Getting the Inflation Reduction Act passed is one of Joe Biden’s most impactful moves as President yet. It will seek to avert global climate catastrophe by drastically reducing US greenhouse emissions, but also lower prescription drug costs for citizens, and increase taxes paid by large corporations.
Environmentalists, climate activists, and social justice warriors rejoice, because this week is starting out with some fantastic news.
In a historic move, the US Senate has approved a new bill called the Inflation Reduction Act. It will allocate $430 billion towards cutting greenhouse gas emissions, lowering the cost of prescription drugs for the elderly, and raising taxes paid by wealthy corporations.
Projected to bring in $740 billion in new revenue, the bill will pay for itself over time and reduce the overall federal deficit. As a result, it is expected to bring down inflation rates which have been steadily increasing since the start of the pandemic.
The timing of the bill is particularly important, signalling a huge win for President Biden as November 8th mid-term elections draw closer. The President’s approval ratings were slumping in recent months, with Democrats beginning to question his ability to lead the country in the right direction.
So what does the Inflation Reduction Act entail and what makes it such a landmark move? Let’s break it down, shall we?
This is a BFD. This is a turning point in history. And this is the most optimistic I have ever felt about our ability to tackle the climate crisis. President Biden’s pen is ready – let’s get this bill to his desk. https://t.co/QeFsTMPubd
— Gina McCarthy (@ginamccarthy46) August 7, 2022