Five Most Expected Attacks From Trump
tags
… And How To Respond
1. Electric Vehicle Mandate
Attack: Trump Says It’s A Mandate Or A Ban
Trump Frames Biden’s Fuel Economy Standards As A Mandate Or A Ban…
Trump Said He Would Cancel Biden’s “Insane Electric Vehicle Mandate” On Day One. According to Trump’s remarks during an NRA rally in Texas posted by The Times on YouTube, “TRUMP: On day one, I will cancel Joe Biden’s absolutely insane electric vehicle mandate. And we are going to tell Texas energy workers like never before, to drill, baby, drill.” [YouTube – Trump Remarks NRA Convention, The Times and Sunday Times, 5/18/24]
Trump: “If This Biden Ban On Gasoline Cars Goes Into Effect, The U.S. Auto Industry Will Be Slaughtered.” According to remarks by Trump at a rally in Green Bay, Wisconsin via YouTube, “TRUMP: On day one, I will terminate Crooked Joe’s insane electric vehicle mandate. In addition to this job killing disaster, Joe Biden is also preparing to approve a waiver request from California, allowing them to enact a complete and total ban on all gasoline powered cars and trucks. I will terminate that. If this Biden ban on gasoline cars goes into effect, the U.S. auto industry will be slaughtered. All of your car making here and a place I just got back from, Michigan will all be gone.” [YouTube – Trump Remarks in Green Bay, WI, RSBN, 4/2/24]
Response: Trump Wants To Cede Our Clean Energy Boom To China; There Was No Mandate Or Ban, And Carmakers Could Meet Requirements With More Efficient Engines
Trump Wanted To Cede Our Clean Energy Boom To China
Under Trump, China Took The Lead In Electric Vehicle Manufacturing
2019: China Was The World’s Largest Producer Of Solar Panels, Wind Turbines, Batteries And Electric Vehicles. According to Time Magazine, “Not only is China today the world’s largest producer of solar panels, wind turbines, batteries and electric vehicles, but it has also been the top investor in clean energy for nine out of the last ten years, according to the Frankfurt School of Finance and Management.” [Time, 11/1/19]
Biden’s Clean Energy Plan Provided Tax Credits For Electric Vehicles
Biden’s Inflation Reduction Act Added And Expanded Tax Credits For New And Used EV Purchases As Well As Incentives For Heavy Duty Vehicles And Charging Infrastructure. According to the White House, “President Biden’s Inflation Reduction Act adds and expands tax credits for purchases of new and used EVs—helping bring the benefits of clean energy to communities across the nation. The law also provides incentives to electrify heavy-duty vehicles like school buses, and includes support for the installation of residential, commercial, and municipal EV charging infrastructure.” [White House, 4/17/23]
Trump Consistently Attacked Electric Vehicle Subsidies And The Clean Energy Plan
Trump: “On Day One Of My New Administration, I Will Quickly End Joe Biden’s Inflation Catastrophe By Stopping His Wasteful Spending, Terminating His Green New Scam. It’s A Green New Scam, It’s Not A Green New Deal. It’s Called The Green New Scam.” According to remarks by Trump in a Atkinson, NH, “Starting on day one of my new administration, I will quickly end Joe Biden’s inflation catastrophe by stopping his wasteful spending, terminating his Green New Scam. It’s a Green New Scam, it’s not a Green New Deal. It’s called the Green New Scam.” [Trump Remarks via CSPAN, 1/16/24]
Trump Attacked Electric Car Subsidies From The Inflation Reduction Act And Repeatedly Vowed To Repeal Biden’s “Insane Electric Vehicle Mandate.” According to The Guardian, “A second Trump administration would also pull back EPA regulations. A 2023 proposal to tighten carbon pollution standards for US coal and gas-fired power plants would be revisited, Trump’s allies say. So would a 2023 proposal from the EPA and the National Highway Traffic Safety Administration to increase the fuel efficiency requirements for new vehicles, known as Corporate Average Fuel Economy (Cafe) standards. The latter rule has become a prime target for Trump, who has also attacked electric car subsidies from the Inflation Reduction Act and repeatedly vowed to repeal Biden’s ‘insane electric vehicle mandate’.” [The Guardian, 2/9/24]
There Simply Was No EV Mandate Or Ban
The Biden Administration’s Clean Cars Rule Was “Technology-Neutral.” According to the US Environmental Protection Agency, “The final standards announced today, the ‘Multi Pollutant Emissions Standards for Model Years 2027 and Later Light-Duty and Medium-Duty Vehicles,’ build on EPA’s existing emissions standards for passenger cars and light trucks for model years 2023 through 2026. The standards continue the technology-neutral and performance-based design of previous EPA standards for cars, pickups, and vans, and leverage advances in clean car technologies to further reduce both climate pollution and smog- and soot-forming emissions. EPA is finalizing the same standard proposed for MY 2032 while allowing additional time for the auto sector to scale up clean vehicle manufacturing supply chains in the first three years covered by the rule.” [Press Release – US Environmental Protection Agency, 3/20/24]
New York Times: “The E.P.A. Regulation Is Not A Ban. It Does Not Mandate The Sales Of Electric Vehicles, And Gas-Powered Cars And Trucks Could Still Be Sold.” According to the New York Times, “The E.P.A. regulation is not a ban. It does not mandate the sales of electric vehicles, and gas-powered cars and trucks could still be sold. Rather, it requires carmakers to meet tough new average emissions limits across their entire product line. It’s up to the manufacturers to decide how to comply.” [New York Times, 3/20/24]
NPR: “The EPA Rules Are Not Written As An EV Mandate Or A Ban On The Sale Of Gas Cars, Like Some States And Other Countries Have Adopted.” According to NPR, “The EPA rules are not written as an EV mandate or a ban on the sale of gas cars, like some states and other countries have adopted. Instead, the EPA sets standards that apply across an entire fleet — meaning an automaker still can make vehicles with higher emissions, as long as they also make enough very low or zero-emission vehicles that it averages out.” [NPR, 3/20/24]
Politifact Gave A “False” Rating To AFPM’s Claim That The EPA’s Tailpipe Emissions Rule “Banned Most New Gas-Powered Cars.” According to Politifact, “A fuel manufacturers trade group is airing television ads in multiple states claiming the Environmental Protection Agency has banned new gasoline-powered vehicles. The American Fuel & Petrochemical Manufacturers spent $7 million to air a package of ads in key battleground states, including Wisconsin, that claim ‘EPA regulators just banned most new gas-powered cars.’ The 30-second ad refers to 2023 proposed federal vehicle emissions standards from the EPA that would set stricter tailpipe emissions for vehicles made from 2027 to 2032. If implemented, the new standards would reduce the number of gasoline-emission vehicles, but it would not ban them as the group claims. […] Although the regulation would likely greatly diminish the production of new gasoline-powered vehicles starting in 2027, it is not a ban on gasoline-powered cars. We rate the claim False.” [Politifact, 5/1/24]
FactCheck.org: AFPM’s Ads Falsely Claimed That Pending Biden Administration Regulations Would “Ban” The Sale Of New Gasoline-Powered Vehicles. According to FactCheck.org, “Pending regulations under review by the Biden administration could greatly increase the number of electric vehicles sold in the U.S. But if implemented, the proposals to reduce tailpipe emissions and raise the fuel efficiency standards of cars and trucks would not ‘ban’ the sale of new gasoline-powered vehicles, as a trade group for fuel makers falsely suggests in an ad campaign. Policy experts told FactCheck.org that carmakers – particularly under the suggested federal regulations – would have flexibility in how they meet the proposed requirements, including by making vehicles with internal combustion engines more efficient.” [FactCheck.org, 2/20/24]
Politifact: “The Biden Administration Has Set A Goal — Not A Mandate — To Have Electric Vehicles Comprise Half Of All New Vehicle Sales By 2030.” According to Politifact, “Despite the U.S. sector’s challenges, Trump is wrong to say there is a ‘Biden mandate’ to replace gasoline-powered cars with EVs. The Biden administration has set a goal — not a mandate — to have electric vehicles comprise half of all new vehicle sales by 2030. Separately, California has instituted an escalating scale for the percentage of new zero-emission cars and light trucks that must be sold on car lots — 35% by 2026, 68% by 2030 and 100% by 2035. But this wasn’t something Biden did, and California’s action does not ban existing gasoline-powered cars.” [Politifact, 10/11/23]
Carmakers Could Meet The Clean Cars Rule’s Requirements By Making Internal Combustion Engines More Efficient
FactCheck.org: Carmakers “Would Have Flexibility In How They Meet The Proposed Requirements, Including By Making Vehicles With Internal Combustion Engines More Efficient.” According to FactCheck.org, “Pending regulations under review by the Biden administration could greatly increase the number of electric vehicles sold in the U.S. But if implemented, the proposals to reduce tailpipe emissions and raise the fuel efficiency standards of cars and trucks would not “ban” the sale of new gasoline-powered vehicles, as a trade group for fuel makers falsely suggests in an ad campaign. Policy experts told FactCheck.org that carmakers – particularly under the suggested federal regulations – would have flexibility in how they meet the proposed requirements, including by making vehicles with internal combustion engines more efficient. ‘Requiring vehicles to be more efficient and emit less is something that regulators in the US have done for decades, and automakers are free to comply with those standards in whatever strategy works best for them,’ John Helveston, a George Washington University assistant professor of engineering management and systems engineering, said in an email.” [FactCheck.org, 2/20/24]
The EPA Projected That Automakers Would Comply With The New Rule Through Electrification And Improvements To Internal Combustion Engine Performance. According to the US EPA, “EPA emphasizes that its standards are performance-based, and manufacturers are not required to use particular technologies to meet the standards. There are many potential pathways to compliance with the final standards manufacturers may choose that involve different mixtures of vehicle technologies. The technology pathway in our central case151 supporting the feasibility of the final rule standards includes a projected mix of improvements to internal combustion engine performance, as well as increases in use of powertrain electrification technologies (across the range from mild hybrid to BEV).” [US Environmental Protection Agency, accessed 3/21/24]
2. Gas And Energy Prices
Attack: Trump Says Gas And Energy Prices Are Up 50%
Trump: “Under Biden Gasoline Prices Are Up Over 50% And Electricity Prices Are Up 39%, Rising 13 Times Faster […] Than Under The Previous Seven Years.” According to remarks by Trump in Schnecksville, PA via YouTube, “Under Biden gasoline prices are up over 50% and electricity prices are up 39%, rising 13 times faster than under the previous think of that 13 times faster than under the previous – think of that, 13 times faster – than under the previous seven years.” [YouTube – Trump Remarks in Schnecksville, PA, RSBN, 4/13/24]
Trump: “Inflation Was Caused By Energy. This Stupid Person, What He Did With Energy Was That It Went Up 40-50-60 Percent.” According to remarks by Trump in Schnecksville, PA via YouTube, “We’d have a country that would be peaceful, prosperous. We would have we would have had no inflation. Inflation was caused by energy. This stupid person, what he did with energy was that it went up 40-50-60 percent, that affects everything everything. If you make donuts everything is more expensive, it’s so bad. When you look at food prices now, where it’s gone up by double and triple and quadruple and you can never get that back. But we’re going to get it way down I promise you. And we’re going to bring your energy so low, we’re going to bring your energy prices so low that other things will follow and that’s what happened it’s very simple.” [YouTube – Trump Remarks in Schnecksville, PA, RSBN, 4/13/24]
Response: Oil and Gas Companies Excessively Charge Us At The Pump, And Trump Is In Their Pocket
Trump’s Donor Was Accused Of Colluding With OPEC To Reduce Supply, Which Would Increase Prices At The Pump
The FTC Alleged In A Complaint That Scott Sheffield Attempted To Collude With OPEC And Others To Reduce The Amount Of Oil And Gas, Which Would Increase Prices At The Pump. According to the Federal Trade Commission, “The FTC alleges in a complaint that Sheffield has, through public statements and private communications, attempted to collude with the representatives of the Organization of Petroleum Exporting Countries (OPEC) and a related cartel of other oil-producing countries known as OPEC+ to reduce output of oil and gas, which would result in Americans paying higher prices at the pump, to inflate profits for his company.” [Federal Trade Commission, 5/2/24]
- Sheffield Was The Former CEO Of Pioneer Natural Resources. According to the Wall Street Journal, “The former CEO of shale oil company Pioneer Natural Resources attempted to collude with OPEC officials to raise oil prices, U.S. antitrust enforcers said in an unusual order that barred the executive from Exxon Mobil’s board and could lead to a criminal probe. Officials at the Federal Trade Commission have decided to refer the allegations against Scott Sheffield to the Justice Department for a potential criminal investigation, according to people familiar with the matter. It is unclear whether the FTC has contacted the department yet.” [Wall Street Journal, 5/2/24]
Sheffield Donated $12,700 To Trump’s 2016 Campaign. According to CQ Roll Call, “A CQ Roll Call review of Federal Election Commission filings on the six executives found Scott Sheffield, who is CEO of Pioneer Natural Resources and a board member of the Williams Companies, a natural gas company, has given the most of the group: about $469,000 to political campaigns and committees since 1993. […] Sheffield also donated $12,700 to Trump’s 2016 presidential campaign.” [Roll Call, 4/5/22]
Oil Companies Charged Americans Excessively Over Inflation
Reuters: “Big Oil More Than Doubled Its Profits In 2022.” According to Reuters, “Big Oil more than doubled its profits in 2022 to $219 billion, smashing previous records in a year of volatile energy prices where Russia’s invasion of Ukraine reshaped global energy markets and, in some cases, the industry’s climate ambitions.” [Reuters, 2/8/23]
A Report Found That Profiteering Played A Significant Part In Boosting Inflation In 2022. According to The Guardian, “Profiteering has played a significant role in boosting inflation during 2022, according to a report that calls for a global corporation tax to curb excess profits.” [The Guardian, 12/7/23]
The Report Was Based Off Of Financial Accounts For UK Businesses And Found That Profits “Far Outpaced” Cost Increases. According to The Guardian, “Analysis of the financial accounts of many of the UK’s biggest businesses found that profits far outpaced increases in costs, helping to push up inflation last year to levels not seen since the early 1980s.” [The Guardian, 12/7/23]
The Guardian: “Excessive Profits Were Even Larger In The US.” According to The Guardian, “Excessive profits were even larger in the US, where many important sections of the economy are dominated by a few powerful companies.” [The Guardian, 12/7/23]
Exxon And Shell Saw Profits Outpace Inflation. According to The Guardian, “Researchers said the energy companies ExxonMobil and Shell, mining firms Glencore and Rio Tinto, and food and commodities businesses Kraft Heinz, Archer-Daniels-Midland and Bunge all saw their profits far outpace inflation in the aftermath of Russia’s invasion of Ukraine.” [The Guardian, 12/7/23]
2022: Instead Of Producing More, Oil Companies Spent $38 Billion On Stock Buy Backs
2022: Pioneer, Devon, And Continental Pledged Not To Raise Production By Over 5%
Pioneer, Devon Energy, And Continental Pledged Not To Raise Their Production By More Than 5%. According to CBS News, “Pioneer, along with Devon Energy and Continental Resources, are among the oil extractors who have pledged not to raise their production this year more than 5%. Devon CEO Rick Muncrief told Bloomberg the company would be ‘very thoughtful in ramping activity up’ after many boom-and-bust cycles.” [CBS News, 3/25/22]
2022: Oil Companies Spent $38 Billion On Stock Buy Backs Instead
2022: Major Oil Companies Spent $38 Billion On Stock Buy Backs And $50 Billion Paying Out Dividends. According to CBS News, “The major oil companies are also sending $50 billion in dividends to shareholders, and are on track to buy back $38 billion in stock this year, a move that further boosts investors’ coffers by increasing the value of their holdings.” [CBS News, 3/25/22]
The Price Of Oil Was The Majority In The Price Of Gas
The Price Of Crude Was Responsible For The Majority Of The Price Of Gas. According to CBS News, “The price of crude oil is responsible for the majority of the price of gas. A $10 change in the price of a barrel of oil raises the price of a gallon of gas by 25 cents, the Federal Reserve Bank of St. Louis has estimated.” [CBS News, 3/25/22]
- The St. Louis Fed Estimated That A $10 Change In The Price Of Crude Oil Was Responsible For $.25 Per Gallon. According to CBS News, “The price of crude oil is responsible for the majority of the price of gas. A $10 change in the price of a barrel of oil raises the price of a gallon of gas by 25 cents, the Federal Reserve Bank of St. Louis has estimated.” [CBS News, 3/25/22]
Trump Was In The Pocket Of Big Oil
Trump Bailed Out The Oil Industry In 2020 And Pledged To “Never Let The Great U.S. Oil & Gas Industry Down”
Trump Bailed Out The Oil Industry During The Pandemic And Pledged, “We Will Never Let The Great U.S. Oil & Gas Industry Down.” According to Reuters, “U.S. President Donald Trump said on Tuesday he has asked his cabinet to devise a plan to inject cash into the ailing U.S. oil-drilling industry to help it survive a historic collapse in crude prices. ‘We will never let the great U.S. Oil & Gas Industry down. I have instructed the Secretary of Energy and Secretary of the Treasury to formulate a plan which will make funds available so that these very important companies and jobs will be secured long into the future!’ Trump said on Twitter.” [Reuters, 4/21/20]
Big Oil Funded Trump’s Campaign And Helped Pay His Legal Bills
Big Oil Donated Over $6.4 Million To Trump’s Joint Fundraising Committee, Trump 47 Committee, Which Prioritized Funneling Those Donations To A PAC That Covered Trump’s Legal Fees. According to Heatmap News, “According to new analysis by the strategic communications group Climate Power, allies of Big Oil pumped more than $6.4 million into Donald Trump’s joint fundraising committee in just the first three months of 2024 — on pace to surpass the $6.9 million the industry contributed in all of 2023. […] It’s no secret that the oil and gas industry has bolstered Trump’s money-strapped campaign. The recent slate of donations to a fundraising vehicle called the Trump 47 Committee, has allowed the former president to accept large checks from individuals and prioritize the allotment of those funds. […] The Trump 47 Committee has prioritized funneling these donations toward a PAC that covers the president’s legal fees, rather than toward the Republican National Committee, which is also struggling financially.” [Heatmap News, 5/3/24]
Bloomberg: “Oil And Gas Is Now One Of The Top Industries Funding Trump’s 2024 Run And A Critical Source Of Cash For His White House Comeback Bid.” According to Bloomberg, “Oil and gas is now one of the top industries funding Trump’s 2024 run and a critical source of cash for his White House comeback bid, as other major donors — particularly in finance, private equity and venture capital — have opted instead to back his last remaining GOP rival Haley.” [Bloomberg, 2/9/24]
Trump Asked Big Oil Executives For $1 Billion And Promised Them Tax Savings
In A Meeting With Top Oil Executives At Mar-a-Lago, Trump Told The Attendees They Should Raise $1 Billion To Return Him To The White House And That $1 Billion Would Be A “Deal.” According to the Washington Post, “As Donald Trump sat with some of the country’s top oil executives at his Mar-a-Lago Club last month, one executive complained about how they continued to face burdensome environmental regulations despite spending $400 million to lobby the Biden administration in the last year. Trump’s response stunned several of the executives in the room overlooking the ocean: You all are wealthy enough, he said, that you should raise $1 billion to return me to the White House. At the dinner, he vowed to immediately reverse dozens of President Biden’s environmental rules and policies and stop new ones from being enacted, according to people with knowledge of the meeting, who spoke on the condition of anonymity to describe a private conversation. Giving $1 billion would be a ‘deal,’ Trump said, because of the taxation and regulation they would avoid thanks to him, according to the people.” [Washington Post, 5/9/24]
Washington Post: Trump “Vowed To Immediately Reverse Dozens Of President Biden’s Environmental Rules And Policies And Stop New Ones From Being Enacted.” According to the Washington Post, “At the dinner, he vowed to immediately reverse dozens of President Biden’s environmental rules and policies and stop new ones from being enacted, according to people with knowledge of the meeting, who spoke on the condition of anonymity to describe a private conversation. Giving $1 billion would be a ‘deal,’ Trump said, because of the taxation and regulation they would avoid thanks to him, according to the people.” [Washington Post, 5/9/24]
3. Energy Independence
Attack: Trump Says That Biden Relies On Oil From Venezuela
Trump: “We Are A Nation That Is Begging Venezuela And Others For Oil, ‘Please Please Please Help Us,’ Joe Biden Says. Yet We Have More Liquid Gold Under Our Feet Than Any Other Country Anywhere In The World.” According to Trump’s remarks during an NRA rally in Texas posted by FOX 4 Dallas-Fort Worth on YouTube, “TRUMP: We are a nation that is begging Venezuela and others for oil, ‘Please please please help us,’ Joe Biden says. Yet we have more liquid gold under our feet than any other country anywhere in the world. We are a nation that just recently heard that Saudi Arabia and Russia will be reducing their oil production while at the same time substantially increasing the price. And we met that threat by announcing that we will no longer be drilling for oil in large areas of Alaska or elsewhere in our land.” [YouTube – Trump Remarks at NRA Convention, Fox 4 Dallas-Fort Worth, 5/18/24]
Response: The U.S. Imported 8.5 Times More Venezuelan Oil Under Trump Than Biden, The U.S. Is At Record Production Levels, And Trump Would Keep Us Dependent On Big Oil While The Clean Energy Plan Invested In American Energy And Would Reduce Oil Imports
The U.S. Imported 8.5 Times More Venezuelan Oil Under Trump Than Biden
Under Trump, The U.S. Imported 493,541,000 Barrels Of Venezuelan Crude Oil And Petroleum Products. According to the U.S. Energy Information Administration’s Petroleum & Other Liquids –
U.S. Imports by Country of Origin – Downloadable Series History for “Total Crude And Oil Products” – “Annual Thousand Barrels.”
| Date | Source | U.S. Imports from Venezuela of Crude Oil and Petroleum Products (Thousand Barrels) |
| 2017 | Annual | 245,980 |
| 2018 | Annual | 213,895 |
| 2019 | Annual | 33,666 |
| 2020 | Annual | 0 |
| Total | 493,541 |
[U.S. Energy Information Administration, Accessed 5/23/24]
Under Biden, The U.S. Imported 57,786,000 Barrels Of Venezuelan Crude Oil And Petroleum Products. According to the U.S. Energy Information Administration’s Petroleum & Other Liquids –
U.S. Imports by Country of Origin – Downloadable Series History for “Total Crude And Oil Products” – “Annual Thousand Barrels” as well as the monthly totals “Monthly-Thousand Barrels.”
| Date | Source | U.S. Imports from Venezuela of Crude Oil and Petroleum Products (Thousand Barrels) |
| 2021 | Annual | 0 |
| 2022 | Annual | 0 |
| 2023 | Annual | 48,742 |
| January 2024 | Monthly | 4,928 |
| February 2024 | Monthly | 4,116 |
| March 2024 | Monthly | n/a |
| April 2024 | Monthly | n/a |
| Total | 57,786 |
[U.S. Energy Information Administration, Accessed 5/23/24; Accessed 5/23/24]
Under Biden, The U.S. Hit Record High Oil Production, Pumping More Than Any Country In History
U.S. Oil Production Has Hit Record Highs Under Biden. According to Reuters, “U.S. oil production, meanwhile, has also hit record highs under Biden, continuing to outpace rivals Saudi Arabia and Russia. The U.S. also produces more natural gas than ever, pulling record volumes from wells that spread from Texas to Pennsylvania. As a result, American ports are sending record volumes of both abroad, including to allies in Europe who are weaning themselves off Russia for energy supplies.” [Reuters, 3/28/24]
April 2024: The United States Was Pumping More Crude Oil Than Any Country In History. According to the Washington Post, “Despite Trump’s call to ‘drill, baby, drill,’ the United States is now pumping more crude oil than any country in history, according to the U.S. Energy Information Administration. The trend is inconvenient for Trump as he seeks to loosen regulations on the energy industry, and for Biden as he touts his ambitious climate agenda on the campaign trail.” [Washington Post, 4/12/24]
Trump Would Keep Us Dependent On Fossil Fuels
Trump Pledged To Terminate The Clean Energy Plan On Day One
Trump: “On Day One Of My New Administration, I Will Quickly End Joe Biden’s Inflation Catastrophe By Stopping His Wasteful Spending, Terminating His Green New Scam. It’s A Green New Scam, It’s Not A Green New Deal. It’s Called The Green New Scam.” According to remarks by Trump in Atkinson, NH, “Starting on day one of my new administration, I will quickly end Joe Biden’s inflation catastrophe by stopping his wasteful spending, terminating his Green New Scam. It’s a Green New Scam, it’s not a Green New Deal. It’s called the Green New Scam.” [CSPAN – Trump Remarks Atkinson, NH, 1/16/24]
Trump Vowed To Stop Biden’s Policies On Energy And Attacked The IRA’s Clean Energy Investments
Trump Vowed To “Immediately Stop All Joe Biden Policies That Distort Energy Markets.” According to Donald Trump’s campaign website, “President Trump will immediately stop all Joe Biden policies that distort energy markets, limit consumer choice, and drive-up costs on consumers, including insane wind subsidies, and DoE and EPA regulations that prevent Americans from buying incandescent lightbulbs, gas stoves, quality dishwashers and shower heads, and much more.” [Trump Campaign Website, 9/7/23]
Trump Attacked The IRA’s Grant And Loan Spending. According to Politico, “Some Republican presidential candidates, including Trump, are already targeting the IRA’s grant and loan spending, which provide a major piece of the federal government’s support for shift to clean energy. ‘They’re just pouring money out,’ Trump told supporters during a rally in New Hampshire this month. ‘All these crazy deals, this Inflation Reduction Act … it increases inflation.’” [Politico, 8/16/23]
Trump’s Campaign Website Said That “On Day One” He Would “Rescind Every One Of Joe Biden’s Industry-Killing, Jobs-Killing, Pro-China And Anti-American Electricity Regulations.” According to Donald Trump’s campaign website, “On Day One, President Trump will rescind every one of Joe Biden’s industry-killing, jobs-killing, pro-China and anti-American electricity regulations.” [Trump Campaign Website, 9/7/23]
While The Clean Energy Plan Invested In American Made Clean Energy
Brian Deese: By Bolstering Domestic Clean Energy, The IRA Increased Energy Security. According to an op-ed in the New York Times by Brian Deese, “The law is doing exactly what it was designed to do: encourage private investment in clean energy. Tax incentives make the investments attractive, but businesses, along with rural cooperatives, nonprofits and others, must judge whether investing their own money in a hydrogen factory or a wind farm will pay off. In the end, the law will be only as successful as their appetite to invest at a scale that will meaningfully reduce emissions warming the planet and increase the nation’s energy security.” [New York Times Opinion – Brian Deese, 5/30/23]
After August 16, 2022: Companies Announced Over 523 New Clean Energy Projects With 271,713 Jobs And $352 Billion In Investments Across 47 States. According to Climate Power’s “The State Of The Clean Energy Boom” report, “Companies announced and advanced 523 new clean energy projects totaling 271,713 new jobs and over $352 billion in investments across 47 states and Puerto Rico between August 16, 2022, and February 28, 2024.” [Climate Power, 2/28/24]
The Clean Energy Plan Boosted Domestic Wind And Solar Production
The Inflation Reduction Act’s Incentives Helped Build U.S. Solar Manufacturing And Reduced Reliance On Imports. According to PV Magazine, “SEIA reports that the United States has the capacity to produce many of the elements that are key to the solar industry: metallurgical grade silicon, polysilicon, steel, aluminum, resins, racking and mountings and other key materials. There is already a modest capacity to produce modules, inverters and trackers, and a limited source of domestic specialty glass. However, other elements have been missing almost entirely from the US supply chain, such as solar ingots, wafers and cells. The US Inflation Reduction Act provides myriad incentives for the build out of US manufacturing, and it has effectively stimulated a number of companies to announce the intent to set up domestic manufacturing facilities.” [PV Magazine, 3/17/23]
- The Inflation Reduction Act Offered A Direct Tax Credit For Domestic Solar Supply Chains. In September of 2022, Chemical & Engineering News reported: “In August, US president Joe Biden signed the Inflation Reduction Act into law. It offers a direct tax credit for the production of solar-grade polysilicon and also offers incentives for other parts of the supply chain, like ingot and wafer manufacturing. In an investor call the day after the signing, REC Silicon’s May said the tax credits were a big part of the company’s decision to restart operations at its plant in Washington. The company expects to receive $48 million in credits annually once the facility is operating at full capacity.” [Chemical & Engineering News, 9/18/22]
2024: Offshore Wind Capacity Was Expected To Jump From 41 Megawatts To 1,000 Megawatts. According to Reuters, “There were only two small offshore wind projects operating in the U.S. at the start of 2023, one in Rhode Island and another in Virginia, with total capacity of just 41 megawatts (MW). Capacity is set to jump to almost 1,000 MW in 2024 as commercial-scale projects off New York and Massachusetts enter service.” [Reuters, 12/22/23]
States Sought Constracts For 14 Gigawatts Of Offshore Wind Power. According to E&E News, “But optimism for the industry is growing as inflation eases and interest rates trend downward. Also, states have boosted enthusiasm by seeking contracts for a whopping 14 gigawatts of offshore wind power despite the harsh economic realities that have pushed up prices to build wind farms.” [E&E News, 1/8/24]
And Dependence On Fossil Fuels Kept The U.S. Tied To Petroleum-Fueled Dictators
U.S. Gas Prices Were Dependent On Petro-State Oil From Russia, Saudi Arabia, And OPEC+ States
Russian Oil Production Cuts Increased Gas Prices. According to CBS, “Crude oil prices have recently hovered around $80 per barrel, up from around $70 a barrel a month ago. When global oil prices climb, gas prices typically follow suit. Oil prices are climbing in part because Russia, the world’s third-biggest oil producer, decided last month to cut production starting in August. Analysts at investment bank UBS expect crude prices to increase $85 to $90 in coming months amid rising oil demand.” [CBS, 8/4/23]
Lower Oil Exports From Saudi Arabia Increased Gas Prices. According to CBS, “Saudi Arabia, the second-largest oil producer, also cut its oil exports last month. It slashed production by 1 million barrels per day hoping to keep oil prices elevated. The kingdom said this week it would extend its reduced production until the end of September. ‘This additional voluntary cut comes to reinforce the precautionary efforts made by OPEC+ countries with the aim of supporting the stability and balance of oil markets,’ a Saudi Energy Ministry official said Thursday, adding that the cut ‘can be extended or deepened’ if the need arises.” [CBS, 8/4/23]
Crude Supply Cuts From OPEC+ States Drove Increased Gas Prices. According to AP, “Beyond the heat, Kloza pointed to crude supply cuts from major producing countries in the OPEC+ alliance. In July, for example, Saudi Arabia starting reducing how much oil it sends to the global economy by 1 million barrels each day. Russia is also exporting less, he said.” [AP, 8/2/23]
While The Clean Energy Plan Was Projected To Reduce Oil Imports By 60 Percent
The Clean Energy Plan Was Projected To Reduce Oil Imports By 60 Percent. According to a press release from the U.S. Department of Energy, “DOE’s latest report ‘Investing in American Energy: Significant Impacts of the Inflation Reduction Act and Bipartisan Infrastructure Law on the U.S. Energy Economy and Emissions Reductions’ describes the key results from new analysis on the impacts of IRA and BIL in OP-NEMS, a customized version of the National Energy Modeling System (NEMS). By the end of this decade, President Biden’s Investing in America agenda is positioned to: […] Strengthen U.S. energy security by reducing net crude oil imports by nearly 60%” [U.S. Department of Energy – Press Release, 8/16/23]
4. Auto Jobs Will Be Shipped To China
Attack: Trump Says That Biden’s EV ‘Mandate’ Would Destroy The Auto Industry And Ship Jobs To China
Trump Claimed That Electric Vehicles Will Kill More Than Half Of U.S. Auto Jobs And “Decimate” The State Of Michigan. According to The Hill, “‘Driven by his ridiculous regulations, electric cars will kill more than half of U.S. auto jobs and decimate the suppliers that they decimated already — decimate the suppliers, and it’s going to decimate your jobs and it’s going to decimate more than anybody else, the state of Michigan,’ he added. ‘It’s going to be decimation. It’s going to be at a level that people can’t even imagine.’” [The Hill, 6/25/2023]
Trump: Biden’s Clean Cars Rule “Will Ship Every Last American Auto Job And Auto Manufacturing Job To China.” According to a video posted to Truth Social by Trump at 0:00, “TRUMP: The lying Biden campaign and fake new media have a new hoax. It’s brand new. It’s called the ‘bloodbath’ hoax taking my words completely out of context. I said that if we don’t win, it will be a bloodbath for the U.S. Auto manufacturing industry, which is right now turning very bad, and that is 100% true. That’s going to happen. That’s a fact. Crooked Joe Biden is trying to destroy the U.S. auto industry forever with his extreme electric vehicle mandate, which will ship every last American auto job and auto manufacturing job to China. Crooked Joe is a Manchurian candidate in fact, doing the bidding of the Chinese Communist Party. And his insane EV Mandate, which is no good, which is a disaster, and which will let China steal hundreds of thousands of American Jobs. It’ll ruin our industry. Ruin that particular thing that I was working so hard on. We’re not going to let it happen. I’m going to rebuild the auto industry. We’re going to have electric cars, but we’re going to have every form of propulsion, every form that you can have.” [Truth Social – @realDonaldTrump, 3/22/24]
- Trump: “In Michigan, The Auto Industry Is Doing Very Poorly Because Jobs Are Starting To Leave. We’re Losing, You Know; With The Electric Vehicle Mandate, They’re Going To Be Made In China. They’re All Going To Be Made In China.” According to Trump’s remarks posted on Twitter by @TrumpWarRoom, “And they went away from what I was doing, they’re eating our lunch. So they have to do it on much more than electric vehicles, and they have to get going fast, but it should have been done three and a half years ago. I did it, I started it. And then they started playing games and it was very bad, very bad for the auto industry. In Michigan, the auto industry is doing very poorly because jobs are starting to leave. We’re losing, you know; with the electric vehicle mandate, they’re going to be made in China. They’re all going to be made in China, and also in Mexico, owned by China.” [Twitter – @TrumpWarRoom, 5/14/24]
Response: Before He Was President, Trump Suggested Moving Auto Jobs Out Of Michigan And Letting The Auto Industry Go Bankrupt, Lost Nearly 80,000 Auto Jobs and Multiple Plant Closures While President, Allowing China to Take The Lead, And Has Sworn to Gut American EV Jobs If Elected Again
2015: Trump Suggested Moving Auto Manufacturing Out Of Michigan To Pay Workers Less
2015: Trump Suggested Moving Some Auto Manufacturing Out Of Michigan Into Another State. According to the Detroit News, “Donald Trump is making the future of U.S. auto production a cornerstone of his campaign for the Republican nomination for president. Trump disclosed in an interview with The Detroit News Wednesday that Ford CEO Mark Fields wrote to him explaining the automaker’s planned $2.5 billion investment in Mexico after Trump criticized Ford in June. And Trump suggested one way to stop automakers’ expansion to Mexico is by moving some production out of Michigan to lower-wage states.” [Detroit News, 8/12/15]
Trump Said Automakers Could Shift Production To Areas In Order To Pay Workers Less. According to the Detroit News, “Trump dismissed the lower-wages argument. He said U.S. automakers could shift production away from Michigan to communities where autoworkers would make less. ‘You can go to different parts of the United States and then ultimately you’d do full-circle — you’ll come back to Michigan because those guys are going to want their jobs back even if it is less,’ Trump said. ‘We can do the rotation in the United States — it doesn’t have to be in Mexico.’” [Detroit News, 8/12/15]
2015: Trump On the Auto Industry’s Struggles During the Great Recession “Let It Go Bankrupt”
2015: When Trump Was Asked If Obama Showed Leadership In The 2008/2009 Auto Bailout, Trump Said, “You Could Have Let It Go Bankrupt, Frankly, And Rebuilt Itself, And A Lot Of People Felt It Should Happen.” According to the Washington Post, “Trump’s glancing interest in local politics made it into in a pre-speech press conference. Asked if President Obama showed leadership in the 2008/2009 bailout of the major auto companies, Trump meandered through an answer that left him without a position. ‘You could have let it go, and rebuilt itself, through the free enterprise system,’ said Trump. ‘You could have let it go bankrupt, frankly, and rebuilt itself, and a lot of people felt it should happen. Or you could have done it the way it went. I could have done it either way. Either way would have been acceptable. I think you would have wound up in the same place.’” [Washington Post, 8/11/15]
Under Trump, Nearly 80,000 Auto Jobs Were Lost And Over Ten Thousand Auto Jobs Were Offshored
Washington Post: Auto Jobs Declined By 78,000 Under Trump. According to the Washington Post, “Let’s first address the question of jobs — a data point easily found via the Bureau of Labor Statistics. Notice that Biden said ‘tens of thousands of auto jobs were lost nationwide during Trump’s presidency.’ Technically, that’s right — if you include auto retail jobs. Those jobs declined 78,000 from February 2017 to February 2021, according to the bureau. Auto and auto parts manufacturing jobs saw a slight increase — 300 jobs — in the same period.” [Washington Post, 1/30/24]
From February 2017 Through 2020, Trade Adjustment Assistance Data Showed 11,118 Jobs In NAICS Codes For Motor Vehicles Or Automotive Were Listed As Shift In Production Or Certified With Jobs Going To Canada, China, England, India, Ireland, Japan, South Korea, Mexico, Brazil, And Philippines. [Internal Spreadsheet – Created 5/15/24] [U.S. Department of Labor – TAA Data – Downloadable Data On Petitions, Accessed 5/15/24]
Under Trump, General Motors Idled And Closed Plants
Of The Five Announced Idled Plants In 2018, GM Closed Lordstown, Warren And Baltimore. According to the Detroit News, “GM in 2018 announced it would idle five plants: Detroit-Hamtramck, Warren Transmission, Lordstown Assembly in Ohio, Oshawa Assembly in Ontario and Baltimore Operations in Maryland. Of the five, GM closed Lordstown, Warren and Baltimore. Detroit-Hamtramck is now GM’s Factory Zero electric vehicle plant and Oshawa workers, represented by Unifor in Canada, are back building trucks for the automaker.” [Detroit News, 12/17/23]
Under Trump, China Took The Lead In Electric Vehicle Manufacturing
2019: China Was The World’s Largest Producer Of Batteries And Electric Vehicles. According to Time Magazine, “Not only is China today the world’s largest producer of solar panels, wind turbines, batteries and electric vehicles, but it has also been the top investor in clean energy for nine out of the last ten years, according to the Frankfurt School of Finance and Management.” [Time, 11/1/19]
Trump’s Policies Would Hurt The Rapidly Growing EV Sector
Trump Pledged To Gut Our Progress On Electric Vehicles
Trump Attacked Electric Car Subsidies From The Inflation Reduction Act And Repeatedly Vowed To Repeal Biden’s “Insane Electric Vehicle Mandate.” According to The Guardian, “A second Trump administration would also pull back EPA regulations. A 2023 proposal to tighten carbon pollution standards for US coal and gas-fired power plants would be revisited, Trump’s allies say. So would a 2023 proposal from the EPA and the National Highway Traffic Safety Administration to increase the fuel efficiency requirements for new vehicles, known as Corporate Average Fuel Economy (Cafe) standards. The latter rule has become a prime target for Trump, who has also attacked electric car subsidies from the Inflation Reduction Act and repeatedly vowed to repeal Biden’s ‘insane electric vehicle mandate’.” [The Guardian, 2/9/24]
Under Biden, EV Manufacturing Has Exploded With New EV And Battery Projects Creating Nearly 18,000 Jobs In Michigan And 54,000 Nationwide
Since The Clean Energy Plan Was Passed, Michigan Has Seen $21.53 Billion In Investment With 20,107 Clean Energy Jobs Among 45 Projects. According to Climate Power’s State of the Clean Energy Boom Report, “Michigan is leading all other states in the nation’s clean energy boom, with 45 new projects announced in the state since August 2022. These new clean energy projects have already spurred $21.53 billion in investment and helped create or move forward over 20,107 good-paying clean energy jobs in the state. A few highlights in Michigan:” [Climate Power – Clean Energy Boom Report – MI, March 2024]
Since The Clean Energy Plan Was Passed, Nationally There Have Been 117 EV Projects Announced With Over 54,000 Jobs And $51 Billion In Investment. According to Climate Power’s State of the Clean Energy Boom Report, “ELECTRIC VEHICLES 117 PROJECTS 54,385 JOBS $51.02 BILLION” [Climate Power – Clean Energy Boom Report – MI, March 2024]
In Michigan, 36 Of The 45 Projects Are EV And Battery Projects With 17,586 Jobs. [Climate Power – Clean Energy Boom Report, Accessed 5/8/24]
EV Sales Continued To Grow In 2023 And Were Projected To Increase In 2024
EV Sales Continued To Grow In 2023
November 2023: Pure Electric Vehicle Sales Increased At Roughly 60% Annual Growth For The Previous Six Quarters. According to Heatmap, “Putting aside plug-in hybrids, which have shorter electric range and retain a gasoline engine, sales of purely electric vehicles have been steadily increasing at a roughly 60 percent annual growth rate for each of the last six quarters. That’s fast enough to double EV sales every 14 months!” [Heatmap, 11/13/23]
December 2023: EV Sales Grew 50% In 2023. According to Bloomberg, “Sales of passenger EVs are on pace to hit 14 million this year, up 36% from 2022. In the US, where most of the concerns about demand have been raised, sales are growing even faster and will be up 50% this year.” [Bloomberg, 12/5/23]
December 2023 Bloomberg: “For All The Headlines Written Recently About How EV Demand Is Faltering, The Data Definitely Doesn’t Support This.” According to Bloomberg, “For all the headlines written recently about how EV demand is faltering, the data definitely doesn’t support this — at least not yet.” [Bloomberg, 12/5/23]
EV Sales Were Projected To Grow In 2024
Bloomberg: EV Sales In 2024 Were Projected To Be Nearly 1.9 Million, 13% Of New Car Purchases. According to Bloomberg, “EV sales in the US should be just under 1.9 million, accounting for 13% of new-car purchases, but there could be some surprises to the downside as the political polarization ramps up this year. What happens in the US will shape a lot of the EV coverage and headlines in 2024, but it’s far from the most important market and will account for only about 11% of global EV sales. It’s best not to overinterpret what happens there.” [Bloomberg, 1/9/24]
Cox Automotive: Predicted That 2024 Would Be The “Year Of More.” According to Cox Automotive, “In the Electric Vehicle Market, 2024 Will Be the Year of More – More Models, More Incentives, More Discounting, More Advertising, and More Sales Muscle.” [Cox Automotive, 1/3/24]
GBK Collective Poll Found That Half Of U.S. Households Were Considering An EV Or Hybrid. According to Forbes, “GBK Collective, a marketing and consulting firm, surveyed about 2,000 households. GBK found that half of U.S. households are considering EVs, plug-in hybrids and hybrid electric vehicles for their next purchase.” [Forbes, 2/20/24]
EV Sales Grew In The Second Quarter Of 2024
April 2024: Kia Announced It Shattered Its All-Time Monthly EV Sales, With A 61% Increase Above Its Previous Monthly Sales Record. According to a press release from Kia, “Continuing its push toward sustainable mobility leadership, the all-new EV9 delivered its best sales performance to date in April and Kia America shattered its all-time monthly EV sales record, increasing 61-percent over the previous record set in April 2022 total. Kia sold 65,754 units in April, with SUVs accounting for 81-percent of the mix.” [Kia – Release, 5/1/24]
Hyundai Announced That For April 2024, It Sold 26% More Electrified Vehicles Year Over Year, And All Electric Sales Increased 31% Year Over Year. According to Inside EVs, “Hyundai Motor America reports 68,603 vehicle sales in April, down 3.1% year-over-year. So far this year, the company sold 253,407 vehicles, 0.7% less than a year ago. Despite this slight decline in the overall volume, the South Korean manufacturer is selling more electrified vehicles (EVs, PHEVs, HEVs). Last month, the volume of electrified cars increased by 26% year-over-year, while all-electric car sales increased by 31% year-over-year. Unfortunately, the manufacturer does not report a precise level.” [Inside EVs, 5/1/24]
The Clean Energy Plan Encouraged EV Manufacturing Onshoring
Following IRA Domestic Manufacturing Tax Credits, Major Auto Manufacturers Announced New Investments In The U.S. According to Business News, “Some automakers were a little raucous about the Inflation Reduction Act’s $7,500 electric vehicle tax credit, which was tied to manufacturing battery components in North America and sourcing vital minerals from there. But his tune changed very quickly after the bill was passed. Fast forward a few months, and automakers are moving almost in lockstep to bring mass operations to the US in anticipation of car buyers looking to take advantage of IRA’s EV incentives. Tesla, Honda, GM, and Toyota are among the heavy hitters, bringing in billions on EV manufacturing in the US to afford.” [Business News, 10/11/2022]
IRA Tax Credits Required A Certain Percentage Of EVs To Be Assembled In North America And A Certain Percentage Of Battery Components To Be Sourced From The U.S. Or A U.S. Free Trade Country. According to Electrek, “The Inflation Reduction Act includes a provision that limits the $7,500 EV tax credit to vehicles that are assembled in North America. Beyond that, a certain percentage of each car’s battery components need to be built in North America, and critical minerals need to be sourced from the US or a US free trade country, with these percentages increasing every year. Each of these two requirements make up half of the credit, so if a car qualifies for one but not the other, it’s eligible for $3,750 worth of federal tax credits.” [Electrek, 3/31/2023]
Manufacturers Had To Ensure Battery Critical Minerals Are Extracted Or Processed In The U.S. Or In A Country Where The U.S. Has A Free Trade Agreement To Qualify For Credits. According to Electrek, “To meet requirements set up in the IRA, manufacturers must ensure that battery critical minerals are ‘extracted or processed in the US or any country with which the US has a free trade agreement,’ or recycled in North America. They must also ensure that battery components are ‘manufactured or assembled in North America.’” [Electrek, 3/31/2023]
China Was Not On The List Of Countries That The Treasury Department Said Could Count As A “Free Trade Agreement”. According to Electrek, “The Treasury seems like it intends to take a lenient view of what counts as a ‘free trade agreement’ for the critical mineral provisions, and specifically noted that this week’s agreement with Japan counts. The list of countries it identified was: Australia, Bahrain, Canada, Chile, Colombia, Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, Israel, Jordan, Korea, Mexico, Morocco, Nicaragua, Oman, Panama, Peru, Singapore, and Japan.” [Electrek, 3/31/2023]
Many Clean Energy Jobs By Nature Can’t Be Outsourced, Meaning They Continue To Benefit Local Economies
By Nature, Many Clean Energy Jobs Cannot Be Outsourced, And They Contribute To The Growth Of Local Economies. In their explanation of their Climate Corps program, the Environmental Defense Fund wrote: “Many jobs in the solar and energy efficiency space are in installation, maintenance and construction, making these jobs inherently local and contributing to the growth of local economies.” [Environmental Defense Fund, accessed 6/19/2020]
5. Inflation
Attack: Trump Says That Biden’s Energy Policies Caused Inflation
Trump Blamed Biden Drilling Policies For Inflation
Trump Bragged That He Got ANWR Drilling Approved And Claimed That Biden Cancelling It Was “Ultimately… What Caused Inflation.” According to Trump’s remarks during a GOP dinner in Minnesota posted by CNBC-TV18 on YouTube, “TRUMP: We have a thing called gasoline. We have more liquid gold under our feet than any nation in the world including Russia and including Saudi Arabia. I did ANWR in Alaska the biggest find in the world it’s probably the size of Saudi Arabia and in his first week in office, they ended it. Ronald Reagan tried to get it. He couldn’t get it. Everybody tried to get it, I got it approved. They were getting ready and this guy ended it on the first day in office it’s so sad. I mean, it’s so sad, and ultimately that’s what caused inflation. Your energy prices went up so much and very simple […] The energy is what caused this massive inflation that we’ve suffered through.” [YouTube – Trump Remarks GOP Dinner, NBC-TV18, 5/17/24]
Trump: “But He Stopped The Oil, And That Caused The Inflation, Very Simply.” According to Trump’s remarks in an interview with The Clay Travis & Buck Sexton Show, “So when he came in, he stopped the oil. […] Now he’s let it go back to where I was, because otherwise he would—you’d have, you’d be paying so much for gasoline that people would even believe. But already, it’s getting close to $4, and in California, it’s over $7. It’s creeping up very rapidly. But he stopped the oil, and that caused the inflation, very simply. And we’re going to bring energy way down, energy costs are going to be way down. And places like New England, where you have the highest energy cost, New York, where you have the highest energy cost in the whole country by far, I’ll be able to cut their energy bills in half, and quickly.” [YouTube – Trump Interview, Clay Travis & Buck Sexton Show, 5/14/24]
Trump: “What They Did With His Stupid Energy Policies, He Also Made Other Countries Rich. He Made Russia So Rich […] Where Putin Said, Wow, I’m Going To Go Attack Ukraine Now.” According to Trump’s remarks in an interview with The Clay Travis & Buck Sexton Show, “What they did with his stupid energy policies, he also made other countries rich. He made Russia so rich […] where Putin said, wow, I’m going to go attack Ukraine now. You know, he had oil up to almost $100 a barrel when that happened. Putin makes his money from oil. They became rich, and they attacked, and that’s what happened. It’s a sad thing.” [YouTube – Trump Interview, Clay Travis & Buck Sexton Show, 5/14/24]
Trump Blamed The Clean Energy Plan For Inflation
Trump: “Biden’s Inflation Tax Continues To Take Away 30% To 50% Of Every Dollar You Have. It’s A 50% Tax, That’s What It Is. […] All Of The Money Goes To Pay For Joe Biden’s Wasteful Inflation Spending Like The Green New Scam.” According to Trump’s remarks posted on Twitter by @TrumpWarRoom, “Joe Biden’s inflation tax continues to take away 30% to 50% of every dollar you have. It’s a 50% tax, that’s what it is. Joe Biden, without any tax hikes—which he’s going to give the biggest ever—has already tax hiked you 50%. It’s like a sales tax but much bigger, more painful, and more destructive, because all of the money goes to pay for Joe Biden’s wasteful inflation spending like the Green New Scam, and that’s what it is, it’s a scam.” [Twitter – @TrumpWarRoom, 5/15/24]
Response: The Clean Energy Plan Helps Save Families Money While Trump’s Agenda Would Raise Prices
The Clean Energy Plan Helps Save Families Money
The Inflation Reduction Act Was Projected To Save American Families Up To $38 Billion On Electricity Bills Between 2022 And 2030. According to the Department of Energy, “Key insights from the report include how the Inflation Reduction Act and the Bipartisan Infrastructure Act are poised to: Save American families billions of dollars on energy bills, including between $27 billion and $38 billion savings on their electricity bills from 2022–2030 relative to a scenario without the legislation.” [Department of Energy – Press Release, 8/16/23]
Rhodium Group Analysis Found That The Inflation Reduction Act And Biden’s Policies Would Help Households Save Over $1,100 A Year On Energy Costs. An analysis from the Rhodium Group found, “The clean energy investments in the package, combined with improving energy market conditions and technology deployment driven by current policy, can help to reduce household energy costs in the medium-term. These costs—residential electricity bills, bills for home heating fuels like natural gas or fuel oil, and expenditures on transportation fuels like motor gasoline and diesel—decline by $730 to $1,135 in 2030 relative to 2021, driven by a mix of lower fuel prices and electricity rates as well as more efficient energy consumption (Figure 3).” [Rhodium Group, 7/28/22]
Clean Energy Production From The IRA And BIL Was Projected To Cut Electricity Rates Up To Nine Percent By 2030. According to a fact sheet from the White House, “The Inflation Reduction Act has already spurred a clean energy boom, contributing to more than $360 billion in private sector clean energy announcements since President Biden took office. Clean energy deployment from both the Inflation Reduction Act and the Bipartisan Infrastructure Law is projected to cut electricity rates by as much as 9 percent by 2030.” [White House – Fact Sheet, 2/12/24]
Experts Agree: Trump’s Agenda Would Increase Inflation
Bloomberg Editorial Board: “Trump’s Economic Agenda Seems To Be Dedicated To Raising Prices.” According to the Bloomberg Editorial Board, “Whoever wins November’s election, inflation will present them with an immediate challenge. More than two years after the Federal Reserve started raising interest rates to alleviate a pandemic-era price spike, the so-called core consumer price index remains well above the central bank’s target. It’s a bit puzzling, then, that former President Donald Trump’s economic agenda seems to be dedicated to raising prices.” [Bloomberg Editorial Board, 5/14/24]
Trump’s Tariff Plan For A Second Administration “Would Likely Send Inflation Above The Federal Reserve’s Target And Pressure The Central Bank To Raise Interest Rates.” According to Bloomberg, “The tariff plan that Donald Trump has vowed to impose would likely send inflation above the Federal Reserve’s target and pressure the central bank to raise interest rates, Bloomberg Economics said in a report. The presumptive Republican nominee is promising to slap 60% tariffs on imports from China and 10% duties on those from the rest of the world as he campaigns for a second term.” [Bloomberg, 4/2/24]
While Economists Expected 2.5% Inflation In 2025, Bloomberg’s Model Showed Trump’s Second Term Tariffs Would Increase The Personal Consumption Expenditures Price Index To 3.7%. According to Bloomberg, “The Bloomberg Economics model shows the proposal sending the core personal consumption expenditures price index, the Fed’s preferred gauge of prices, up to 3.7% by the end of next year, well above policymakers’ 2% target. Economists surveyed by Bloomberg, on average, expect 2.1% inflation in 2025.” [Bloomberg, 4/2/24]
Trump’s Plans Would Raise Consumer Prices 2.5% And Lower GDP 0.5% According to Bloomberg, “Trump’s plans would leave consumer prices 2.5% higher and gross domestic product 0.5% lower after two years, according to the model. That could pressure the Fed to choose between raising interest rates to curb inflation or cutting them to bolster economic growth.” [Bloomberg, 4/2/24]
The New York Times Headline: Trump And Inflation; The Former President’s Second-Term Agenda Contains Few Policies That Economists Believe Would Reduce The Rise In Prices. [The New York Times, Newsletter: The Morning, 2/27/24]
The New York Times: While Trump Has “Blasted President Biden for The Rise In Prices,” His Plans For A Second Term “Would Risk Pushing Prices Higher.” According to The New York Times, “The former president has blasted President Biden for the rise in prices over the past few years. But Trump also criticizes high interest rates — the Federal Reserve’s key tool for lowering inflation. And the second-term agenda he is proposing contains few policies that economists believe would reduce inflation. In fact, some would risk pushing prices higher.” [The New York Times, 2/27/24]
New York Magazine Headline: “Trump Has a Plan for Massively Increasing Inflation.” According to New York Magazine, “Donald Trump is on pace to win back the White House next year on the strength of his anti-inflation message. Which is a little odd, since the Republican candidate’s economic platform amounts to a plan for drastically increasing consumer prices.” [New York Magazine, 11/24/23]
Axios Headline: “Trump’s Inflation Bomb: How His Second-Term Plans Could Make It Worse.” [Axios, 5/8/24]
Yahoo Finance Headline: “Trump’s 2025 Policies Could Spur Inflation. The Debate Is By How Much.” [Yahoo Finance, 5/5/24]
CNBC Headline: “Trump Could Drive Inflation Higher With His Second-Term Economic Agenda, Analysts Say.” [CNBC, 4/30/24]
CNBC: “Former President Donald Trump Is Building A Second-Term Economic Agenda That Analysts Say Could Reheat The Very Inflation That He Has Slammed President Joe Biden For Creating.” [CNBC, 4/30/24]
Vox Headline: “Trump’s Team Keeps Promising To Increase Inflation.” [Vox, 4/24/24]
MSNBC Opinion Headline: Trump’s Plans For A Second Term: Raise Prices On Everything […] The Former President Keeps Proposing Ideas That Would Make Inflation Worse. [MSNBC, 5/9/24]