TAX, DON'T SUBSIDIZE:

The soaring cost of the IRA might make it sound like Congressional Democrats who voted for the bill relied on rigged budget math to pass a law that promptly became a lot more expensive than advertised. But the added cost is also a sign of the IRA's success, because green energy tax incentives are turning out to be way more popular than expected. The cost of the law is rising because there's a lot more private sector investment in green energy, driven by tax breaks included in the law. Given that the law's main purpose was to speed green energy adoption, rising costs mean a faster transition away from fossil fuels and a more muscular response to global warming.

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