At Davos Switzerland, where the World Economic Forum has convened with the world’s super-wealthy, former Vice President Al Gore said what budget hawks have known all along: The Inflation Reduction Act is really a climate change bill.
“In my country, we passed the ‘Inflation Reduction Act,’ which is primarily a climate act, $369 billion, which will actually be much larger than that, because the heavy lifting is done by tax credits that are very long-term, some of them actually open-ended, and the early investments that have already been triggered by it give a great deal of reason, many reasons, for believing it’s going to be much larger than $369 billion,” Gore said. “So I’m very encouraged by that.”
Gore was saying what others have already noted.
Nick Begich III of Eagle River, took to Twitter on Thursday to remind voters that Congresswoman Mary Peltola supported the Inflation Reduction Act, which he says has nothing to do with reducing inflation:
“We must be honest and transparent: the Inflation Reduction Act has never been about reducing inflation. It’s about taxing Americans who choose to use traditional energy, in order to subsidize those who don’t,” Begich said. “@Rep_Peltola should know spending 360+ Billion in taxpayer funds in this way makes Alaskan oil and gas less competitive,” tipping his hat to Gore for “finally telling the truth.”
Begich, a Republican, ran for the congressional seat in 2022. Peltola won in the ranked choice voting scheme set up by Democrat operatives from both inside and outside the state.
Peltola was not in office when the House passed the Inflation Reduction Act, but has repeated that it is a bill to help Americans cope with inflation.
The Biden White House says that with the Inflation Reduction Act’s investments, “America is on track to decrease greenhouse gas emissions by about 40 percent below 2005 levels in 2030—positioning America to meet President Biden’s climate goals of cutting greenhouse gases at least in half in 2030 and reaching net zero by no later than 2050.”
At Davos this week, Gore spoke passionately about climate change. He said that the world is losing the climate battle and he attacked political leaders and the World Bank. He attacked oil companies and coal mines. He criticized the appointment of an oil company executive as the next president of COP28, the next United Nations conference on climate change, on the calendar for December.
“We cannot let the oil companies and gas companies and petro-states tell us what is permissible,” he shouted, getting a standing ovation from many of the young, wealthy people in the audience, some of whom arrived in Davos on private jets.
The bill, passed entirely by Democrats in Congress, commits $745 billion in spending during the worst inflation crisis created by overspending by Washington. It adds $599 billion in taxes, and $146 billion to the national debt, with $45 billion added to the debt in the first five years.
The bill paints adds $80 billion to hire 87,000 new Internal Revenue Service agents to go after working families, conducting more than 700,000 more audits a year on families making less than $75,000 a year, and one million more audits on families making less than $200,000.
Begich repeatedly called out Peltola during the campaign to insist this was a climate change bill, in spite of what Peltola was saying.
“Democrats used the national inflation crisis to deceive the public, intentionally mislabeling their climate package as the ‘Inflation Reduction Act.’ Rather than meaningfully addressing inflation, the bill greatly expands the IRS with the addition of tens of thousands of new agents in order to pay for a set of leftist climate goals. The bill’s provisions are intended to migrate Americans away from secure and reliable sources of traditional energy, including Alaskan oil and gas,” Begich told Must Read Alaska. “During the campaign, Mary Peltola repeatedly voiced her support for this boondoggle but failed to mention how it hurts Alaskans. Alaska deserves a representative who will actually put the people of Alaska over politics.”