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WASHINGTON — U.S. Sen. John Thune (R-S.D.) today spoke on the Senate floor about the two-year anniversary of the deceptively named Inflation Reduction Act, the Biden-Harris administration’s signature climate legislation. Thune noted that the law, made possible by Vice President Harris’ tie-breaking vote, has added to the deficit and done nothing to mitigate inflation.
Thune’s remarks below (as prepared for delivery):
“Mr. President, in a couple of weeks we will mark the second anniversary of one of President Biden’s signature measures – the so-called Inflation Reduction Act.
“I’m sure the White House will be celebrating.
“But Americans shouldn’t be.
“Because Democrats did the country no favors with this legislation.
“In fact, the bill reads like a roster of bad Democrat policies.
“It’s hard to know where to even begin.
“Perhaps with the bill’s misleading – really, outright deceptive – title.
“Democrats called the bill the Inflation Reduction Act – yet even before the bill had been signed into law, the nonpartisan Penn Wharton Budget Model was noting that the bill’s impact on inflation was, quote, ‘statistically indistinguishable from zero.’
“In other words, the Inflation Reduction Act … would do nothing to reduce inflation.
“And President Biden confirmed this fact a year later when he noted, and I quote, ‘Well, we’ve put ourselves in a position where we passed the most comprehensive environmental piece of — it’s called the “Inflation Reduction Act.” … It has nothing to do with inflation.’
“Let me just repeat that, Mr. President.
“‘[I]t’s called the “Inflation Reduction Act.” … It has nothing to do with inflation.’
“President Biden’s own words.
“Why Democrats chose to name it that, when it had nothing to do with reducing inflation, is a good question.
“Perhaps it was to try to convince the American people – falsely – that Democrats were doing something to stem the historic inflation crisis they’d created.
“Or perhaps it was to disguise the substance of what Democrats thought might otherwise be an unpopular bill.
“But moving on, Mr. President.
“Another Democrat selling point for the bill was its claim that it would reduce the deficit.
“But that claim has proved to be just as hollow as the bill’s title.
“The cost of the bill’s Green New Deal provisions has grown to such an extent that the bill will not only not reduce the deficit, it’s now on track to add to it.
“A bill Democrats touted for its deficit reduction is now predicted to actually add to the deficit.
“And speaking of the bill’s Green New Deal provisions.
“As the president himself admitted last year, the so-called Inflation Reduction Act was really a chance for Democrats to impose their Green New Deal fantasies.
“And so the bill contains things like $1.5 billion – billion – for a grant program to plant trees.
“$1 billion for zero-emission heavy-duty vehicles like garbage trucks.
“$3 billion for the U.S. Postal Service for zero-emission delivery vehicles.
“$1.9 billion for things like road equity and identifying gaps in tree canopy coverage.
“And at least $30 billion in climate slush funds – part of which was allocated for, among other things, climate-related political activity.
“Climate-related political activity.
“Because clearly families struggling with high grocery prices and high energy prices in the Biden-Harris economy are eager to see their tax dollars going to Green New Deal activism.
“Then of course there are the tax credits the bill provides for well-off Americans to purchase new electric vehicles.
“And much, much more.
“All told, the climate- and energy-related provisions of the bill are now projected to cost American taxpayers in excess of $1 trillion.
“Mr. President, I mentioned tax credits for electric vehicles.
“Perhaps the Biden administration’s signature environmental measure has been attempting to force the widespread adoption of electric vehicles.
“The Inflation Reduction Act tax credits are one part of this crusade.
“Others include the final emissions rules the Biden administration released this spring that will have the practical effect of forcing car and truck companies to electrify a huge portion of their sales lots.
“And the big problem here, Mr. President, is that the president is attempting to force the adoption of his electric-vehicle fantasy at a time when our electric grid is barely keeping up with current demand.
“An article in the Washington Post this March – entitled ‘Amid explosive demand, America is running out of power’ – noted, and I quote, ‘Vast swaths of the United States are at risk of running short of power as electricity-hungry data centers and clean-technology factories proliferate around the country, leaving utilities and regulators grasping for credible plans to expand the nation’s creaking power grid.’
“And that’s our situation right now, Mr. President, without the incredible burden that would be added to our grid by a vast increase in the number of electric cars and trucks on the road.
“If the president is successful in imposing a rapid and widespread increase in the number of electric vehicles, we are likely to be facing a situation where there is simply not enough power available to keep up with demand – with higher prices, electricity rationing, blackouts, and brownouts as the inevitable result.
“Mr. President, I could go on for a while here about the strain the president is attempting to place on our electric grid – even as he seeks to weaken our already creaky grid even further with burdensome new regulations.
“And I could go on about the Inflation Reduction Act.
“I haven’t even talked about the incredible amount of money Democrats funneled to the IRS through this legislation – the majority of it earmarked for increased audits and enforcement to help fund Democrats’ Green New Deal fantasies.
“Nor have I talked about the tax hikes the bill levies on conventional energy – which are doing no favors for Americans already beset by high energy bills in the Biden-Harris economy.
“And then there are the bill’s price controls for prescription drugs, which will curtail medical innovation and the development of new medications.
“When the Biden administration originally proposed this policy, research from the University of Chicago projected that price controls on prescription drugs in Medicare would result in 135 fewer new drugs available to patients.
“And we have already seen those projections beginning to come to fruition, as multiple drug companies have halted research into new treatments as a result of the Inflation Reduction Act.
“But I’ll stop here, Mr. President.
“Suffice it to say that Democrats’ so-called Inflation Reduction Act is a catalog of bad Democrat policies – from unrealistic Green New Deal measures to costly tax hikes to irresponsible spending.
“And unfortunately, if we end up with a President Harris next year, this legislation is likely a grim preview of more bad bills to come.
“Mr. President, I yield the floor.”