Revelations that a hedge fund owned by Democratic Party megadonor James Simons invested heavily in several solar energy companies while his close friend, US Senate Majority Leader Chuck Schumer (D-NY), boosted the Biden administration’s Inflation Reduction Act (IRA) raise questions about not only the ties between the two men but also between climate ideology and special monied interests. Inflation has soared due to massive federal spending on renewable energy technologies that greatly enriched the industry on President Joe Biden’s watch. The Schumer-Simons connection casts a shade on congressional ethics while revealing conflicts of interest within a lucrative industry that has exploded in response to claims of climate change urgency.
Inflation Warming Under IRA Big Spending
The IRA, passed solely with Democratic votes, was touted as a win-win-win plan to reverse inflation by boosting the economy through colossal spending on solar and other renewable technologies. The Congressional Budget Office forecast the costs of the IRA’s energy and climate provisions to be $391 billion between 2022 and 2031, while Democrats employed accounting gimmicks to argue the IRA would reduce the budget deficit. Subsequent analyses peg the IRA price tag closer to $1 trillion, in part due to uncapped tax credits. […]
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