It doesn't take a degree in economics to understand that President Joe Biden's "Inflation Reduction Act" is insanely expensive and overall a bad deal for the American public. 

According to Fox Business, the pricetag of the president's legacy legislation will set us back a cool $1.2 trillion, according to estimates by Goldman Sachs.

It's a far cry from the $391 billion "over 10 years" that supporters of the bill shouted when the bill was signed into law.

In other words, we were lied to, yet again, as the bill will cost roughly triple of what the American public was sold by Democrats and their allies in the mainstream media establishment.

False promises

The bill, which mostly focuses on "clean energy" initiatives, was nothing more than a political win for Biden with his party and its voters, as it was the first substantial bill he was able to pass even with control of both houses of Congress.

I don't know about you, but it most certainly hasn't had an impact on inflation, as my grocery, gas, and energy bills are still painfully high.

Supporters of the bill, including the White House, swear that the bill will trigger trillions in new investments in clean energy initiatives and other green eco-warrior malarkey.

Fox News explained:

An analysis by Goldman Sachs Group Inc. found the $1.2 trillion in government outlays will unleash another $3 trillion in investment by businesses and individuals to build and expand climate-friendly ventures, Bloomberg reported.

As painful as it is, thankfully, Goldman Sachs revealed the truth this week, in that the bill will cost a virtual arm and a leg for the American taxpayer, which is exactly what we do not need right now.

The bill was signed into law during Biden's record-high inflationary period, when it was peaking at 8.5%. While that number has fallen, it still remains far too high for Americans to handle at 6.0 percent, according to the March 14 update. The next update comes April 12.

Bad timing

"The law will allocate $369 billion toward climate and energy policies, extend the Affordable Care Act to reduce the cost of health insurance and incorporate a 15% minimum corporate tax for companies that earn more than $1 billion per year," Fox added.

Unfortunately, none of that addresses the pain at the pump or the grocery store, and Americans continue to struggle under the weight of Democrats' out-of-control spending.

Equally disturbing is the fact that Democrats, Biden, and the White House likely knew full well that the bill would be much more expensive that what they claimed. If they told the truth up front that it would go well over $1 trillion, garnering support would have been next to impossible.

Hopefully, in 2024, Americans will elect a Republican president and Republicans will win back the Senate so that we can begin the process of undoing all the damage done to America on Biden's watch, starting with throwing his ridiculous bill in the trash, where it belongs.