The Political Irony of the IRA

The IRA has turned the political environment upside down.

Here are three examples:

Oklahoma

Italian-based Enel announced plans to build a billion-dollar solar cell and panel manufacturing plant just east of Tulsa. Bill McAnally who owns a diner close to the planned facility initially described the project as “a great deal” saying that “all it does is help my business.”

But after being informed that Enel plans to leverage IRA tax credits he did a 180. Coincidently Mr. McAnally is a self-declared “Trump fan.”

Conversely, Oklahoma’s Republican governor Kevin Stitt supports the project. “We’re just trying to be smart,” Stitt said. The Oklahoma legislature also approved taxpayer funded rebates. The state Senate consists of 40 Republicans and eight Democrats. The state legislature consists of 81 Republicans and 20 Democrats.

Michigan

Jim Chapman, the Republican supervisor from Green Charter Township - an hour’s drive from Grand Rapids - said he has received death threats over a planned $2.36 billion battery component manufacturing facility. He is facing a recall because the plant’s sponsor has links to China.

And the rhetoric and misinformation has gotten so out of hand that even Ford’s planned $3.5 billion BlueOval Battery Park project is being opposed by Republicans because Ford plans to use technology licensed from a Chinese company.

I understand the concern over China’s involvement, but this is a case of foreign investment in the U.S., not U.S. companies dropping their pants to do business in China.

New York

Since IBM closed most of its facilities, the Hudson Valley in New York has been trying to recover. Canadian company Zinc8 Energy Solutions is planning to use one of IBM’s former plants to make batteries for EVs.

GOP Rep. Marc Molinaro, who represents the county, described the IRA as an “exceptionally important tool” in attracting Zinc8. Yet he voted to repeal the legislation. He later described his vote as sending a message ahead of the debt ceiling fight.

Finally, political conduct I recognize - hypocrisy. Perhaps there’s hope yet.