When the Inflation Reduction Act (IRA) was signed into law in August of 2022, the Biden-Harris regime claimed it would start a clean energy Made-in-America revolution that would be highly damaging to China's dominance in the industry.
But the IRA never stopped Chinese companies from building clean energy manufacturing plants in the U.S. and claiming subsidies provided by the legislation.
"Communist China has been working to circumvent U.S. laws and undermine American manufacturers in the solar industry for years under the Biden/Harris administration, harming our national security and energy independence," Sen. Rick Scott, a Florida Republican, said in July of last year when he filed a bill with two Democrats to bar Chinese solar manufacturers from receiving IRA tax credits.
Analysts warned after the passing of the Inflation Reduction Act, which had zero Republican support, that U.S. taxpayer money to Chinese businesses would have a devastating impact on American manufacturers struggling to compete with cheap Chinese-made imports.
During confirmation hearings in the Senate last week, Trump's selection for Treasury Secretary Scott Bessent said the IRA "as scored by the CBO [Congressional Budget Office], is wildly out of control in terms of spending on the upside."
During the Thursday hearing, Oregon Democrat Sen. Ron Wyden said that many in the incoming Trump administration are looking to undo the Inflation Reduction Act, which he called it "the biggest transformation on clean energy in American history."
Wyden then asked Bessent: "Now there is a big effort in the Trump administration to reverse it. I think that's going to be bad for the economy, but it is going to be damn good for China, because we are in an arms race on clean energy with them. Are you going to be on the side of people who want to unravel this?"
Bessent responded: "Senator Wyden, just so we can frame this for everyone in the room, China will build 100 new coal plants this year. There is not a clean energy race. There is an energy race. China will build 10 nuclear plants this year. That is not solar."
While the Biden-Harris IRA was benefiting America's No. 1 adversary, it was hurting Americans, particularly seniors.
Triggered by Bidenflation, the IRA took money from Medicare which resulted in cancellations of Medicare Advantage plans which devastated many seniors. President Donald Trump is likely to work to repeal the IRA.
Writing for The Center Square on Jan. 13, Scott Mangione noted: "Seniors know that the IRA dealt them a raw deal and they're furious, as a recent AMAC Action-sponsored poll conducted by ProMark Research reveals. The broad consensus among seniors over the IRA's impact on Medicare costs, drug access, and green energy subsidies is significant given that the survey is drawn from a diverse group of 800 participants, with political affiliations spanning 39% Republican, 33% Democrat, and 25% Independent and which is 46% men and 54% women.
"Respondents were particularly outraged over the IRA's changes to Medicare's prescription drug coverage program (Part D). A staggering 83% expressed concern about rising premiums. Now, keep in mind that the IRA's backers promised to make the Medicare Part D beneficiaries better off by mandating caps on out-of-pocket expenses and limiting base premium increases. And part of that plan meant shifting costs to insurance companies serving Part D. As a result, Part D premiums in some cases increased by over 400% in just two years. Some companies have left the Part D market, leaving Medicare beneficiaries with fewer plan choices and restricted access to care.
"For seniors on fixed incomes, even small increases in healthcare costs can be devastating. Respondents frequently cited fears of being priced out of their plans and losing access to critical medications."