The Congressional Budget Office (CBO) has exposed President Joe Biden's purported "climate initiatives" as an absolute financial disaster for the United States, in a startling revelation. The Inflation Reduction Act (IRA) of the CBO has revealed a noteworthy expenditure of $428 billion as the projected cost for Biden's climate agenda. Even so, that is not the worst of it.
Preliminary assessments of the IRA's energy and climate provisions for 2022 projected a meager expenditure of $400 billion. However, members of the public should guard their purses, because the actual cost is now estimated to be nearly double that amount. Credit Suisse investment banking experts have disclosed that the radical climate policy of the Left will cost taxpayers close to $800 billion. People, the figures are not deceiving, and they are not inexpensive.
However, the CBO did not cease there. Upon further investigation, they discovered that technical revisions led to even more optimistic projections, including a substantial $224 billion derived from sustainable vehicle tax credits and gasoline excise tax revenues. In case that weren't enough, projected revenue reductions of $151 billion and projected expenditure increases of $73 billion are also anticipated. Comparable to an endless drain on the hard-earned dollars of the nation.
However, there is more. Prepare yourselves, because the CBO's report also contained no positive economic indicators. From $1.6 trillion in the current fiscal year to a staggering $2.6 trillion in 2034, the nation's deficit is expected to soar. The deficit is anticipated to reach 6.1% of GDP in 2034, a level comparable to that of several of the most severe national crises in recorded history. This is not a mere amount of pocket change; rather, it represents an extensive fiscal crisis.
You were mistaken if you believed it could not get any worse. Alternative reports predict that Biden's energy policies will impose a financial burden of more than $1 trillion on taxpayers, resulting in an extraordinary increase in the national debt to 116% of GDP by 2034—an amount that is as much as $48.3 trillion. Indeed, that is trillion with a capital "T." It is an unprecedented peak for the United States, which is not the type of peak that any of us had hoped for.
As the uncertainty surrounding Biden's expensive climate initiatives subsides, one thing is abundantly clear: the ultimate financial burden for these extravagant and misguided policies will fall upon the American people. Furthermore, if the CBO's forecasts are any indication, the situation will not be favorable.