From WSJopinion: The Inflation Reduction Act is welfare for the rich, not investment for places like West Virginia, writes Allysia Finley
Journal Editorial Report: Its tailpipe emission standards turn auto companies into public utilities. Images: AP/AFP/Getty Images Composite: Mark KellyWho knows if West Virginia Sen. Joe Manchin truly believed the Inflation Reduction Act would reduce the deficit. Either way, he bought a green bill of goods. Several recent independent studies show that the law’s climate spending will cost trillions of dollars—many multiples more than Democrats claimed—and most of it will go to the affluent.
A Goldman Sachs report last month estimated the law’s climate spending would cost $1.2 trillion over the next decade—three times as much as the Congressional Budget Office estimated last summer. One reason is the law’s sundry green-energy tax credits are uncapped, and most are available to businesses that pay little or no tax.
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