Joe Biden, the US President, is facing challenges in convincing Americans about the benefits of the Inflation Reduction Act. The Act aims to promote clean energy, rebuild the country’s industries, and increase social justice. When the law was signed in August 2022, the country was experiencing a surge in prices, which affected Biden’s popularity. The name “Inflation Reduction Act” was chosen to address this issue, even though the plan primarily focuses on accelerating the transition to green energy through subsidies and tax credits.
Biden regretted using this name and acknowledged that the Act is more about providing economic growth alternatives than directly addressing inflation. The Act has already attracted $110 billion in private investments in the clean energy sector since its implementation. It is considered as the most significant climate and clean energy legislation in US history and is expected to reduce emissions by 43-48% by 2035 compared to 2005 levels.
However, this falls short of the official goal of halving emissions by 2030. Activists argue that stricter regulations may be necessary to achieve this goal, but they could face challenges in the conservative Supreme Court. Biden’s immediate focus is capitalizing on these initiatives and promoting “Bidenomics” before the 2024 presidential elections, which includes the IRA, major investments in technology and infrastructure, and other programs to improve the US economy.
Many Americans are not fully aware of the changes brought about by these programs yet. Biden highlighted the irony of Republican lawmakers accepting IRA funding for projects in their districts despite initially opposing the Act. He mentioned one Congresswoman, Lauren Boebert, as an example. Overall, Biden acknowledges that it will take time for people to recognize and appreciate the impacts of these initiatives.
>>Join our Facebook Group be part of community. <<