Facts

  • Biden on Tues. signed the projected $739B Inflation Reduction Act, which includes tax, health, and energy provisions - the biggest legislative step yet toward his promise to wean the US off of fossil fuels.[1]
  • Biden has praised the $369B climate aspects of the bill, including incentives to switch to clean energy-driven vehicles and home appliances, predicting it could save consumers hundreds of dollars per year.[2]

Sources

Spin

Democratic narrative

After decades of failed attempts in the Senate, Democrats have successfully passed landmark legislation to address the climate emergency, increase competitiveness with China, reduce the deficit, and protect vulnerable Americans from corporate extortion by Big Pharma. The Inflation Reduction Act is Biden's greatest political achievement to date.

Republican narrative

This legislation is going to make the US worse off, not better. Increasing taxes and the power of the IRS will cost ordinary Americans dearly. The bill will only exacerbate a looming inflation crisis, and further regulating the healthcare industry will undermine the competitiveness of the pharmaceutical market. The GOP was right to unify in opposition.

Nerd narrative

There is a 50% chance that US inflation will be at least 6.83% in 2022, according to the Metaculus prediction community.

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