U.S President Joe Biden on Wednesday used the first anniversary of his signature Inflation Reduction Act to pitch the landmark clean-energy law as an economic powerhouse to a public that remains largely unaware of its contents.
The wide-ranging law 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 raises taxes on wealthy Americans and corporations.
Biden, speaking at the ceremony, said the legislation already created 170,000 clean energy jobs and will create some 1.5 million jobs over the next decade, while significantly cutting the nation’s carbon emissions.
The legislation, Biden said, has shifted production of critical components away from China and into the United States. “We are building here and sending over there,” Biden said.
Wall Street analysts say the legislation has shown early signs of its economic power and predicted that it will eventually lead to billions of dollars in new investments and thousands of new jobs.
Many Americans, however, don’t know much about it, according to Reuters opinion polls. More details in this story.
