Poll: Majority Said Multibillion-Dollar Climate Spending Spree Will Not Reduce Inflation

Most Americans said the Democrats’ latest climate-centric spending spree will not help reduce inflation, a survey from The Economist/YouGov found.

The survey, taken prior to the Senate’s Sunday passage of the $700 billion Inflation Reduction Act, asked respondents how they felt about the Senate putting forward a “$369 billion climate and energy package that promises to cut greenhouse gas emissions to 40 percent below 2005 levels by 2030.” Just half expressed support for that specific package. 

The survey also asked, “Do you support or oppose the $369 billion climate and energy bill, which includes cuts in greenhouse gas emissions, gives government the ability to negotiate lower drug prices, and requires a minimum 15% tax on large corporations?”

Fifty-one percent said they support that, but the survey then asked respondents if they believed the bill would increase or decrease inflation — a top issue for most Americans. 

Overall, 59 percent said the climate-centric measure would not reduce inflation. Of those, 23 percent said it “will not change” inflation, and 36 percent said it would actually “increase” inflation. 

The survey was taken July 30 to August 2, 2022, among 1,500 United States citizens and came ahead of Senate Democrats passing the $700 billion bill, which includes over $300 billion on climate change programs. What is more, according to a fact sheet from Rep. Jason Smith (R-MO), the ranking member of the House Budget Committee, the bill actually includes over $400 billion for the Green New Deal “when removing false 2-year sunsets.”

The House Freedom Caucus blasted the “spending bonanza,” revealing that the measure has “far more to do with enacting their socialist ‘Green New Deal’ agenda than truly helping Americans suffering from staggering 9.1% inflation.”

“Worse still, not only does this bill direct $369 billion in handouts to climate change special interests, but it does so on the backs of the American taxpayer,” the House Freedom Caucus said. 

Indeed, even the Congressional Budget Office (CBO) has said that the measure will not reduce inflation.