$50,000 for a new car, but it provides no relief to lower-income Americans who are pinching pennies to repair or replace old cars. What’s more, the IRA funnels hundreds of billions of dollars into green energy companies while impos- ing stringent fees and regulations on conventional energy companies, jeopardizing millions of good-paying energy jobs. Even Democrat Senator Joe Manchin has called the president’s implemen- tation of the law a “betrayal.” Perhaps even more detrimentally, the Biden administration’s heavy regula- tions, particularly on fuel economy and emission standards, are esti- mated to burden the average Amer- ican household with an additional $10,000 in costs. This is a stark rever- sal of the Trump administration’s regulatory reductions that saved the average American household a record $11,000. At a time when Americans are already stretched thin, Biden’s green policies are placing greater burdens on our most vulnerable citizens. RESTORING FAIRNESS TO THE TAX CODE While Biden proclaimed that he is “taking on special interests and winning,” the Inflation Reduc- tion Act does just the opposite. It gives massive tax subsidies to the least taxed corporations: green energy companies.
High prices are forcing working fami- lies to make hard choices to pay for immediate expenses. Two in three Americans are saving less for emer- gencies, nearly half of Americans with credit card debt have larger balances because of inflation, and more than half of workers who didn’t increase retirement savings cited inflation as the reason. To make matters worse, families can’t afford to buy homes with interest rates above 7 percent. For seniors, high prices combined with plummeting retirement savings are forcing them to return to work. According to Vanguard, the aver- age retirement savings account has lost 20 percent of its value in the last year. One in six retirees is consider- ing rejoining the workforce, and 55 percent of those who have already returned to work did so because they needed more income to cover expenses. The forecast of Bidenomics only looks bleaker, with major financial institu- tions predicting a recession before the end of Biden’s first term. INCREASING ENERGY SECURITY While Biden heralded the Inflation Reduction Act as vital to energy secu- rity, in reality, it poses a tremendous burden on Americans who depend on natural resources to power their businesses, cars, and homes. One of the most oft-cited features of the law is the $7,500 tax credit for purchasing an electric vehicle. This is a massive benefit for wealthy individ- uals who can afford to pay upwards of
Volume 17 Issue 5 • 23
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