Inflation Reduction Act is the right move

 On Tuesday, August 16th, President Biden signed the Inflation Reduction Act of 2022, at a ceremony hosted in the White House State Dining Room. The half-trillion dollar spending package created by Democrats and sponsored by Senator Chuck Schumer from New York and Joe Machin from West Virginia, offers lower prescription drug costs, health care costs, and energy costs.  

     What’s mainly accentuated in the bill is its goal to combat climate change and lower energy costs. The bill itself is aimed to transform the American energy industry, through replacement of fossil fuel with fossil fuel alternatives. If properly executed, the bill will “put the country on a path to reduce greenhouse gasses by 40 percent below 2005 levels by 2030”. Energy provisions in the Inflation Reduction Act are also set to benefit consumers. 

    Specifically, the bill includes several tax credits and additional financial incentives that will hopefully make clean energy options more accessible and affordable for the consumer (especially lower to middle income families). 

     The bill also will lower healthcare costs, including prescription drug costs in addition to expanding health insurance coverage, by capping Medicare Beneficiary Out-of-Pocket Costs. This would save millions of people thousands of dollars on medications for conditions like cancer, as well capping monthly insulin supply for diabetic Americans.

     Through an expansion of clean energy opportunities, the Inflation Reduction Act also plans to create economic opportunities and jobs. It includes provisions that will save small business owners money, including tax credits covering significant costs of switching to low-cost solar power for their business. 

     Coverage of the signing of the Inflation Reduction Act can be found on YouTube and for summaries of how the Inflation Reduction Act will benefit specific minority groups as well as more information, visit whitehouse.gov.