A new report from The Financial Times has revealed the disastrous state of the various industrial and infrastructure projects often celebrated by the Biden-Harris administration as part of the Democrat-led Inflation Reduction and Chips and Science Acts.
The two acts, which Democrats claimed would fight inflation and benefit American infrastructure, assigned hundreds of billions of dollars to various projects, focusing primarily on clean energy and semiconductors.
According to the Financial Times, those projects received approximately $228 billion in taxpayer funding, but while Democrats have touted their success in infrastructure building, nearly 40 percent of those projects are either delayed or on hold.
According to the investigation, which only surveyed projects that have received at least $100 million in taxpayer funding, roughly 40 percent of the projects are either delayed or paused, while the status of projects worth over $30 billion remains unclear.
The total amount of taxpayer money given to projects officially delayed or on hold amounts to a staggering $84 billion, which has now been spent and has yet to yield any benefit whatsoever for the American people.
Fewer than $10 billion worth of projects have been completed.
Despite the lack of actual implementation involved in the projects, Democrats have nonetheless pointed to the IRA as among the Biden-Harris policies that have somewhat tempered the rate of increase of inflation.
The projects investigated by The Financial Times do not account for the total amount of funding issued under the two acts, with the total amount coming in at roughly $400 billion.
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