President Joe Biden today signed the Inflation Reduction Act — the Democrats’ massive climate, health, and tax bill — into law, marking a major victory for the president and the Democratic Party in delivering on their campaign promises during the 2020 Presidential election.
As he signed the bill at the White House, Biden called the Inflation Reduction Act “further proof that the soul of America is vibrant, the future of America is bright and the promise of America is real and just beginning.”
“The American people won and the special interests lost,” Biden said before noting that not a single Republican had voted for the legislation.
“That’s the choice we face. We can protect the already powerful or show the courage to build a future where everybody has an even shot,” Biden remarked.
Senate Majority Leader Charles Schumer (D-NY) was present at the signing to celebrate the major accomplishment of helping to negotiate a much-needed compromise with the two Democratic Senators who prevented the larger, earlier version of the legislation — Biden’s Build back Better bill — from passing earlier this year.
One of those two, Senator Joe Manchin (D-WV) was on hand to witness Biden signing the long-sought bill, and the president shot him a telling expression as he handed him the pen with which he had just used to mark the bill’s official passage into becoming the law of the land.
Many Democrats took to social media to tout the victory that the bill’s passage marked and explain its many crucially important provisions to the public.
It was Biden’s democratic predecessor, former President Barack Obama, however, who managed to convey the importance of the Inflation Reduction Act with a tweet of just four short words. Well, three words and an acronym, anyway.
This is a BFD. https://t.co/L0sh8ULo4T
— Barack Obama (@BarackObama) August 16, 2022
A BFD, indeed.
Senate Democrats published a one-page summary of the bill’s major provisions on their official Senate web page and among the benefits that our nation will see from its passage are these:
- Expands Medicare benefits: free vaccines (2023), $35/month insulin (2023) and caps out-of-pocket drug costs to an estimated $4,000 or less in 2024 and settling at $2,000 in 2025
- Lowers energy bills: cuts energy bills by $500 to $1,000 per year
- Makes historic climate investment: reduces carbon emissions by roughly 40% by 2030
- Lowers health care costs: saves the average enrollee $800/year in the ACA marketplace, allows Medicareto negotiate 100 drugs over the next decade, and requires drug companies to rebate back price increaseshigher than inflation
- Creates manufacturing jobs: more than $60 billion invested will create millions of new domestic cleanmanufacturing jobs
- Invests in disadvantaged communities: cleaning up pollution and taking steps to reducing environmentalinjustice with $60 billion for environmental justice
- Closes tax loopholes used by wealthy: a 15% corporate minimum tax, a 1% fee on stock buybacks andenhanced IRS enforcement
- Protects families and small business making $400,000 or less
All of this, while still reducing the federal deficit by over $300 billion.
No wonder Obama and other Democrats think the Inflation Reduction Act is a BFD.
It is. And hopefully, it will enable the democrats to retain and expand their congressional majority in the upcoming midterms once the public realizes what a major deal it really is in making their lives better.
Vinnie Longobardo is the Managing Editor of Occupy Democrats. He's a 35-year veteran of the TV, mobile & internet industries, specializing in start-ups and the international media business. His passions are politics, music, and art.