Arlington, VA — Today, on the second anniversary of the Inflation Reduction Act of 2022 (IRA), a broad coalition of organizations has called for Congress to repeal the IRA’s costly and prescriptive Green New Deal-style energy provisions. These organizations argue that the IRA’s subsidies have not only failed to deliver on promises of affordable and reliable energy but have also imposed significant burdens on American households, businesses, and the overall economy.
Read the full letter here.
Key Takeaways:
- The IRA’s subsidies for alternative energy sources, including electric vehicles and offshore wind projects, are proving ineffective. Many projects are reliant on taxpayer handouts rather than market viability.
- Critics warn that these subsidies are driving up energy costs, threatening grid reliability, and leading to potential blackouts while providing little benefit to consumers.
- The coalition emphasizes that the IRA’s energy policies are skewing the market against conventional energy sources, particularly fossil fuels, leading to higher costs and reduced energy security for Americans.
The undersigned organizations urge Congress to prioritize the repeal of the IRA’s green subsidies in the next legislative session. Immediate actions, such as strong oversight and resolutions of disapproval under the Congressional Review Act, are necessary to pave the way for dismantling these subsidies in the 119th Congress. By eliminating these costly provisions, Congress can ensure a more balanced and free energy market, ultimately delivering a net tax cut and relieving Americans from the unnecessary financial burdens imposed by the IRA.
Read the full letter here.
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