Killing IRA Subsidies Will Slash Debt, Lower Costs, And Restore Reliable Energy

Congress has the opportunity to fulfill Donald Trump’s pledge to “terminate the Green New Scam,” aka Inflation Reduction Act subsidies.  [emphasis, links added]

This will:

• Save us trillions
• Lower cost of living
• Create productive jobs
• Reduce corruption

Tell your Representatives to end all IRA subsidies!

The IRA (aka “Green New Scam”) has eight key subsidies.

Each subsidy 1) increases the debt, 2) increases the cost of living, 3) prevents productive businesses and jobs from being created, and 4) increases corruption.

But each also has lobbyists falsely claiming they’re good for America.

IRA Subsidies Increase the Debt by Trillions

Credible estimates show the IRA will cost the budget over $1 trillion over the next decades and trillions more after that.

DOGE, take note: these trillions can be cut and it won’t cost the American people but hugely benefit them!

IRA Subsidies Increase the Cost of Living

A higher federal debt means the need for more borrowing by the government, which drives up interest rates for everyone—meaning more expensive homes and cars.

Terminating the IRA will make homes and cars cheaper.

IRA Prevents Productive Businesses and Jobs from Being Created

The IRA will misallocate $3 trillion into uncompetitive businesses that would otherwise be invested in truly productive businesses.

Terminating the IRA will create new, lasting businesses and jobs.

IRA Subsidies Create Corruption

By subsidizing all forms of energy, including oil and gas, like never before, the IRA has switched much of the industry’s focus from creating cheap, reliable energy to lobbying for more subsidies.

Terminating the IRA will Make Energy Great Again.

IRA Subsidies are Destroying Our Grid

While all IRA subsidies need to go, the worst is “Clean Electricity,” which pays electricity markets to defund reliable gas/coal plants and fund intermittent solar/wind.

Terminating the IRA will make electricity cheaper and more reliable.

Myth: IRA subsidies benefit many states and districts, especially Republican ones, by subsidizing businesses and jobs.

Truth: IRA is creating a small number of unsustainable jobs—while harming every American with inflation, less economic opportunity, and a declining grid!

Lobbyists for subsidy-seeking businesses are pressuring politicians, especially Republican ones, by claiming that terminating the IRA will cause catastrophic loss of investment in businesses and jobs.

But IRA hasn’t created new investment, it’s diverted investment to uncompetitive businesses and jobs.

Based on the data cited by DOE, in 2023 the IRA resulted in the creation of up to 142,000 jobs. For comparison, in 2023, according to the Bureau of Labor Statistics, the US economy as a whole created 2.6 million jobs.

Most or all of the IRA’s meager 142,000 jobs created in 2023 would have likely been created in other, more productive businesses. In any case, IRA-subsidized jobs cost us a fortune.

For example, we’re paying $2 to $7 million each for EV jobs that pay less than the national average!

Myth: Removing IRA subsidies would create harmful instability by making financial support for certain projects unpredictable.

Truth: We want instability for subsidized projects so that companies invest in real value creation and avoid subsidy-seeking.

Lobbyists who want to keep their IRA subsidies at the expense of the country like to say we should “use a scalpel” to cut other subsidies but not theirs.

But a good surgeon uses a scalpel to cut out the whole cancer—and that’s what we need to do with the IRA.

Read more at Energy Talking Points