Wahington, D.C., 1 August 2022 (TDI): The President of the United States, Joe Biden, has shown staunch support for the Inflation Reduction Act.
On Thursday, he gave his remarks on the Act in the White House.
Inflation in the World:
Inflation is marked by an increase in the prices of domestic products over a short period of time. It occurs when there is a mismatch between supply and demand; supply gets low while demand keeps on increasing.
In recent years, supply-chain has been disrupted throughout the world owing to the pandemic and the Russia-Ukraine war.
Many countries have faced the consequences of these disruptions. Inflation is rising in many countries like Pakistan and Sri Lanka.
Inflation Reduction Act:
The Inflation Reduction Act aims at addressing problems in tax reforms, climate changes, drug reforms, and health care costs.
It would mark a historic accomplishment if it successfully tackled the climate change crisis and health care costs. It would also address inflation.
Moreover, it will reduce carbon emissions by 40% by 2030. It will also allow Medicare to negotiate prescription drug prices. Furthermore, it will extend the expanded Affordable Care Act program for three years.
Targets of the Act:
Through the fiscal year 2022 budget reconciliation process, approximately $300 billion in investments in Deficit Reduction would be made.
The Act would address Climate Crisis too. It will also invest $369 billion in Energy Security and Climate Change programs over the next ten years.
During President Biden’s remarks on the Inflation Reduction Act, he underscored the impact this Act would have on the climate crisis – investing $369 billion to address the climate crisis and secure our energy future. pic.twitter.com/WXyqbxsiGQ
— The White House (@WhiteHouse) July 31, 2022
Fairer taxes would be implied that would help in reducing excess demands. Moreover, the legislation would increase supplies through smart investments. The investments would be made in domestic energy production and manufacturing too.
The Act would also lower the cost of energy, prescription drugs, and health care premiums.
In a tweet, Joe Biden explained that the act would impose no new taxes on families making $400,000 or less and small businesses. This way, it aims to close tax loopholes and enforce the tax code.
The Inflation Reduction Act of 2022 will lower health care costs for millions of Americans. And, for the first time in a long time, make the largest corporations pay their fair share without any new taxes on people making under $400,000 a year.
— President Biden (@POTUS) July 31, 2022
USA President’s Remarks:
The President of the USA addressed the White House on 27 July, imploring the White House to pass the bill.
He said there was a need to lower the cost of automobiles, appliances, smartphones, consumer electronics, and much more. Additionally, he said that although the Bill does not cover everything he has been fighting for since taking the seat as President, it was a hope.
Moreover, he added that it was a compromise but only through compromises can progress be made.
On August 1st, he took to Twitter to further comment on the Bill.
According to Joe, the Inflation Reduction Act will be the most important investment America has ever made in its energy security and development of clean energy solutions.
The Inflation Reduction Act will be the most important investment America has ever made in our energy security and developing clean energy solutions for the future.
— President Biden (@POTUS) July 31, 2022
Furthermore, he said that passing the Inflation Reduction Act is necessary for putting America’s economy in a better position.
Here’s the bottom line: the best thing we can do to put our economy in a better position to make the transition to stable and steady growth is for Congress to pass the Inflation Reduction Act.
— President Biden (@POTUS) July 31, 2022
Although many uncertainties are linked with the Act, the President of the USA is hopeful that it will help the USA’s economy a lot.
