As time passes, the excesses of President Joe Biden’s Inflation Reduction Act become more and more clear.

Recent analysis by the Competitive Enterprise Institute confirms that the cost projections for the law when it was passed were woefully — perhaps even deliberately — inadequate.

The institute’s studying of the costs places its expense to the American taxpaying public at between $936 billion and $1.97 trillion over 10 years and between $2.04 trillion and $4.67 trillion by the year 2050. For a nation already struggling with a national debt of $34 trillion, we believe this price tag is too cumbersome.

The law spends much of that to distort the energy market to benefit renewable sources of energy.

As we have observed in our editorials repeatedly over the past five years, The Biden administration’s hostility toward fossil fuels and particularly natural gas were a burden to American families. Higher energy bills for businesses, as simply a practical matter, can either be passed along to consumers in higher prices or withheld from the workforce in greater stagnation of pay and benefits.

Either way, it is the middle and working classes that pay.

Fortunately, Republicans in both the White House and halls of Congress have traditionally demonstrated more appropriate levels of skepticism for the environmental alarmism that enables limitations on drilling and development of domestic natural gas and oil and, if only rhetorically, an understanding that the astronomical spending that balloons the national debt cannot continue.

We hope conservatives in our government are able to correct the foolish course the misnamed Inflation Reduction Act placed the country on and plot a course instead for domestic energy production and lower federal spending.