STATEMENT: INFLATION REDUCTION ACT MARKS HISTORIC BIDEN WIN FOR WORKING FAMILIES

FOR IMMEDIATE RELEASE 
August 16, 2022

Contact: 
Jack Miller, Communications Director
[email protected]

STATEMENT: INFLATION REDUCTION ACT MARKS HISTORIC BIDEN WIN FOR WORKING FAMILIES

President Biden Signs Bill to Boost Clean Energy, Lower Prescription Drug Costs, and Expand Healthcare

WASHINGTON, D.C. — Today, President Biden signed the Inflation Reduction Act of 2022, a monumental piece of legislation that will lower costs for American families, combat inflation, and make historic investments in America’s clean energy future.

With the Inflation Reduction Act now law, President Biden adds to his impressive record of leading America through – and out of – the COVID-19 recession.

BIDEN’s MAJOR ACCOMPLISHMENTS:

  • Jobs: nearly 10 million jobs added under Biden, the strongest growth in the modern era.

  • Unemployment: currently at its lowest level in over 50 years.

  • Healthcare: the uninsured rate is now at the lowest level in American history. 

  • American Rescue Plan: gave direct cash assistance to millions of Americans, aided state and local governments, widely distributed vaccines, and delivered record growth.

  • Bipartisan Infrastructure Law: created millions of jobs, turbocharged the economy, and prioritized rebuilding America’s crumbling infrastructure.

  • CHIPS and Science Act: will boost semiconductor manufacturing in the U.S. and decrease America’s reliance on foreign supply chains.

  • Inflation Reduction Act: lowering prescription drug and health care costs, making historic investments tackling climate change, and ensuring the wealthy pay their fair share.

  • PACT Act: expanded medical coverage for service members with toxic exposures.

  • Bipartisan Safer Communities Act: the strongest gun safety reforms package in decades.

Invest in America senior adviser Zac Petkanas issued the following statement:

“In less than two years, President Biden’s record is nothing short of extraordinary. Not since LBJ’s Great Society has a president accomplished so much in so little time.

“The Inflation Reduction Act will lower prescription drug and health care costs, make American energy cleaner and less expensive, and ensure the wealthiest pay their fair share of taxes. Thousands of jobs will be created thanks to this historic law, and taxes on middle class families will not rise by even one cent.

“President Biden and Democratic lawmakers have proven that when America makes public investments of this size, good things happen. This is a tremendous win for American families.”

About Invest in America

Invest In America is a national rapid response operation advocating for robust public investment to rescue the economy from the COVID crisis and create prosperity for the future, and to fight back against fear-mongers who use deficit concerns as a scapegoat to starve American communities and businesses of resources.

The operation consists of two components: Invest in America, the charitable and public education arm, which is a fiscally sponsored project of Economic Security Project funded by the William and Flora Hewlett Foundation and Economic Security Project co-chair Chris Hughes; and Invest in America Action, the advocacy and social welfare arm, which is a fiscally sponsored project of Economic Security Project Action funded by Chris Hughes and the Omidyar Network.

Learn more at InvestInAmericaNow.com and @InvestNowUSA, and InvestinAmericaProject.com.

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