In a surprising speech on the House floor, Rep. David Schweikert (R-AZ) exposed a fundamental flaw in the Democrats’ economic strategy, particularly highlighting the misuse of funds from the so-called “Inflation Reduction Act.” His fiery criticism comes on the heels of a Wall Street Journal analysis that reveals a substantial portion of the money from that law has gone to foreign companies instead of supporting America’s clean energy industries.
60% of clean energy projects awarded under the Orwellian Inflation Reduction Act went to foreign-owned companies.
This is not what Biden and the Democrats in Congress promised us.
This is Bidenomics. pic.twitter.com/n0DLR3fXcI
— Rep. David Schweikert (@RepDavid) July 24, 2023
Rep. Schweikert criticized the law, commenting, “Remember the Inflation Reduction Act? Crazy name, it had nothing to do with reducing inflation. It was spending money [and] kept inflation going.” He shed light on the disturbing fact that, instead of channeling funds to bolster the U.S. clean energy sector, a staggering 60 percent of clean energy projects awarded under the Inflation Reduction Act go to foreign-owned companies.
Drawing attention to the current state of the American economy, Schweikert stated: “We are borrowing $63,000 per second. We have [a debt] crush our children, our grandchildren and many of your own retirements, because they are the ones who have to pay this debt.” He pointed out that the reckless spending incurred under the guise of the Inflation Reduction Act was another burden that our future generations would have to bear.
Despite initial estimates that the cost of the Act would be about 280 billion dollars, the reality turned out to be very different. According to Goldman Sachs, spending on grants, gifts and supplements could reach a staggering $1.2 trillion. The Congressional Budget Office (CBO) later doubled its estimate.
Rep. Schweikert denounced the mismanagement of resources, noting, “This is not what we were promised. The president and the Democrats promised us that a US-based infrastructure would be built for clean energy, except the vast majority of their money, our money, will now go to foreign companies.” He concluded by sarcastically praising the Democrats, saying, “Great job guys,” drawing attention to the broken promises and fiscal irresponsibility at play.
Rep. Schweikert’s revelations underscore the urgent need for accountability and responsible economic policies to ensure that funds dedicated to American progress actually benefit American industries and citizens.
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