Western South Dakota News

WASHINGTON — U.S. Senator John Thune (R-S.D.) addressed the Senate floor on the two-year anniversary of the Inflation Reduction Act, a significant piece of climate legislation under the Biden-Harris administration. Thune criticized the law, passed with Vice President Harris' tie-breaking vote, for increasing the deficit and failing to address inflation.

Thune stated, “Mr. President, in a couple of weeks we will mark the second anniversary of one of President Biden’s signature measures – the so-called Inflation Reduction Act.” He added, “I’m sure the White House will be celebrating. But Americans shouldn’t be.”

Thune described the bill as "a roster of bad Democrat policies," starting with its title which he called "misleading" and "deceptive." He cited analysis from the nonpartisan Penn Wharton Budget Model that found the bill's impact on inflation was “statistically indistinguishable from zero.” Thune also referenced President Biden's statement admitting that it had “nothing to do with inflation.”

Questioning why Democrats named it such, Thune suggested it was either to falsely assure Americans they were addressing inflation or to disguise an otherwise unpopular bill.

Thune also disputed claims that the bill would reduce the deficit. He argued that costs associated with its Green New Deal provisions have grown significantly, predicting it will add to rather than reduce the deficit.

Highlighting various allocations within the act, Thune noted funds directed towards environmental initiatives such as $1.5 billion for tree planting grants and $3 billion for zero-emission delivery vehicles for USPS. He labeled these expenditures as part of Democrats' "Green New Deal fantasies."

Further criticizing efforts to promote electric vehicles through tax credits and new emissions rules, Thune expressed concern over their impact on an already strained electric grid. Citing a Washington Post article titled "Amid explosive demand, America is running out of power," he warned about potential electricity shortages resulting from increased electric vehicle adoption.

Thune mentioned additional aspects like IRS funding increases aimed at audits and enforcement and tax hikes on conventional energy sources impacting Americans facing high energy bills.

Addressing prescription drug price controls included in Medicare within this legislation, Thune pointed out research from the University of Chicago projecting 135 fewer new drugs available due to these controls. He claimed multiple drug companies have already halted research into new treatments because of this act.

Concluding his remarks by calling Democrats’ Inflation Reduction Act a compilation of detrimental policies including unrealistic Green New Deal measures, costly tax hikes, and irresponsible spending practices, Thune warned against potential future legislations if there is a change in presidential leadership next year.