WHAT THEY ARE SAYING: One Year Anniversary of the Inflation Reduction Act
WASHINGTON, D.C. -- Yesterday, the Biden Administration celebrated the one-year anniversary of the Inflation Reduction Act (IRA) – a key piece of the President’s Bidenomics agenda to grow the economy from the middle out and bottom up – which reduces costs for Americans, invests in America, makes the tax code fairer, and takes the most ambitious climate action in history. One year in, the Inflation Reduction Act is putting America on a path to achieve President Biden’s goal of reducing emissions by 50-52% below 2005 levels by 2030, unleashing a clean energy and manufacturing boom, and already lowering energy and health care costs for millions of Americans.
The law has already created over 170,000 good-paying and union jobs in clean energy manufacturing, and it is projected to create more than 1.5 million additional jobs over the next decade according to estimates by outside groups. Four million seniors and other Medicare beneficiaries are benefitting from $35 insulin and 15 million Americans are saving $800 per year on health insurance premiums. The law also makes the wealthy pay their fair share by enabling the IRS to crack down on tax evasion by the wealthy and big corporations, and modernizes IRS technology to improve services and cut wait times for law-abiding taxpayers.
Leaders across sectors, at the national, state and local levels praised the historic progress made over the last year and the benefits still yet to come from the Inflation Reduction Act – made possible by the Biden-Harris Administration and Congressional Democrats, without a single Republican vote.
Ohio Congresswoman Joyce Beatty: “One year ago today, the historic #InflationReductionAct became the most impactful legislative accomplishment made on behalf of everyday Americans. I will never stop fighting to lower costs and grow the working families in Ohio.” [Tweet, 8/16/23]
This article was originally published by The White House on August 17, 2023.