U.S. President Joe Biden on Wednesday marks the first anniversary of signing his signature clean energy legislation called the Inflation Reduction Act by leading a campaign to better explain to Americans what, exactly, it does.
The climate-focused bill 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 asks wealthy Americans and corporations to pick up the tab.
Biden is seeking a second term in office in the November 2024 election in what is expected to be a rematch against former President Donald Trump, front-runner for the Republican nomination.In a spate of investor reports before the anniversary, Wall Street analysts said the legislation has shown early signs of its economic power and predicted it will eventually lead to billions of dollars in new investments and thousands of new jobs.
In a report on Tuesday, Moody's said the legislation is likely supporting growth in gross domestic product, productivity and innovation. "I wish I hadn’t called it that because it has less to do with reducing inflation than it has to do with providing alternatives that generate economic growth," Biden said last week at a fundraiser in Utah.
But Americans who voted for Biden in 2020 said they believe the economy has fared poorly under his stewardship and they might not vote for him in the November 2024 election, according to aAbout half of the respondents who voted for Biden in 2020 said they have heard little or nothing of his major policy initiatives to reduce inflation or boost spending on infrastructure.
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