President Joe Biden marked the one-year anniversary of the Inflation Reduction Act by touting its benefits and criticizing Republican opposition. The act, which Biden described as one of the most significant laws ever enacted, has been a key part of the president’s economic agenda. Speaking from the East Room of the White House, he highlighted how the legislation has taken on special interest groups and is gaining traction.
Biden emphasized that his economic agenda, which the White House has dubbed Bidenomics, is centered around investing in America and Americans. He argued that by strengthening the middle class and making investments in the country, there will be stronger economic growth that benefits everyone.
The Inflation Reduction Act was passed on party-line votes last summer and was signed into law in August 2022. Biden took aim at Republicans during his speech, blaming them for their unanimous opposition to the legislation. He accused them of consistently claiming that America is failing while ignoring the positive impact of his economic policies.
Republicans have been highly critical of Biden’s economic policies, with former President Donald Trump renewing his attacks in a video. Trump argued that any positive economic numbers seen under the Biden administration are due to the success of policies implemented during his own presidency.
According to a fact sheet released by the White House, the Inflation Reduction Act has delivered billions of dollars to protect communities from the impacts of climate change and has capped insulin costs for millions of seniors at $35 per month. The White House also highlighted that the private sector has committed over $110 billion in new clean energy manufacturing investments since the bill became law.
During his speech, Biden underscored the impact of his agenda on energy security, noting that China had previously dominated clean energy supply chains. He emphasized the success of building these supply chains domestically and exporting clean energy products to other countries.
Biden also spoke about the years-long effort to give Medicare the authority to negotiate lower drug prices, jokingly referencing his age. He remarked that he had been fighting pharmaceutical companies on this issue since the 1970s and celebrated finally achieving a victory.
Democratic Senator Joe Manchin, who played a key role in crafting the Inflation Reduction Act, was notably absent from the White House event. Manchin has faced criticism from Republican groups, with one launching a digital ad campaign against him over the IRA.
President Biden has been actively promoting his economic agenda at campaign-style events, with a recent speech in Milwaukee highlighting his administration’s accomplishments. The city is set to host the first GOP presidential primary debate in a week’s time.
Overall, the Inflation Reduction Act has been presented by President Biden as a major accomplishment that tackles climate change, healthcare, and the tax system. While Republicans have opposed the legislation, the White House has emphasized its positive impact on communities, seniors, and the clean energy sector. With the one-year anniversary celebrations, Biden aims to further bolster support for his economic agenda and showcase its achievements.
