The just-passed $1.2 trillion infrastructure bill includes tens of billions to fight climate change, including the largest chunk of cash ever, $47 billion, for “resilience.” Yet Build Back Better would make all that look like peanuts — dumping more than half a trillion on green programs. Think of it as 1,000 Solyndras.
More than a quarter of BBB’s $2 trillion ($555 billion) would go for handouts to manufacturers and buyers of non-fossil-fuel power and for other climate measures. And that $555 billion is, well, $555 billion — not zero, as Biden claims; it’ll come from Americans’ pockets one way or another.
For instance, the bill eyes more than $100 billion in new revenue from fossil-fuel companies, including a tax on methane (primarily natural gas). The American Gas Association estimates that this will mean 17 percent higher gas bills for the average family, on top of costs already soaring thanks to inflation.
The handouts include up to $8,000 for electric-vehicle purchases and (get this!) another $4,500 if the car or truck is made in US union shops. Talk about payoffs to Democratic allies.
There’s also $55 billion for climate-friendly farming, forestry and research, $29 billion for community-based renewable-energy projects and $10 billion for rural areas to switch from coal to renewable sources.
BBB also covers credits for residential clean-energy conversions, solar panels, small wind turbines and other measures. Yet there’s no evidence such products (or even electric vehicles) will ever become economically viable without subsidies. At least when President Barack Obama OK’d a loan to Solyndra — which was to make solar-cell panels, before it went belly up — the loss was “only” half a billion, not trillion.
More pain: Biden’s plan calls for new regulations on power plants and automobiles, laws to be enacted by states and provisions to restrict natural-gas and oil production in federal land and water areas. All this would further curb energy production, drive up prices and discourage investment.
There are plenty of other reasons for the Senate to nix the bill. But BBB’s needless, pricey green measures alone are enough. Keep your fingers crossed.
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November 23, 2021 at 07:23AM
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The 'green' in Build Back Better's green programs will come from YOUR pocket - New York Post
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