Arrington: Inflation “Reduction” Act is False Advertisement, Burden on Our Children
This past week, Rep. Jodey Arrington (TX-19) participated in a House Ways and Means Committee hearing bringing awareness to the overwhelming cost American taxpayers will bear for the Biden administration’s radical green agenda. For example, tax credits for electric vehicles, that were originally estimated to cost $14 billion are now estimated to reach $390 billion. To watch Rep. Arrington’s remarks, click here.
Excerpts from Opening Remarks as Delivered:
“I want to talk about the overselling of the so-called Inflation Reduction Act (IRA). Hopefully, we can all agree that was a false advertisement and misleading the American people with respect to the outcomes. Secondly, the underscoring of the so-called Inflation Reduction Act and the impact on our nation's financial health, which is in serious decline. And what our children will inherit in terms of the amassing debt, or what I call deferred tax on our children as a result of passing the IRA, under certain cost assumptions, or budget assumptions.”
“Today, the debt for this great country is 25% larger than the entire economy of the United States, the largest economy in the world. Two years under this Administration and my Democrat colleagues, 10 trillion in spending, 6 trillion of which was deficit spending, adding to the national debt in a volume we have never experienced in the history of this country. CBO projects will add $20 trillion more based on current policy. They say we'll double the annual deficit. They say we would triple the interest payments. In 10 years, we'll be paying a trillion and a half.”
“Certainly, I don't believe [the IRA] was going to reduce the deficit, even before this conversation. Now we're talking about this underscore of tax credits for green industry, batteries, solar, electric vehicles. We could be talking about hundreds of billions of dollars more on the debt. And this unsustainable trajectory. And the potential of a debt crisis for this country. And the enormous recklessness. And the burden we're putting on our children.”