While Biden is tackling inflation and shaping a green economy for the US, Britain is being left behind

theguardian.com:

Over the weekend, US Democrats overcame months of political struggle to pass the Inflation Reduction Act in the Senate, marking a major victory for the president, Joe Biden, and for “Bidenomics” before the US midterms.

The bill makes the single largest climate investment in US history, with $369bn for climate and clean energy. It is expected to enable the US to get two-thirds of the way towards its Paris agreement commitments while reducing energy costs. It lowers health costs for millions of Americans. It seeks to tackle inflation by directly reducing costs for individuals and by reducing the deficit through closing tax loopholes and increasing tax on corporates and the wealthy.

The act is far from perfect. It is the diminished descendant of the failed Build Back Better Act, a $2tn package that would have radically extended childcare, free community college and subsidised health insurance, but which ultimately failed to secure the support of the Democrat senator Joe Manchin (a necessity given the evenly divided Senate). Winning political support for the act has required rowing back on climate ambition and more extensive plans to reduce costs for families; allowing further drilling for fossil fuels; and carve-outs to protect private equity profits from the corporation tax element of the act. For this reason, the act will and already has come under intense criticism from activists and climate groups.

However, in the face of fierce political opposition it is a major – even landmark – achievement. It is also a win for the activists and economists who have been persistently pushing and providing ideas for the Biden administration to pursue an alternative approach to the economy and environment: market-shaping green industrial