What the Inflation Reduction Act Means for Climate Change, Health Care

What the Inflation Reduction Act Means for Climate Change, Health Care

Now that Senator Joe Manchin has signaled his support, the Inflation Relief Act of 2022 is back on track in Congress. More than a short-term response to inflation, however, this bill has the potential to be the boldest move the US has ever made against climate change, and it will deliver real benefits to Minnesotans. Assuming, of course, that it survives votes and procedural challenges in both chambers with little or no Republican support.

The very title “Inflation Reduction Act” is really a bit of political theater. The bill is really a complex package of new spending and tax credits for energy and climate initiatives, combined with some health care investments, funded by tax reform and drug cost savings for a net positive return estimated to exceed 300 billions of dollars over the next decade.

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