This past week the media announced an historic climate legislation deal was struck in the Senate. The Inflation Reduction Act of 2022, ( a misleading title because the Act will do nothing to tame inflation) will allocate $370 billion in spending toward a “Green Energy” future.
Where is the money going?
According to the Wall Street Journal it would subsidize “wind, solar, critical minerals, biofuels, hydrogen, carbon capture, nuclear, ‘sustainable’ aviation fuel, lithium-ion batteries, electric-vehicle charging stations and more.” Additionally there will be $80 billion in rebates for home improvements and electric vehicles, $20 billion in inexpensive federal loans to build “clean vehicle” factories among other allocations.
The money we carry around in our wallets, purses and resides in our bank accounts is used to buy goods and services. Money represents and is a medium of exchange for minerals, metals, biomass and energy.
$370 billion from this Act will be deployed in the economy to extract, manufacture, fabricate and deliver those materials to shift us from an energy source that emits carbon.
The International Energy Agency states that an electric car takes six times more mineral inputs than a car. And according to the Manhattan Institute, building wind turbines and solar panels requires ten times more materials compared to machines that burn fossil energy.
And many of the minerals and chemicals used in the processing of solar panels such as phosphine, arsenic, lead, chromium, trichloroethane, stannic chloride, and others are highly toxic to humans.
The overwhelmingly enormous amount of mining and future wastes will create unprecedented long term pollution and destruction of tens of millions of acres of habitat and fresh waterways, endangering human and planetary health.
Additionally if this Act makes buying energy and materials cheaper for the average American what will they do with those savings?…
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