President Biden’s disastrous Green New Deal policies are stoking a trade war with key U.S. allies and will only result in skyrocketing energy costs, slowing economic growth, and a decrease in investment for American businesses.
American families are already suffering in President Biden’s cruel economy, but the Biden Administration’s taxpayer-funded Green New Deal subsidies are liable to make them worse as they damage relations with key trading partners by essentially shutting American allies out of U.S. energy markets.
The Biden Admin’s climate policies are damaging the U.S.’s relationships with major allies, stifling economic growth at home.
- Democrats’ $25 billion energy tax hikes will slash U.S. energy production and raise costs for families, according to analysis from the nonpartisan Congressional Budget Office (CBO).
- Prices at the pump will also go higher as the $12 billion superfund tax hike gets passed along to drivers.
- “The West’s climate policies are already harming consumers and slowing economic growth by raising energy prices and distorting investment. Now they are threatening a trade war that will cause more harm. The new climate protectionism won’t end well,” writes the Wall Street Journal editorial board, in a new editorial.
Energy costs are skyrocketing with no end in sight.
- NBC News reports: “Nearly half of U.S. households use natural gas to heat their homes, and they will spend 28 percent more to do so this winter. […] Those who use heating oil […] will spend 27 percent more — barring a colder forecast — and homes that primarily use electricity and propane will pay 10 percent and five percent more.”
- The northeast U.S. is particularly vulnerable to higher heating costs, due to the region’s “limited gas pipeline capacity and [reliance] on diesel for heat.”
- National inventories stand at the lowest in 40 years, and prices for diesel have almost doubled in the last year. As reported by Bloomberg: “The U.S. has just a 26-day supply of heating oil to draw on, the smallest store for this time of year in at least three decades.”
- U.S. refineries are pumping out a million fewer gallons of diesel fuel with fewer refineries than before the pandemic, and the U.S. has not opened just one new oil refinery since 1977.
Biden’s climate policies crush U.S. manufacturing jobs while giving handouts to green corporations.
- When President Biden rammed through $300 billion in higher taxes, the bulk of it fell on Made-in-America manufacturing.
- Independent experts have noted Biden’s so-called “Inflation Reduction Act” will have zero impact on inflation, instead allowing corporations to purchase new electric vehicles and trucks on taxpayers’ dime.
- Democrats are providing greenwashed big businesses with an exclusion from the book minimum tax, while the typical American manufacturer faces a higher tax bill.