On Capitol Hill, the belief in the medieval art of alchemy remains strong.

Members of Congress believe that they can appropriate hundreds of billions of dollars and create policy gold, lower inflation, and produce a measurable impact on climate change. Oh, and all while stemming Chinese Communist economic imperialism. Except for raising taxes on America’s most productive and innovative firms, the woefully named Inflation Reduction Act will do little harm. Two provisions, guaranteeing oil and gas leases and the promise of energy infrastructure permitting reform, could actually produce net positives for the economy.