SARAH HOYT’S SHOCKED FACE IS ENJOYING A MIMOSA ON THE LIDO DECK: Inflation Reduction Act is Over Budget and Underperforming.

The Congressional Budget Office originally projected the clean energy incentives and tax subsidies in the IRA would cost $390 billion in the 10-year period from 2022 to 2031. Over the last two years, other groups have placed the cost much higher.

Goldman Sachs estimates the legislation’s clean energy provisions will actually cost $1.2 trillion. The National Bureau of Economic Research also believes the climate provisions will cost $900 billion to $1.2 trillion. Credit Suisse’s estimate came in at $800 billion — still more than twice what the CBO projected.

Meanwhile, the Princeton Net Zero Project estimated last year that by 2035, U.S. emission levels will only fall by 40% compared to 2005 levels. Princeton originally predicted the IRA would help cut emissions by 50%.

Lawmakers’ stated goal for the IRA was to cut emissions by 80% by 2030, when compared to 2005 levels.

It doesn’t accomplish what it was ostensibly designed to do while costing two or three times more than the Democrat congress “budgeted.”

Of course, what the IRA was really supposed to accomplish was to shovel money at favored groups. By that measure, it’s a smashing success — and a must-repeal for the GOP congress.