By Eric Worrall
“… brilliant piece of marketing – it’s called the Inflation Reduction Act (IRA), but it’s in fact a climate bill …”
Alan Kohler: How Anthony Albanese can do a Joe Biden on climate change
6:00am, Aug 11, 2022 Updated:
There are many lessons for Australia in President Joe Biden’s Inflation Reduction Act, passed this week by US Congress, but perhaps the main one is: Never Give Up.
A month ago I wrote here that this country, and the rest of the world, had a big problem because America was out of the carbon emissions reduction game, which would make most other countries think they might as well give up too. Without the US reducing emissions, we’re all cooked.
It was because the US Supreme Court had gutted the EPA’s [Environmental Protection Agency] ability to deal with global warming, and more importantly, Biden could not get his climate action bill through Congress because of opposition from two Democrat Senators, Joe Manchin and Kyrsten Sinema.
But Biden didn’t give up: This week Manchin and Sinema both voted for the renamed bill, and it passed.
Rebranding the legislation was an obvious, but brilliant piece of marketing – it’s called the Inflation Reduction Act (IRA), but it’s in fact a climate bill with – as Paul Krugman wrote in the New York Times, a “side helping of health reform”.
What’s more, on climate it’s aimed at helping households – not industry – reduce emissions, which is the other brilliant thing about it, and that’s why Manchin and Sinema voted for it.
I doubt the US Congress will be passing deceptively named climate bills after the midterms. So what does Alan Kohler think this one off bill will achieve?
Alan Kohler is a financial journalist, he should be aware that any government green energy subsidies for households will be swallowed by the skyrocketing inflation Biden’s disguised climate bill fails to address.