Democrats’ Inflation Reduction Act (IRA) could cost roughly $1.2 trillion in green energy subsidies, more than four times an initial government forecast of outlays, Bloomberg reported Thursday, citing analysts from Goldman Sachs.
The Congressional Budget Office (CBO) initially forecast that the law, a cornerstone of President Joe Biden’s efforts to decarbonize the U.S. economy, would cost the government $370 billion to boost investments in green technology, according to Bloomberg. Goldman Sachs’ findings mirror those of analytics firm Benchmark Mineral Intelligence, which reported in February that the estimated cost of battery manufacturing tax breaks would be roughly $136 billion over the next 10 years, more than four times the $30.6 billion estimated by the CBO. (RELATED: Staggering Price Tag, Logistical Hurdles Make Biden’s Climate Agenda A ‘Fool’s Errand,’ Report Says)
“Early analysis of the IRA relied on unrealistic expectations to keep cost estimates down,” Heritage Foundation economist E.J. Antoni told the Daily Caller News Foundation in a statement. “As time has progressed and those rosy forecasts are pushed outside the realm of possibility, the real…
