Happy Anniversary, Inflation Reduction Act!
One year ago, President Biden and Democrats took on special interests and passed the Inflation Reduction Act (IRA) to lower costs for working families.
This historic legislation embodies a key tenet of Bidenomics: It is growing the economy from the bottom up and middle out by creating jobs, lowering costs, investing in green energy, and making large corporations pay their fair share in taxes.
In the year since its passage, the IRA is doing exactly what it said it would: reducing inflation and cutting costs for working families — despite every single Republican in Congress voting against it.
By the numbers, the IRA is:
Saving 1 in 3 Medicare beneficiaries — nearly 19 million people — a projected $400 per year on prescription drugs when the $2,000 out-of-pocket cap in President Biden’s Inflation Reduction Act goes into effect in 2025.
Saving some seniors hundreds of dollars for a month’s supply of insulin after nearly 4 million seniors on Medicare with diabetes started to see their insulin costs capped at $35 per month this past January.
Allowing 13 million Americans to continue to save an average of $800 per year on health insurance premiums.
Putting more than $1,000 per year back in the pockets of families who take advantage of clean energy and electric vehicle tax credits.
Making it more affordable to purchase energy efficient and electric appliances, home improvements, and more to bring down energy costs which will save every family an average of $500 a year on their energy bills.
Making the most consequential investment in tackling the climate crisis in U.S. history.
Helping create a manufacturing boom in America.
Reducing the deficit by hundreds of billions while NOT increasing taxes a single penny for families making under $400,000 a year.
Now, 2024 GOP presidential hopefuls are threatening to roll back the cost-cutting measures in the IRA, a move that would INCREASE costs for millions of families.
It is critical that we build on the progress the IRA has made by reelecting President Biden, Vice President Harris, and Democrats down the ballot to finish the job.
