The Inflation Reduction Act has passed through Congress and will undoubtedly be signed into law by President Biden by the time you read this. So what exactly does this law do? Well, for starters it does not reduce inflation and it will not impact the climate. However, it will help China’s economy (they dominate the green energy field) and it will let Democrats celebrate that they passed something through Congress. It will also raise the cost of living for all Americans in the form of increased energy costs and some tax increases.

On Monday, The New York Post reported:

An analysis by the CBO estimates those earning less than $400,000 — the group on which Biden promised not to raise taxes — will pay an estimated $20 billion more in taxes over the next decade as a result of the Democrat-pushed $740 billion package, which also sets aside $80 billion to hire 87,000 IRS agents.

The bill has yet to be scored in its entirety by the CBO — which typically gives each piece of legislation a price tag before it is voted on — but the agency scored the impact of the IRS expansion on middle-class taxpayers on Aug. 12 after a provision from Sen. Mike Crapo (R-Idaho) sought to exempt those making under $400,000 from increased IRS scrutiny.

Crapo’s proposed amendment would have kept those taxpayers from being targeted by the new IRS hires, but his provision was shot down 51-50 in the bill passed by the Senate last week.

On Monday, John Hinderaker at Power Line Blog reported the following:

Democrats quickly gave up on the Inflation Reduction Act, since they couldn’t sell the idea that another $700+ billion in deficit spending would somehow reduce inflation. So now it is alleged to be a climate control act, instead.

But the bill won’t affect the climate any more than it would have reduced inflation. Even if you assume the UN’s inflated estimate of the impact of CO2 emissions on global warming, the bill’s impact is nil:

[W]e get somewhere between 0.028 and 0.0009°F reduction in temperature by 2100 for about 400 billion dollars in climate spending contained in the bill.

But the oceans will stop rising! Which, by the way, they have been doing for the last 15,000 or so years.

The article at Power Line Blog concludes:

So the Democrats’ prize legislation is an exercise in futility. Unless, of course, you are one of the many Democratic Party constituents who will be cashing the checks that add up to more than $700 billion, with a little over half ostensibly going to benefit the climate.

The purpose here is to buy votes, obviously, and the Democratic Party press is ecstatic over the idea that Joe Biden, Nancy Pelosi and Chuck Schumer finally have a “win” to brag about. But I wonder. I haven’t seen much evidence that the Democrats’ deficit spending extravaganzas are especially popular outside the precincts of those who cash the checks. (And, by the way, the number one beneficiary of this particular $700 billion will be the Communist Chinese, who dominate “green” energy.) My guess is that most Americans have caught on to the Democrats’ game, and understand that this legislation will no more dictate the Earth’s climate than it will bring our crippling inflation under control.

That’s where we are, folks.