Biden to mark one-year anniversary of Inflation Reduction Act

August 16, 2023

President Biden is set to speak Wednesday afternoon from the White House to mark the one-year anniversary of his signing the Inflation Reduction Act and explain what the law has achieved so far. 

The bill focused in part on climate initiatives in providing billions of dollars in tax credits to consumers to help them purchase electric vehicles and help companies produce renewable energy.

The bill also targeted drug prices, though after Congressional debate a $35 price cap on insulin was limited in the bill to Medicare recipients. Even so, big pharma company Eli Lily also capped insulin at $35 per one-month supply earlier this year.

Despite mixed reviews from the American public, the White House said in a statement Wednesday that the Inflation Reduction Act “is already having a significant impact on American workers and families, and is delivering for underserved communities and those that have been too often left behind.”

According to the Biden Administration, the legislation has created more than 170,000 clean energy jobs, and $110 billion in clean energy manufacturing investments in the past year, including $70 billion in the electric vehicle supply chain.

Further, the White House says that the Inflation Reduction Act and the Bipartisan Infrastructure Law that Biden signed in 2021 “are expected to reduce greenhouse gas emissions by approximately 1 billion tons in 2030” while “American families are projected to save $27-38 billion on their electricity bills from 2022-2030.”

The Biden Administration also says some 15 million Americans are saving an average of $800 per year on their health insurance premiums due to the Inflation Reduction Act, while America’s uninsured rate has reached a “historic low.”

Biden’s remarks are scheduled to begin at 2pm ET.

Ahead of his speech, the White House has unveiled a new feature on the website Invest.gov which highlights the impact of Inflation Reduction Act and Bidenomics on “Americans in all 50 states and U.S. territories.”

PHOTO: Biden Signs Inflation Reduction Act

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