Biden signs Inflation Reduction Act into law

[BumRushDaShow]

Source: CNN

(CNN)President Joe Biden signed a sweeping $750 billion health care, tax and climate bill into law at the White House on Tuesday -- marking a major victory for his administration and the Democratic Party ahead of the midterm elections.

Biden said during a signing ceremony in the State Dining Room that the legislation, called the Inflation Reduction Act, is "one of the most significant laws in our history."

"With this law, the American people won and the special interests lost," Biden told an audience of Democratic members of Congress and members of the administration. "For a while people doubted whether any of that was going to happen, but we are in a season of substance."

A series of events focused on the roll out of the new law are expected to take place in the coming weeks. The White House says Biden will soon host a Cabinet meeting focused on the law's implementation, travel around the country to highlight the bill's impact on Americans and take part in a post-Labor Day White House celebration focused on the enactment of the bill.

Read more: https://www.cnn.com/2022/08/16/politics/biden-inflation-reduction-act-signing/index.html

---

[Botany]

1. Who all is standing w/the POTUS?

Manchin, Schumer, Joe B., Clyburn ?, ?, and Nancy P.

[BumRushDaShow]

2. Clyburn and possibly John Yarmuth

who was the sponsor of the House version that was used for tweaking in the Senate.

[BigmanPigman]

7. Manchin has guts to stand with them.

[WinstonSmith4740]

12. Probably part of his deal to support it.

He and Sinema are both attention whores. Looking forward to both of them being irrelevent.

[BumRushDaShow]

19. I finally got chance this morning to read the Philly Inquirer article on this

And the two on the right with Jim Clyburn are actually Frank Pallone (NJ-6), who is Chair of the House Energy and Commerce Committee and Kathy Castor (FL-14), who is Chair of the House Select Committee on the Climate Crisis (which is a sub-Committee under Energy and Commerce).

I saw a transcript of Biden's remarks and he noted that Speaker Pelosi couldn't attend the signing. She had given a commemorative speech on the 87th Anniversary of Social Security in San Francisco the day before, so I expect she wasn't going to do that long cross-coast trip for that one day and then fly back home, but she did do a "Dear Colleagues letter" to comment on the legislation.

[SheltieLover]

3. Kicking for visibility

[TheProle]

4. By the Numbers

Here’s how the Inflation Reduction Act impacts Americans by the numbers:

HEALTH CARE

Cutting Prescription Drug Cost

Today, Americans pay two to three times what citizens of other countries pay for prescription drugs
5-7 million Medicare beneficiaries could see their prescription drug costs go down because of the provision allowing Medicare to negotiate prescription drug costs.
50 million Americans with Medicare Part D will have the peace of mind knowing their costs at the pharmacy are capped at $2,000 per year, directly benefiting about 1.4 million beneficiaries each year.
3.3 million Medicare beneficiaries with diabetes will benefit from a guarantee that their insulin costs are capped at $35 for a month’s supply.

Lowering Health Care Costs

13 million Americans will continue to save an average of $800 per year on health insurance premiums
3 million more Americans will have health insurance than without the law.
The uninsured rate is at an all-time low of 8%, which the historic law will build on.

Defeating Special Interests

$187 million: The amount the Pharmaceutical industry has spent on lobbying in 2022.
1,600: number of lobbyists the pharmaceutical companies had in 2021 – three times the number of Members of Congress
33 years: the amount of time Congressional Democrats have been trying to lower prescription drug costs by allowing Medicare to negotiate drug prices.
19 years: number of years Medicare has been blocked from negotiating prescription drug costs

CLEAN ENERGY

Lowering Energy Costs

Families that take advantage of clean energy and electric vehicle tax credits will save more than $1,000 per year.
$14,000 in direct consumer rebates for families to buy heat pumps or other energy efficient home appliances, saving families at least $350 per year.
7.5 million more families will be able install solar on their roofs with a 30% tax credit, saving families $9,000 over the life of the system or at least $300 per year.
Up to $7,500 in tax credits for new electric vehicles and $4,000 for used electric vehicles, helping families save $950 per year.
Putting America on track to meet President Biden’s climate goals, which will save every family an average of $500 per year on their energy costs.

Building a Clean Energy Economy

Power homes, businesses, and communities with much more clean energy by 2030, including:
950 million solar panels
120,000 wind turbines
2,300 grid-scale battery plants
Advance cost-saving clean energy projects at rural electric cooperatives serving 42 million people.
Strengthen climate resilience and protect nearly 2 million acres of national forests.
Creating millions of good-paying jobs making clean energy in America.

Reducing Harmful Pollution

Reduce greenhouse gas emissions by about 1 gigaton in 2030, or a billion metric tons – 10 times more climate impact than any other single piece of legislation ever enacted.
Deploy clean energy and reduce particle pollution from fossil fuels to avoid up to 3,900 premature deaths and up to 100,000 asthma attacks annually by 2030.

TAXES

Making the Tax Code Fairer

$0: how much some of largest, profitable corporations pay in federal income tax.
55: the number of America’s largest, wealthiest corporations that got away without paying a cent in federal income taxes in 2020.
$160 billon: how much the top 1 percent of earners is estimated to evade each year in taxes.
15%: the minimum tax on corporate profits the Inflation Reduction Act imposes on the largest, most profitable corporations.
$124 billion: savings over 10 years the Inflation Reduction Act will generate from collecting taxes already owed by wealthy people and large corporations, according to the Congressional Budget Office.
And no family making less than $400,000 will see their taxes go up a penny.

Reducing the Deficit

The Inflation Act will achieve hundreds of billions in deficit reduction.
The deficit is projected to fall by more than $1.5 trillion this year after falling by more than $350 billion last year.
126 leading economists – including 7 Nobel Laureates, 2 former Treasury Secretaries, 2 former Fed Vice Chairs and 2 former CEA Chairs – have said reducing the deficit will help fight inflation and support strong, stable economic growth.

[Comfortably_Numb]

5. President Biden giving the pen to Joe Manchin was a class move. It's great to have a leader

rather than a traitor in the White House.

[Lasher]

16. Yes it was.

Senator Manchin was surprised. President Biden has class.

[OneCrazyDiamond]

6. Cleaner Air, Better Jobs, and Less Inflation

I can't wait for the GQP to get whooped this November. Thank you Mr President.

[KS Toronado]

13. Big Blue Wave coming, hopefully it'll be a TIDAL Wave.

And sink the GQP

[OneCrazyDiamond]

14. They make it easy sometimes.

I bet there was a deflation on their side after after the Kansas vote on abortion. The Roe ruling is a gift that we should continue to remind voter about going forward.

[niyad]

8. Well Done!

[calimary]

9. Start PROMOTING this, Dems!

Put the Promotion in MOTION!

I'm serious.

Talk. It. UP!!!

Like my successful salesman dad liked to say, and he was only half-joking:

Late to bed,
Early to rise,
Work like hell,
And ADVERTISE!

He rightfully called that "the Formula for Success."

[GreenWave]

10. Democracy in action!

[SergeStorms]

11. 👍

Well done, Mr. President and Congressional Democrats. We'll done.

[ornotna]

15. Go Joe!

Well done.

[Bayard]

17. This is a BFD!

I want to see a lot more about this in the media than TFG whining about life being so unfair.

[Novara]

18. This is a big fucking deal