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Paul Krugman asks if Democrats just saved civilization by passing the Inflation Reduction Act

As Twitchy has noted, supporters of the Inflation Reduction Act have stopped calling it that. In his column Monday, Paul Krugman gave the game away right away, writing that the Inflation Reduction Act “is mainly a climate change bill with a side helping of health reform.” Plus, it adds 87,000 IRS agents to perform audits. It’s the Green New Deal and it will do nothing to reduce inflation.

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Krugman asks, “Did Democrats just save civilization?” And the answer is no — even Krugman admits the Inflation Reduction Act, by itself, is not enough to avert climate disaster. Krugman writes that it’s a huge step forward, but still not the step the Biden administration wanted to take:

But if the spending isn’t very large, how can it have such a big impact? The answer is that right now we’re sitting on a sort of cusp. Renewable energy technology has made revolutionary progress, and renewables are already cheaper in many areas than fossil fuels. A moderate push from public policy is all that it will take to transition to a much greener economy. And the Inflation Reduction Act will provide that push.

Krugman’s on board with the administration’s framing of pain at the pump as a “transition.” Everything the administration is doing is part of that transition, and you need to do your part by buying an electric car.

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So it’s really a climate bill first and not a bill to reduce inflation?


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