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The elimination of tax credits for clean energy will have a disastrous impact on consumers... and potentially on the GOP’s chances in the midterms.
Millions of Americans across the country will receive higher electric bills because of President Donald Trump’s self-proclaimed “One Big Beautiful Bill,” which was signed into law on July 4.
The culprit here is that the OBBB eliminated tax credits for solar and wind energy. According to research done by the group Energy Innovation, average electric rates could rise by an additional 18% by 2035. For an average household this translates into $170 a year. Some states will experience even larger increases in electric bills. For example, in Oklahoma, a state which generates a lot of its energy from wind, annual prices will go up as much as $540 a year.
Most Americans believe the government has a responsibility to provide healthcare and lower its cost. President Trump and Congress have just done the opposite.
Among the universal truths in our country today is this: Healthcare is too expensive. It’s difficult to find the right doctor for your needs. And even if you have health insurance and can get the care you need, you might come home one day to find a massive medical bill in your mailbox. You’d be hard-pressed to find a summer barbecue in America where someone isn’t sharing a story about their own struggle to afford and navigate our healthcare system.
That’s because our nation’s affordability crisis affects everyone: patients, families, workers, small businesses, large employers, and governments at every level. It’s become a drag on our economy, a strain on public budgets, and a source of instability for millions of American households. People are working harder than ever, paying more than ever, and still going without the care they need. Employers can’t keep up with premium increases. Taxpayers are paying more and getting less. And the federal government is spending more on healthcare than any other nation, with worse outcomes.
The class-based inequalities exacerbated by the Trump bill are not new. Rather, they are part of a 50-year trend linked to social cleavages, political corruption, and a declining belief in the common good.
America has never been richer. But the gains are so lopsided that the top 10% controls 69% of all wealth in the country, while the bottom half controls just 3%. Meanwhile, surging corporate profits have mostly benefited investors, not the broader public.
This divide is expected to widen after President Donald Trump’s sweeping new spending bill drastically cuts Medicaid and food aid, programs that stabilize the economy and subsidize low-wage employers.