Biden to explain Inflation Reduction Act on one-year anniversary
By Jarrett Renshaw
(Reuters) -U.S. President Joe Biden on Wednesday marks the first anniversary of signing his signature clean energy legislation called the Inflation Reduction Act by leading a campaign to better explain to Americans what, exactly, it does.
The climate-focused bill provides billions of dollars in tax credits to help consumers buy electric vehicles and companies produce renewable energy, as Biden aims to decarbonize the mighty U.S. power sector. It also helps seniors pay for prescription drugs, expands some elements of Obamacare and asks wealthy Americans and corporations to pick up the tab.
Twelve months after it passed, the law commonly referred to as the IRA, like most major U.S. legislation, has mixed reviews. Meanwhile, many Americans, even those who support Biden, don't know much about it, according to Reuters opinion polls.
Democrat Biden will speak on the bill at the White House Wednesday afternoon surrounded by U.S. lawmakers who helped pass it. The administration has posted testimonials online from Americans about how the legislation helped them.
INVESTORS, US COMPANIES LOVE IT
Wall Street analysts say the legislation has shown early signs of its economic power and predicted it will eventually lead to billions of dollars in new investments and thousands of new jobs.
While the biggest impacts will begin in 2024 and 2025, there have been more than 270 new clean energy projects announced since its passage, with investments totaling some $132 billion, according to a Bank of America (NYSE:BAC) analyst report.
Roughly half of those investment dollars are going to electric vehicles and batteries, while the rest are going to renewable energy like solar, wind and nuclear. These investments are
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