Heritage Foundation economist EJ Antoni quickly corrected a former Biden official after she tried to push green energy spending to address economic woes. [emphasis, links added]
On CNBC’s July 12 show scream boxJennifer Harris, director of economic and social initiatives at the Hewlett Foundation, hailed significant government spending on “clean energy” as a potential solution to inflation. Notably, she previously served in the Biden administration.
Despite claiming her position was not for the government to “woke up on climate,” Harris said:
“At least energy is… shifting to a range of cleaner grid energy sources that don't have the same inflation pipeline as oil and gas. We have a moment [Inflation Reduction Act] Cutting off some of the traditional pipelines of inflation, among other public investments we make.
CNBC anchor Joe Kernen seemed unimpressed. he proposed The huge cost of converting energyasked Anthony if his transformation to beat inflation was worth it.
Anthony gave a decisive “no.”
He added:
“One day, solar and wind may well be our primary sources of energy, but not today. They are net losers. So if you look at something like this [Inflation Reduction Act] By the way, they are not only Helping kill reliable, cheap energy sources like coal, oil and natural gasbut most importantly, They are putting more of their scarce resources into solar and wind energy, where they are net losers.“
Harris boldly proposed this ridiculous treatment immediately after CNBC host Melissa Lee cited the IRA as a driver of inflation. Anthony didn't let this slip away; An in-depth look at the wasteful spending of the Irish Republican Army (IRA).
Anthony calls on Biden administration $7.5 billion was allocated and then only seven charging stations were built over two years.
“It's not an exaggeration to spend billions of dollars to build a few, and that's not an exaggeration, a few electric vehicle charging stations,” Anthony said.
During the Biden administration, monthly inflation has averaged 5.4% as the president signed one huge spending bill after another.
The Heritage Foundation economist took issue with Harris' language, then reminded CNBC viewers: The consequences of the spending spree go beyond inflation:
“All I know is The Fed's hands are tied because the government is spending trillions of dollars and it doesn't. I mean gosh, look at the Treasury monthly statement data we got yesterday [June] Where we spend [$682] Billions are just debt interest. That’s not even paying off. It's just interest.“
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