Americans Get Relief: from Inflation, Healthcare Costs, and the Threat of Climate Change (Why do Republicans Oppose It?)
President Biden has just signed into law a major legislative achievement: the Inflation Reduction Act (IRA). As its name would suggest, the bill is meant to help slow and reduce the rising inflation that currently plagues our economy. But that only scratches the surface—the Inflation Reduction Act is a major step forward in our efforts to improve the environment, healthcare, the economy, and more. The bill was passed through Congress by House and Senate Democrats, and amazingly, not a SINGLE Republican voted in support of any of these programs that benefit all Americans, including their own constituents.
Here are just a few of the big highlights from the bill’s impacts:
- Reducing the federal budget deficit by $305 billion by 2031, through a combination of savings and increased compliance with taxes
- Expanding the benefits of Medicare to include free vaccines, a capped price on insulin of $35 per month, and a cap on out-of-pocket costs for drugs at $4,000 by 2024 and $2,000 by 2025
- Reduce the costs of energy by lowering household energy bills to $500-$1000 per year
- Creating historic levels of investment in efforts and initiatives to fight climate change, ultimately reducing carbon emission levels by 40% by 2030
- Promote greater prosperity for the lower and middle classes by investing $60 billion in creating manufacturing jobs domestically in the United States (clean manufacturing jobs), and bolstering the federal budget by closing tax loopholes for the wealthy and establishing a 15% minimum corporate tax rate (Sidenote: during the 1950s, the corporate tax rate was 52%, and the economy was quite robust)
- Lowering the costs of healthcare by allowing Medicare to negotiate prices on more than 100 drugs through 2032 while requiring that drug companies to rebate price increases that exceed the rate of inflation
You can learn more about the bill’s goals and effects here.
The Inflation Reduction Act will make significant gains on essential efforts to protect our environment, provide economic opportunity and support for average Americans, and improve our wasteful healthcare system to work better and save money for patients. As we continue to fight for progress on these issues—and as the midterm elections draw nearer—remember that the Republican party voted unanimously against ALL of these things.
Social Media Posts
Facebook: The Inflation Reduction Act is a major step forward in tackling issues from climate change to healthcare to federal deficits. But what may be most amazing is that Republicans voted unanimously against making progress on addressing any of these problems: https://bit.ly/3pVnSHC #IRA
Twitter: The newly-signed #IRA will help fight #climatechange, make #healthcare less expensive, & give economic boosts for Americans—yet Republicans voted unanimously against all of it https://bit.ly/3pVnSHC