The Inflation Reduction Act Turns 1 Year Old: Biden Says He Aims To Rekindle American Dream
The White House celebrated the first anniversary of the Inflation Reduction Act Wednesday, and it appears President Joe Biden is placing it at the center of his reelection campaign.
What Happened: In a Wednesday address, Biden hailed the IRA as a cornerstone effort to rejuvenate the American dream, citing its scope in areas of climate, health and deficit reduction.
"Everyone was telling us there's no possibility with the divided Congress the way it was," Biden said, nodding to Vice President Kamala Harris and Congress members’ pivotal role in the bill’s passage.
Highlighting economic strides he said have been made under his administration, Biden emphasized the job creation in the two years since his inauguration. He attributed the job gains to the IRA’s success in reinvesting in America, ensuring no one is left behind.
Attributing the decline in inflation to “corporate profits coming back down to earth,” Biden underscored the IRA's role in domestic job revitalization. "We are building it here and sending the product over here," he said.
On the energy front, Biden highlighted strides made toward repositioning the U.S. in the global clean energy landscape, historically dominated by China. Ambitious goals set by the IRA call for an eightfold surge in solar power and a tripling of wind power by the end of the decade, Biden said.
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Biden also pledged an investment exceeding $50 billion toward enhancing resilience against climate change effects, paired with a goal of halving carbon pollution by 2030.
He drew attention to the financial relief for American families, estimating $27 billion in consumer electric bill savings through 2030 thanks to the IRA. “When I say climate means jobs, I mean good paying union jobs,” Biden said.
Drawing contrasts to the economic turbulence of recent years, the president also positioned the U.S. as an unmatched economic powerhouse among global industrialized nations in his remarks.
“Bidenomics is just another way of saying restore the American dream,” he said.
With an ambitious focus on clean energy, companies like Tesla Inc (NASDAQ:TSLA) and First Solar Inc (NASDAQ:FSLR) could see momentum as a result of Biden’s policies.
ETFs like the Global X U.S. Infrastructure Development ETF (BATS:PAVE) and iShares Global Clean Energy ETF (NASDAQ:ICLN) offer broader exposure to the sectors positioned to capitalize on government spending.
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