The Inflation Reduction Act: All for Nothing | City Journal
What, then, can we conclude about the Inflation Reduction Act? It made substantial contributions to the biggest inflation crisis in four decades via procyclical fiscal stimulus; it directed economic activity toward unviable sectors of the economy that can t survive without government support; it made credit for non-subsidized sectors significantly more expensive, depriving them of needed funding; and despite its intent to cut the deficit in the back half of its ten-year window, as cost estimates for the subsidies increase, it appears that it will on net add to the government debt, costing the government valuable fiscal space to deal with future crises and deepening our ruinous debt path.
And all for nothing.
This is a better excerpt.