The Inflation Reduction Act is key: In praise of its sweeping investments and deficit reduction

One of the most important features of the Inflation Reduction Act — which makes massive investments in renewable energy to curb climate change, drives down prescription drug costs and more — is what it is not: an irresponsible spending spree pushing up the federal deficit. To the contrary, Democrats paid for their big goals honestly, by increasing taxes on those who can most afford it, and managed to make a downpayment on helping balance America’s budget to boot. Estimates are that the revenue raisers will cut projected deficits by about $300 billion over the next 10 years. That’s not nearly e...