0.028 and 0.0009°F reduction in temperature by 2100 for about 400 billion dollars in climate spending contained in the bill.
But the oceans will stop rising! Which, by the way, they have been doing for the last 15,000 or so years.
Bjorn Lomborg created this chart, using the UN’s climate model. It shows graphically the climate impact of the
Inflation Reduction Temperature Reduction Act. See if you can spot the difference:
So the Democrats’ prize legislation is an exercise in futility. Unless, of course, you are one of the many Democratic Party constituents who will be cashing the checks that add up to more than $700 billion, with a little over half ostensibly going to benefit the climate.
The purpose here is to buy votes, obviously, and the Democratic Party press is ecstatic over the idea that Joe Biden, Nancy Pelosi and Chuck Schumer finally have a “win” to brag about. But I wonder. I haven’t seen much evidence that the Democrats’ deficit spending extravaganzas are especially popular outside the precincts of those who cash the checks. (And, by the way, the number one beneficiary of this particular $700 billion will be the Communist Chinese, who dominate “green” energy.) My guess is that most Americans have caught on to the Democrats’ game, and understand that this legislation will no more dictate the Earth’s climate than it will bring our crippling inflation under control.