Kudlow rips Inflation Reduction Act amid inflation, recession concerns: 'Regulators' paradise'
FOX Business host Larry Kudlow joined 'America's Newsroom' to discuss the status of inflation and why he considers the Democrats' spending bill 'paradise' for regulators.
AP News celebrated the passage of the Inflation Reduction Act in the Senate in an article on Wednesday, claiming that the bill could rejuvenate the "country’s reputation" as an "international leader on climate change."
The story, written by reporters Christina Lawson and Chris Megerian, focused on the Democratic Party’s elation for getting support for the bill and its major climate provisions, which seemed dead in the water a month ago.
The article claimed, "Advocates feared that last month’s breakdown in negotiations in Congress had undermined efforts to limit the catastrophic effects of global warming. Now they’re energized by the opportunity to tout an unprecedented U.S. success."
Jennifer Turner, director of Woodrow Wilson Center’s China Environment Forum in Washington, told the Associated Press reporters, "This says, ‘We’re back, baby."
BIDEN SKEWERED FOR ADMITTING ‘GOD KNOWS WHAT ELSE’ IS IN INFLATION REDUCTION ACT
FILE - A pumpjack as seen on Wednesday, March 30, 2022, in Tatum, New Mexico. President Joe Biden is promising "strong executive action" to combat climate change, despite dual setbacks that have restricted his ability to regulate carbon emissions and boost clean energy such as wind and solar power. (AP Photo/Cedar Attanasio, File)
AP News described the bill, writing, "The legislation, which also has provisions on taxes and prescription drugs, includes about $375 billion over the next decade for clean energy development and financial incentives for buying electric cars, installing solar panels and weaning the power grid off fossil fuels."
It then touted the legislation as "the single biggest investment in climate change in U.S. history, and a significant shift from years of inaction that limited Washington’s clout overseas."
Though numerous economists have claimed that the $739 billion legislation will exacerbate current economic problems in the U.S., like adding to inflation.
In a letter reported on by Fox Business, these 230 economists asserted that the "inaptly named ‘Inflation Reduction Act of 2022’ would do nothing of the sort and instead would perpetuate the same fiscal policy errors that have helped precipitate the current troubling economic climate."
The piece mentioned admonishing the U.S.’s previous climate inaction, citing the perspective of "Poor nations" that "remain concerned that rich countries like the United States have not fulfilled financial commitments to help them cope with global warming and transition to clean energy, something the legislation does not address."
Though AP noted that "Biden can still point to it [the legislation] as evidence that the U.S. political system can address the world’s most pressing problems."
Comparing Trump’s inaction on climate change to Biden’s vows to fight it, the report stated, "After President Donald Trump withdrew from the Paris climate accord, Biden entered office pledging to rejoin the fight against global warming. He set an ambitious new target for reducing greenhouse gas emissions — at least 50% below 2005 levels by 2030 — and began proposing policies to put the country on track."
In this Dec. 10, 2018 photo, smokestacks near an oil refinery are seen in front of the Utah State Capitol as an inversion settles over Salt Lake City. Inversions hover over Salt Lake City as cold, stagnant air settles in the bowl-shaped mountain basins, trapping tailpipe and other emissions that have no way of escaping to create a brown, murky haze the engulfs the metro area. Doctors warn that breathing the polluted air can cause lung problems and other health concerns, especially for pregnant women and people with respiratory issues. (AP Photo/Rick Bowmer)
MEDIA TOUT BIDEN'S 'HOT STREAK' AFTER INFLATION REDUCTION ACT SUCCESS: 'TURNING POINT?'
As AP noted, Biden’s climate agenda has ambitious goals. "The legislation that Biden is expected to sign is estimated to reduce emissions between 31% to 44%, according to an analysis by the Rhodium Group, an independent research firm," the piece stated.
It also cited Mohamed Adow, the director of foreign energy think tank Power Shift Africa, who bashed the previous administration. "It’s good that finally the U.S. is trying to catch up after years of dragging its feet on climate change and this investment will go a long way to undoing some of the harm caused by the administration of President Trump," he said.
The piece looked to other experts to give the new U.S. climate agenda an attaboy. It quoted University of Pennsylvania director of China Programs and Strategic Initiatives, Scott Moore, who claimed, "This restores some diplomatic legitimacy to the U.S. as an influential player in international climate negotiations."
AP also provided a brief warning that losing Congress to the GOP in the midterms could pose a setback to the agenda. "There will be no shortage of other challenges, too. If Republicans retake Congress or the White House, they could unravel Biden’s progress."
Overall, AP News noted that climate activists see this as "just one step on a larger path towards climate action," adding, "More progress is needed to put the world on track to limit global warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit), a target that some scientists believe is slipping out of reach."
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An AP News article claimed Biden is getting done what he vowed to do on climate change. (Fox News )
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