‘Inflation Reduction Act creates jobs, shifts Production to US’, says President Joe Biden
On the occasion of the first anniversary of the Inflation Reduction Act (IRA)-a legislative attempt to combat the climate crisis, President Joe Biden hailed the bill, saying the legislation already created 170,000 clean energy jobs and will create some 1.5 million jobs over the next decade. The president added that the legislation has shifted the production of critical components away from China and into the United States. "We are building here and sending over there," Biden said.
During the celebration at the White House, the president stood alongside people — from union workers to small business owners to consumers — who the White House says have been aided by the law. “It fell entirely to Democrats to deliver it," said Biden, assailing Republicans he said were now seeking credit for the law’s achievements despite voting uniformly against it. “I hope we’ve seen with all the people out there claiming their credit for it, they’ve all decided they’re going to join the fight." The event was an effort to gain politically from the law, which helped Biden rescue his agenda ahead of last year’s midterm elections.
According to a Bank of America analyst report, the real impact of the IRA will begin in 2024 and 2025. Since its passage, more than 270 new clean energy projects have been announced with investments totaling some $132 billion. 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.
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