CEI: Inflation Reduction Act Turns One

President Joe Biden’s celebration of the Inflation Reduction Act’s one-year anniversary has highlighted concerns about the increasing concentration of federal government authority. Despite promises of an economy built “bottom up, middle out,” the author Clyde Wayne Crews argues that Biden’s initiatives, including the American Rescue Plan and infrastructure law, are resulting in a worrying centralization of power.

The administration’s focus on micromanaging industries and markets is unwise. It risks disproportionately impacting the most vulnerable among us despite the creation of ‘Offices of Environmental Justice’ and ‘equity’ alongside these endeavors.”

New regulations and sub-regulatory guidance documents from agencies like the Federal Trade Commission and the Environmental Protection Agency are amplifying the regulatory burden on businesses and individuals. The government’s funding comes with conditions tied to a political agenda, such as child care services and green energy commitments, potentially stifling innovation and raising consumer prices.

Crews states:

“As Biden commemorates the anniversary of the Inflation Reduction Act, policymakers should reconsider the path our nation is treading. Instead of celebrating the funds pouring into their states as they – and yes, “they” includes Republicans – are prone to do, policymakers should insist upon a restoration of federalism.”

Efforts are underway to repeal green subsidies in Biden’s legislative initiatives. Reevaluating these policies and striking a balance between ambitious goals and core values could be pivotal in shaping the nation’s future.

Read more at Competitive Enterprise Institute by clicking here.

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