The White House said it's the largest investment in clean energy and climate action, though some economists say it's done little to tame inflation.
President Biden is celebrating the one-year anniversary of the Inflation Reduction Act, a key piece of his economic agenda.
"According to Morgan Stanley and Goldman Sachs, my plan is leading to a boom, they call a boom in manufacturing and manufacturing investment," President Biden said."As you're seeing right here at this factory, over 13.4 million new jobs, 100 and 50,000 new jobs in the state of Wisconsin. Nearly 800,000 new manufacturing jobs nationwide."
Claar and other economists credit lower gas prices and the Federal Reserve increasing interest rates with helping to tackle record high inflation. They also point to the untangling of supply chains after the COVID-19 pandemic."As the supply chains have gotten back to normal, goods inflation has tracked them pretty closely one to one, come way down," said Jared Bernstein, chair of the Council of Economic Advisers.
White House officials said there has been more than $110 billion in private sector investments in clean energy manufacturing since the bill was signed and point to outside estimates of the creation of 170,000 jobs through investments in clean energy.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Biden shifts rhetoric on Inflation Reduction Act ahead of law’s first anniversaryPresident Biden is hailing the one-year anniversary of his signature Inflation Reduction Act by pitching it as a catalyst for economic growth, rather than his initial claims that it would be a prescription for high prices plaguing consumers.
Read more »
Stuart Varney: Biden's Inflation Reduction Act is not working for middle AmericaFOX Business' Stuart Varney discussed why 'Bidenomics' and the Inflation Reduction Act are not working for most Americans despite the president touting his economy.
Read more »
Vice President Kamala Harris to visit Seattle, give address on Inflation Reduction ActThe White House announced Vice President Kamala Harris will visit Seattle on Tuesday to speak about the Inflation Reduction Act. FOX13
Read more »
White House rips GOP for Inflation Reduction Act repeal attempts before anniversaryThe White House criticized Republicans for trying to repeal the Inflation Reduction Act and its climate change mitigation provisions after at least 96 people were confirmed dead due to the Maui, Hawaii, wildfires.
Read more »
One year later, Senate Republicans give Inflation Reduction Act an 'F': 'Reckless spending spree'Senate Environment and Public Works Committee Republicans handed down a report card on the Democrats' signature Inflation Reduction Act, giving it a resounding 'F.'
Read more »