Indiana News

Braun reacts to Goldman Sachs report that IRA costs more than advertised

Indiana US Senator Mike Braun

WASHINGTON (Network Indiana) It seems that lawmakers who supported the Inflation Reduction Act may not have been as forthcoming about the numbers within the measure.

Congress passed the Inflation Reduction Act in July of last year intended to help Americans out with rising inflation as well as push new climate initiatives. It also extends the Affordable Care Act to reduce the cost of health insurance.

A report from Goldman Sachs released this week shows that the plan will cost about $1.2 trillion over the next several years, which is three times what was initially advertised by lawmakers.

“Smoke in mirrors here on any of this stuff,” said Sen. Mike Braun reacting to the report on CNBC. “Especially on reconciliation bills that had no Republican votes and we’re borrowing now 30 cents on every dollar here.”

If the numbers from Goldman Sachs are accurate, some are wondering how that big of a price tag could have slipped through the cracks.

Braun believes that there were hidden tax credits in the measure that are costing the government more money than was initially predicted.

The Congressional Budget Office originally forecast that the law’s energy and climate provisions would cost taxpayers $391 billion between 2022 and 2031.

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2 comments

Jim Beam March 29, 2023 at 12:49 pm

Boggles the mind how anyone could have believed that the IRA, a stimulus (economic expansion tactic), could possibly reduce inflation. It fairly simple, you print more money and inflation follows. Americans are just dumb now.

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Slacker06 March 31, 2023 at 9:42 am

My mind is not boggled. I’m just pleased it isn’t worse than the article says. When was the last time ANY GOVERNMENT AT ANY LEVEL brought a project or program to completion on time and on budget? Never that’s when!!! Eminent economist Milton Friedman once said that ALL INFLATION COMES OUT OF WASHINGTON. That is a true statement then and a true statement today! Does anyone expect a person that thinks men can birth babies won’t get the economy wrong too. A couple of centuries ago Adam Smith talked about how the invisible hand of a free market decides where money should go for it best and highest purpose. All through out history tyrants and dictators have thought they were the smartest person in the room. Earlier today there was a story on FNC about a PhD professor of anthropology claiming that there is no difference in the female and male skeleton. He was soughed out of the room! These so called experts are insane and cannot be trusted. Stop voting for them or those who listen to them.

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