The Biden-Harris administration’s so-called Inflation Reduction Act will cost up to between $936 billion and $1.97 trillion over the next 10 years, according to a new study from the Cato Institute.
Democrats in the House and Senate passed the Inflation Reduction Act in August 2022, said to cost $891 billion at the time, without a single Republican vote. Then-President Joe Biden said the measure would lower inflation, as well as fight climate change, but critics say the opposite has been true.
The Cato Institute, a libertarian think tank, estimates that the energy subsidies in the act will cost between $936 billion and $1.97 trillion over the next 10 years, and between $2.04 trillion and $4.67 trillion by 2050.
Those numbers are well above the original estimation.
The Congressional Budget Office (CBO) and the Joint Committee on Taxation (JCT) estimated the…
