The hype around the Inflation Reduction Act of 2022, also known as the Manchin-Schumer bill, has been extraordinary. On Aug. 8, New York Times opinion columnist Paul Krugman published a piece headlined “Did Democrats Just Save Civilization?” in which he declared that “experts on energy and the environment are giddy over what has been accomplished” and the “world is a more hopeful place than it was just a few weeks ago.” Five former Treasury secretaries declared that the measure will “help increase American competitiveness, address our climate crisis, lower costs for families, and fight inflation.” Meanwhile, Leah Stokes, an associate professor of political science at the University of
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